According to the Harris Central Appraisal District, the current owner is CFH Realty II Plaza Museum LP of Dallas. The appraisal district has a $19.1-million assessment levied against the 93.4%-leased complex at 1615 Hermann Dr., a landmark residential project strategically positioned in the Texas Medical Center. Holliday Fenoglio Fowler LP's brokers in charge of marketing have declined to discuss the offering, but did confirm it was on the market.
HFF's executive summary points out that upside could be had through interior upgrades, which would allow a rental increase of $35 to $50 per month. The complex, situated on 3.4 acres, has a unit mix of one and two bedrooms, measuring from 686 sf to 1,257 sf. Rents range from $1,068 to $1,767 per month.
According to the offering memorandum, the asset is encumbered by a $22.2-million loan with a 5.75% fixed-rate interest through Cigna Realty Investors of Hartford, CT. The loan, secured in January 2006, had five years of interest-only payments and 30-year amortization schedule.
Plaza Museum District was developed in 1999 by Morgan Group Inc. of Houston and sold to New York City-based ING Clarion Partners in 2001 for roughly $25 million. ING sold the asset in late 2005 to Crow Holdings, which paid north of $100,000 per unit for the deed.
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