GlobeSt.com UPDATE: Plaza Museum District Gets $100,000-Plus Per Unit

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HOUSTON-Crow Holdings went up against 29 other offers to acquire the 229-unit Plaza Museum District apartments, located near the Texas Medical Center district and Rice University.

ING Clarion of New York City had the holding on the market for 30 days, without an asking price. Crow ended up scoring the win with an offer that was “well into the $100,000 per unit,” says David Mitchell, vice president of Apartment Realty Advisor’s Houston office, which represented the seller in the transaction. Located at 1615 Hermann Dr., the two four-story buildings were completed in 1999.

Crow won the deal for the 3.4-acre development for its price, timing and reputation. “They made one of the highest offers. They have a good reputation for closing deals quickly and an outstanding track record,” Mitchell adds.

A previous press release indicated the Plaza Museum District property would be “a prime candidate” for condo conversion, but Mitchell tells GlobeSt.com that the Dallas-based Crow has no intention of going in that direction nor are any renovations planned for the premier property.

Plaza Museum District was offered on an all-cash basis in a transaction viewed as a strategic move on the part of the seller. “ING had held the property for four years and they just decided it was time to sell,” Mitchell says.

The buyer, in turn, has obtained an asset in an area popular with investors. “It’s one of the hottest areas in Houston,” Mitchell says, adding the high interest from investors of all types wasn’t any surprise.