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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.

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