X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-A local investment group has purchased the 32-unit Bali Hai Apartments, eyeing the promise of a one-acre foothold near Nordstrom wing of the Galleria.

According to Steve Dome, managing member of Marathon Realty Advisors LLC in Houston, which represented the local seller, Durango Investment Co. Inc., the final sales price was just south of the $2.8-million ask. “The apartment building was constructed during the 1960s so this was a land play,” Dome tells GlobeSt.com. He says the buyers have not yet determined their plans for the one-acre site at 3101 Sage Rd.

“Durango had held onto the land for a few years, then decided it was time to sell,” Dome says, adding that the property had been on and off the market several times in recent years. The buyers, whose names could not be obtained by press time, negotiated a direct deal to take over the seller’s only holding in the area.

The 80%-leased complex has 26 one-bedroom units and eight two-bedroom apartments, averaging 650 sf per unit. The market-rate units run $480 per month.

Though the property is 40 years old, it’s located near new development, including a 182-room Hilton Garden Inn. Additional retail and multifamily residential development is taking place immediately to the north and east of the property as well. Local industry sources point out that retail development remains fairly strong in the uptown and Galleria areas, with the Downtown and Midtown areas boosting continued growth in both residential and retail sectors.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.