HOUSTON-Staking its third claim in the Texas Medical Center, Atlanta-based Choice Condominiums LLC has paid slightly more than $30 million for the 210-unit Valencia Apartments. Next week, the condo pro will begin marketing the newly constructed units to residents.
Ronald Lozoff, principal for Choice Condominiums, tells GlobeSt.com that he's had the 1711 Old Spanish Trail property under contract since the early stages of construction by the Dinerstein Cos., blazing a trail for the prime condo play with a one-time destined rental development. "We thought it would be 40% leased when we closed on it and it was over 95% leased," Lozoff says. One of the clear-cut perks by sinking the deal when it did is his team got to hand pick finishes and guide construction. The local developer has been delivering units in stages since July.
The Valencia's one- and two-bedroom units, averaging 1,130 sf, will be sold for about $180,000 to $300,000. Lozoff says full-blown marketing of the project begins in January.
With three years invested into the Houston market, Lozoff's company has earned a ranking as the city's leading condo dealmaker. To date, it's invested $260 million and sold 600 condos in the city--all in the Inner Loop/Galleria, River Oaks and Texas Medical Center. Just in the past three months, the Atlanta firm has put $100 million into play. "It's the only place where we have properties," Lozoff says. "We've made a commitment to Houston. We think Houston is an emerging market." To shore up the pledge, the firm also launched CondoSmart USA, a locally based brokerage affiliate for third-party sales.
Choice Condominiums is marking its seventh project in the region with the Valencia. Three are sold out, including its first acquisition in Houston and the Med Center, the 246-unit City Plaza at 113 Old Spanish Trail. Demand is such that the firm's been selling 20 units per month at its 2400 McCue Rd. property. Meanwhile, Choice has just launched sales for the Bristol, a high rise at 3350 McCue Rd., and last month began marketing for the 240-unit Braeswood Park Condos at 2255 Braeswood Park, a Med Center property bought in March and positioned within three blocks of the Valencia.
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