"The buyer bought the complexes for the land and he plans tobulldoze them," says Kevin McCarthy of Hendricks & Partners'Houston office, who represented the buyer. Josef Marom. The seller,Houston-based 1727 Richmond LP, was represented by Ed Cummins ofHouston-based McDade, Smith & Gould.
Built in the 1950s, the 60-unit Richport Place is located at1727 Richmond Ave. and the 41-unit Mimosa sits at 1739-1747Portsmouth St. The complexes, which are 65% occupied, are situatedon 2.4 acres.
McCarthy tells GlobeSt.com that Marom pursued the complexes inan off-market transaction. He paid slightly more than $40 per sffor the land, making the overall cost more than $4 million.According to the Harris County Appraisal District, Richport Placeis valued at $1.3 million and Mimosa at $882,900.
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