Search the Community

Houston Business Journal From the April 11, 2005 print edition Atlanta condo converter makes buy near Medical Center Jennifer Dawson An Atlanta-based firm that specializes in converting apartments into condominiums has completed the first of three planned deals involving a total investment of $86 million in Houston properties. Choice Condominiums spent $24 million last month to buy the Braeswood Park apartments from Denver-based Archstone Smith. The property is located near Main and South Braeswood, near the Texas Medical Center. Choice will spend $2.5 million to renovate the apartments and convert them into condos. The condo converter, which acquires properties through various affiliated companies, is close to buying two additional complexes for $30 million each, says Ron Lozoff, member/manager of Choice Condominiums. Lozoff would not disclose the properties' names, but acknowledges that Choice Condominiums has another 210-unit property under contract in the Medical Center area. The new four-story building that sits atop a two-story parking garage will be purchased once construction is finished in August, Lozoff says. One industry expert speculates that the Texas Medical Center property in play is a project from the Dinerstein Cos. that has not yet been announced. Jack Dinerstein, an executive with the Houston-based apartment development and management company, confirms construction of the new property, but will not say whether it is being purchased for conversion. The Valencia is coming out of the ground at 1711 Old Spanish Trail. Dinerstein believes the high-end apartment units -- located across the street from Woman's Hospital of Texas -- will be popular because of their proximity to Medical Center institutions and the light rail. "We're just hundreds of feet from the rail system," Dinerstein says. "We have tremendous visibility. We're 75 feet tall. We have wonderful views of the Medical Center." Founded in 1955, the family-owned Dinerstein Cos. operates apartment complexes in 27 states, employs more than 400 people and is considered to be the largest builder of off-campus student housing in the country. Meanwhile, Choice Condominiums also plans to complete a deal in May to purchase an unnamed 27-story tower in the Galleria area that contains close to 100 units, Lozoff says. Industry speculation points to The Bristol on McCue as the property that Choice Condominiums is buying. Located at 3350 McCue just south of Richmond, The Bristol was originally constructed as condominiums, but now operates as a full-service apartment building. The 96-unit Bristol was built in 1983 and reportedly has a high occupancy level. Making a choice Apartment complexes on the sales block are attracting quite a bit of attention. A few condo converters are competing for the properties, but most potential buyers are institutions looking to place investment capital. David Mitchell of Apartment Realty Advisors, which represented Archstone Smith in the sale of Braeswood Park, says 30 parties bid on that multifamily complex. "There is a lot of institutional capital chasing real estate deals in the Medical Center," Mitchell says. "That's why we received so many offers." Choice Condominiums was the highest of the bidders -- 10 percent to 15 percent of whom were interested in converting the units to condos, Mitchell says. "Condo converters usually offer a premium versus typical apartment owners," says Mitchell, who brokered the deal with colleague David Oelfke. Butch Novy of Houston-based Novy Investments Inc. represented Choice Condominiums on the sale, which took about six months to complete. Apartment sales take longer and are more complicated when condo conversion is in the works, Mitchell says. The Braeswood Park complex consists of 240 units built in 1985 that will be converted into condominiums. Another 36 units were added in 1999, but deed restrictions prevent those from being converted to condos until 2009. Lozoff plans to sell off those apartment units as a group. Choice Condominiums plans to begin selling units in Braeswood Park in two months for prices between $100,000 and $160,000, Lozoff says. The firm was attracted to the property due to prior accomplishments in the area. "It's directly across the street from City Plaza, where we had great success," Lozoff says. "We really understand and know the Medical Center." The new $86 million local investment does not include the firm's property at 2400 McCue in the Galleria area. Choice Condominiums purchased the 200-unit complex last September for more than $30 million. jdawson@bizjournals.com

I thought so. The reason for my confusion is that Google Maps indicates 6900 Main is where the Wyndham Hotel is located.

123,306 SF 9 Levels 221 Rooms Anticipated start date of December 2020 Corner of Leeland St. and Crawford St. 1540 Leeland St. Houston, TX 77002

Noticed this on Loopnet this week. Another Hotel to Multifamily conversion? The address is 6780 Southwest Fwy. https://www.loopnet.com/Listing/6780-Southwest-Fwy-Houston-TX/25052059/ https://www.hilton.com/en/hotels/houswhf-hilton-houston-galleria-area/

Suburban-style hotel coming to the TMC, meh. http://www.arch-con.com/division/hilton-garden-innhome2/

Noticed this on Satya Inc.'s website. https://satyainc.com/condo-hotel-office/

Brazos Town Center ready for groundbreaking Allison Wollam Houston Business Journal NewQuest Properties will break ground on a 430-acre, $241 million development in Fort Bend County this week. Recent Company News

Wish the Sterling Hotel was gracing downtown right now. Also, the Westin/Doubletree was built. That's the hotel on Post Oak Blvd that was a Hilton for a long time...

https://www.hilton.com/en/hotels/hougwdt-doubletree-houston-greenway-plaza/ Located at 6 E. Greenway Plaza Houston, TX 77046. This hotel was once branded as Renaissance Hotel Houston. Not sure of the date.

Noticed a permit for a office remodel this week.

Turns out the fire was a car in the Hilton's parking garage I was notified by a friend working @ St Joseph's Hospital, could hear the fire sirens on the fire trucks headed to it while at my pool at my condo.

Another hotel proposal for this area. Anyone have more on this one? Here's whats on the site as of now. SubdivisionPlatPDF_VHA15031_PLAT-.pdf

http://www.walterpmoore.com/projects/hilton-canopy-hotel

Is there a Hilton Garden Inn being planned for downtown? Last weeks planning agenda had "Hilton Garden Inn CBD Subdivision" listed in the Consent section. For some reason I'm not able to download the .pdf with the details so I can't see what zip code it's in or any other info. Maybe someone else can?...

A dual badge hotel is planned for Crawford between Rusk and Capitol. Hampton Inn with 168 rooms and Homewood Suites with 132 rooms. 14 stories. Plan to break ground early next year and open in September 2015. https://www.google.com/search?q=http%3A%2F%2Fwww.houstonchronicle.com%2Fbusiness%2Freal-estate%2Farticle%2FValue-priced-hotels-planned-for-Houston-4613401.php&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:official&client=firefox-a

Total of 100 rooms. I wonder where this will be located. http://dr-architects.com/our-portfolio/

http://bizjournals.com/houston/blog/breaking-ground/2014/04/two-more-hotels-to-rise-in-the-energy-corridor.html

NORTHWEST HOUSTON — A new 172-room Hilton Garden Inn is set to open in Northwest Houston in September 2012 at 14919 Hwy. 290, just east of Beltway 8. More at: http://impactnews.com/northwest-houston/335-recent-news/15716-construction-underway-on-new-hilton-garden-inn-off-hwy-290-

I only know what the COH Planning Commission has provided: Surti Hospitality Momentum Engineering Sal Qadir http://ataps1.pd.ci.houston.tx.us/drc/PC+Meeting+Calendar.nsf/WebDocumentOpen/EC32ACE32F1D0F82862577FA006DB179/$FILE/Draft+Agenda.pdf

Got an e-mail last night saying that the Hilton at the University of Houston is going to get a big renovation. The rooms will be enlarged by moving the windows out to the edge of the building's frame. You can see how they're currently recessed in this photo: Sample room post-renovation: More pics here: http://cnhiltoncollege.smugmug.com/gallery/8673583_Ny74a#572924712_r9p5v

It looks like the landscaping has been installed around the new parking garage at Bagby and Allen Parkway, so I am wondering if there won't be any additional work done on the design or facade of the structure? I read that a Heritage Plaza parking garage design received an architecture prize, but obviously what now exists isn't distinguished. A few months ago, I saw a contemporary, organic-looking grid piece that was probably 20 feet square hoisted up to the 3rd or 4th floor. Obviously, the grid was taken down and wasn't put back up, but it sure would be an improvement over what we see now. Anyone with a better clue out there?

Sugar Land could see 3 new hotels. Though the previously mentioned second Town Square hotel looks to be off the drawing boards. 4-story, 110-room Marriott Springfield Hill Suites - 2700 Town Center Lake Pointe 203-room Hilton Garden Inn - University & Hwy 6 View the full story.

Here's an article that showed up at Chron.com: Oct. 24, 2006, 11:32AM Second hotel planned in city of Katy By KIMBERLY PI