According to the Harris Central Appraisal District, the currentowner is CFH Realty II Plaza Museum LP of Dallas. The appraisaldistrict has a $19.1-million assessment levied against the93.4%-leased complex at 1615 Hermann Dr., a landmark residentialproject strategically positioned in the Texas Medical Center.Holliday Fenoglio Fowler LP's brokers in charge of marketing havedeclined to discuss the offering, but did confirm it was on themarket.

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HFF's executive summary points out that upside could be hadthrough interior upgrades, which would allow a rental increase of$35 to $50 per month. The complex, situated on 3.4 acres, has aunit mix of one and two bedrooms, measuring from 686 sf to 1,257sf. Rents range from $1,068 to $1,767 per month.

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According to the offering memorandum, the asset is encumbered bya $22.2-million loan with a 5.75% fixed-rate interest through CignaRealty Investors of Hartford, CT. The loan, secured in January2006, had five years of interest-only payments and 30-yearamortization schedule.

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Plaza Museum District was developed in 1999 by Morgan Group Inc.of Houston and sold to New York City-based ING Clarion Partnersin 2001for roughly $25 million. ING sold the asset in late 2005 to CrowHoldings, which paid north of $100,000 per unit for the deed.

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