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.


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.


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.


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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