musicman Posted March 20, 2008 Share Posted March 20, 2008 Harold Farb's estate has sold the Broadway Square Apartments, a 2,496-unit complex built by the legendary developer in the early 1970s.Los Angeles-based Post Investment Group purchased the 69-acre property at 8751 Broadway Blvd. near Hobby Airport. Post would not disclose the purchase price, but said that it was well below market because of a 22 percent vacancy rate.full article Link to comment Share on other sites More sharing options...
gnu Posted March 20, 2008 Share Posted March 20, 2008 Harold Farb's estate has sold the Broadway Square Apartments, a 2,496-unit complex built by the legendary developer in the early 1970s.Los Angeles-based Post Investment Group purchased the 69-acre property at 8751 Broadway Blvd. near Hobby Airport. Post would not disclose the purchase price, but said that it was well below market because of a 22 percent vacancy rate.full articlesomeone should go take a picture of the classic Farb signage (with the architect holding plans) before it is removed! Link to comment Share on other sites More sharing options...
musicman Posted March 20, 2008 Author Share Posted March 20, 2008 with a 22% vacancy rate, it will be interesting to see what happens. maybe they'll doze portions and build something nicer since they acquired it below mkt. Link to comment Share on other sites More sharing options...
memebag Posted March 20, 2008 Share Posted March 20, 2008 someone should go take a picture of the classic Farb signage (with the architect holding plans) before it is removed!That's supposed to be plans? I always thought that was a cricket bat. One time I asked the office workers at the Farb apartments on Braeswood what it was and none of them knew. Link to comment Share on other sites More sharing options...
TheNiche Posted March 20, 2008 Share Posted March 20, 2008 with a 22% vacancy rate, it will be interesting to see what happens. maybe they'll doze portions and build something nicer since they acquired it below mkt.Ummm...no. Nobody is going to be building new apartments on Broadway for a long while.Also, this was not an off-market transaction, therefore the offer that was accepted reflects the asset's present market value. This will likely be what's known as a 'value-add' play, where the new owner gets new management, possibly does some light-duty renovation, does some aggressive marketing, stabilizes occupancy, strategically implements better cost controls, and then sells it at its future market value. Link to comment Share on other sites More sharing options...
musicman Posted March 20, 2008 Author Share Posted March 20, 2008 This will likely be what's known as a 'value-add' play, where the new owner gets new management, possibly does some light-duty renovation, does some aggressive marketing, stabilizes occupancy, strategically implements better cost controls, and then sells it at its future market value.i can see this too. the vacancy rate is still surprising though. after farb's death, things like maintenance/security must have taken a turn for the worse. Link to comment Share on other sites More sharing options...
Urbannizer Posted June 11, 2015 Share Posted June 11, 2015 http://www.bizjournals.com/houston/news/2015/06/11/big-plans-ahead-for-massive-apartment-complex-near.html A group of out-of-town real estate investors has purchased a 2,470-unit apartment complex near Hobby Airport with the long-term vision to turn part of the massive property into a mixed-use development featuring Houston’s first automated parking garage. Chicago parking entrepreneur Jesse Levinerepresents a group of undisclosed investors who purchased Broadway Square Apartments, located on approximately 69 acres at 8751 Broadway St. less than a mile from Hobby Airport. The apartment complex, built by the late multifamily developer Harold Farb in the 1970s, is reportedly the single-largest apartment complex in Texas. It features four separate management offices, 11 swimming pools, 28 laundry rooms and a community playground.However — when the market conditions are right in the next decade or so — the investors could transform the southern portion of the 80 acres closest to the airport into a mixed-use development featuring Houston’s first automated parking garage, Levine said. The investors plan to keep a multifamily component to the property, Levine added. Link to comment Share on other sites More sharing options...
EllenOlenska Posted June 12, 2015 Share Posted June 12, 2015 As someone that grew up in Pasadena, any growth down that way is exciting for me. Link to comment Share on other sites More sharing options...
BigFootsSocks Posted June 12, 2015 Share Posted June 12, 2015 Man, if only there were a proposed light rail extension that went through this area... Link to comment Share on other sites More sharing options...
monarch Posted June 12, 2015 Share Posted June 12, 2015 ^^^ superb! please let this happen. this area is ripe for redevelopment... Link to comment Share on other sites More sharing options...
HoustonIsHome Posted June 12, 2015 Share Posted June 12, 2015 My aunt lived in those apartments over 20 years ago. My Co worker lived there last year. He got robbed three times. Link to comment Share on other sites More sharing options...
brian0123 Posted June 12, 2015 Share Posted June 12, 2015 Smart move on their part. I flew last week and Hobby is pretty awesome now (esp compared to LAX). Once the international terminal opens it will be a pretty happening place and convenient for people who travel for work. Link to comment Share on other sites More sharing options...
Montrose1100 Posted June 12, 2015 Share Posted June 12, 2015 Having a second international airport is truly a small victory in my books. I always associate two international airports with large and important cities across the globe. Some of the roads in the area need some major repair (which I believe will happen with the beautification efforts, hopefully). I'm happy for the area to see some development and what plans they have. went to a job interview close to the airport, arrived too early so I drove around. Apart from almost jacking up my suspension it seems lively. Although a short drive away are some neighborhoods in deteriorating condition. Link to comment Share on other sites More sharing options...
ANTHONYHTOWN Posted June 12, 2015 Share Posted June 12, 2015 parking? ughh not against it but not the right spot in my opinion i think something better can go there but oh well just an opinion Link to comment Share on other sites More sharing options...
cloud713 Posted June 12, 2015 Share Posted June 12, 2015 The site in question is the southern portion of an 80 acre complex..? If anything the fact that it's automated means less wasted space. Link to comment Share on other sites More sharing options...
Rube88 Posted June 12, 2015 Share Posted June 12, 2015 It's like they read my mind. I drive through there everyday and an always think what a great opportunity for a developer to buy these units and develop something great. From the outside the units seem to be in very good shape compared to other properties in the area. Great to hear. Link to comment Share on other sites More sharing options...
HoustonIsHome Posted June 12, 2015 Share Posted June 12, 2015 It's like they read my mind. I drive through there everyday and an always think what a great opportunity for a developer to buy these units and develop something great. From the outside the units seem to be in very good shape compared to other properties in the area. Great to hear.They were worked on just a few years ago Link to comment Share on other sites More sharing options...
drecey Posted June 13, 2015 Share Posted June 13, 2015 I don't see it. My brother lived there last year. His place was broken into twice within the first month of him living there. This area is VERY rough! A lot of the apartments on Broadway (the former/current viet apts) have gone downhill and are home to drug dealers and prostitutes. Trust me, I have family that lived around there. I keep up with Houston news and last year it seemed every assault crime happened on Broadway. I'm all for development in this city, but the character of this neighborhood has to change. I doubt development like this will change it. Demolishing every single apartment on that street will! Link to comment Share on other sites More sharing options...
BigFootsSocks Posted June 13, 2015 Share Posted June 13, 2015 If only gentrification wasn't the only answer... Link to comment Share on other sites More sharing options...
HoustonIsHome Posted June 13, 2015 Share Posted June 13, 2015 Any time you have below market value housing in a dense concentration you are going to have a rough area. You do not have to demolish every apartment, but diluting the concentration will dilute the roughness. It's the same thing with greenspoint. There is a concentration of about 5000 units of below market prices so the area is just really rough. The many parts of the south west was like this but changed, the heights was like this but changed, parts of third ward is changing. I guess the 5th ward and Broadway are next.Just to be clear, I am not advocating tearing down ANY apartments, nor am I advocating eliminating low cost housing or building more "luxury housing." I am one of the more vocal advocates of keeping houston affordable. I am simply giving the reason I believe this area is so high in crime. I think the early 2000s Westheimer and Richmond west of the galleria is the best model for Houston. It had a nice mix of affordable and not that affordable units and a wide variety of people from all around the world creating a diverse area with so many different ethnic restaurants. Link to comment Share on other sites More sharing options...
Urbannizer Posted June 20, 2015 Share Posted June 20, 2015 http://www.bizjournals.com/houston/print-edition/2015/06/19/mixed-use-to-rise-on-massive-apartment-complex.html Investors plan to improve and maintain the property for at least five years, but could eventually transform the southern portion of the 69-acre property closest to Hobby Airport into a mixed-use hotel, retail and office development with Houston’s first automated parking garage. Link to comment Share on other sites More sharing options...
Highrise Tower Posted December 18, 2019 Share Posted December 18, 2019 On 6/11/2015 at 4:43 PM, Urbannizer said: Chicago parking entrepreneur Jesse Levinerepresents a group of undisclosed investors who purchased Broadway Square Apartments, located on approximately 69 acres at 8751 Broadway St. less than a mile from Hobby Airport. Broadway Square Apartments have been issued demolition permits. Total of 13 buildings. Link to comment Share on other sites More sharing options...
2ndwardOG Posted December 18, 2019 Share Posted December 18, 2019 Would love to see this area developed as It has been a very sketchy area for many years. Link to comment Share on other sites More sharing options...
X.R. Posted December 18, 2019 Share Posted December 18, 2019 3 hours ago, ekdrm2d1 said: Broadway Square Apartments have been issued demolition permits. Total of 13 buildings. YESSSSSSSSSS. I grew up in those apartments and quite a few both north and south of that area and I gotta say...good f*ing riddance. The crime was crazy. I want all those people who have houses there to be happy, and to continue enjoying their lives, but nuking this complex and a few others in the area from orbit would change that area dramatically. If I see a Chron article about gentrification or something so reductive like that, my auto-response will be "Please submit proof that there were robberies and stolen cars and cars on cinder blocks happening daily in your apartment complex's parking lot. And then tell me how getting rid of said thing isn't good for the community" Can't imagine a developer would go ahead with this unless they know for certain that rail line is coming, tho (I only say that because rail lines have been promised and not delivered before). I mean, there are other relatively new-ish hotels in the area and mom and pop shops all along the street so its not like retail is lacking. I am hoping, and potentially praying, that this means the developer knows more than us about this area. Link to comment Share on other sites More sharing options...
Houston19514 Posted December 18, 2019 Share Posted December 18, 2019 21 minutes ago, X.R. said: Can't imagine a developer would go ahead with this unless they know for certain that rail line is coming, tho (I only say that because rail lines have been promised and not delivered before). I mean, there are other relatively new-ish hotels in the area and mom and pop shops all along the street so its not like retail is lacking. I am hoping, and potentially praying, that this means the developer knows more than us about this area. Yeah, no experienced developer is going to build something because of a promised rail line (or any other promised public infrastructure) unless and until the rail line is complete and operational. More to the point, I don't think the proposed rail service to Hobby even goes by this property. Last I saw, the plan runs the rail down Telephone Road, not Broadway. Link to comment Share on other sites More sharing options...
wilcal Posted December 18, 2019 Share Posted December 18, 2019 3 hours ago, Toopicky said: We are already seeing the signs of new redevelopment along the future light rail line route to Hobby airport ..... this section of Broadway from I-45 to Hobby will have an amazing transformation over the next decade Wait, really?!? Along Telephone? 8 minutes ago, Houston19514 said: Yeah, no experienced developer is going to build something because of a promised rail line (or any other promised public infrastructure) unless and until the rail line is complete and operational. Especially one contingent upon federal matching funds with an unknown starting date. Link to comment Share on other sites More sharing options...
Houston19514 Posted December 18, 2019 Share Posted December 18, 2019 3 hours ago, Toopicky said: We are already seeing the signs of new redevelopment along the future light rail line route to Hobby airport ..... this section of Broadway from I-45 to Hobby will have an amazing transformation over the next decade We may indeed see an amazing transformation of this section of Broadway over the next decade, but it will be a little hard to credit a rail line for that transformation. (1) The rail line will maybe be completed towards the end of that decade and, see above comments regarding development based on promised public infrastructure (it doesn't happen), and (2) I'm pretty sure the planned rail line is on Telephone Road, not Broadway. Link to comment Share on other sites More sharing options...
Montrose1100 Posted December 18, 2019 Share Posted December 18, 2019 34 minutes ago, Toopicky said: There are two proposed lines.... 1) one extending from the line now ending at Palm Center, and 2) one extending from the end of the current "Harrisburg Line" which turns into Broadway Of the two, the Palm Center line would be the shorter of the two, but is more problematic construction wise and would probably require more land acquisitions. The Harrisburg extension is longer but is relatively straightforward construction wise besides serving an area that is starting to show signs of redevelopment (hopefully a rail line here will advance that activity). Wow, light rail by the city docks? Crews could go to their Walmart shopping with only twic escorts through security. Depending on where the station is I suppose. Link to comment Share on other sites More sharing options...
Houston19514 Posted December 18, 2019 Share Posted December 18, 2019 1 hour ago, Toopicky said: There are two proposed lines.... 1) one extending from the line now ending at Palm Center, and 2) one extending from the end of the current "Harrisburg Line" which turns into Broadway Of the two, the Palm Center line would be the shorter of the two, but is more problematic construction wise and would probably require more land acquisitions. The Harrisburg extension is longer but is relatively straightforward construction wise besides serving an area that is starting to show signs of redevelopment (hopefully a rail line here will advance that activity). The current state of the plan (and this was the case before the bond election), calls for connecting the Green Line and Purple Line ad extending the combined lines to Hobby Airport, by way of Telephone Road, not Broadway. http://www.metronext.org/moving-forward-plan/plan-by-service Link to comment Share on other sites More sharing options...
wilcal Posted December 18, 2019 Share Posted December 18, 2019 1 hour ago, Toopicky said: There are two proposed lines.... 1) one extending from the line now ending at Palm Center, and 2) one extending from the end of the current "Harrisburg Line" which turns into Broadway Of the two, the Palm Center line would be the shorter of the two, but is more problematic construction wise and would probably require more land acquisitions. The Harrisburg extension is longer but is relatively straightforward construction wise besides serving an area that is starting to show signs of redevelopment (hopefully a rail line here will advance that activity). I don't believe this is still the case. They are planning on doing a combined line to save $700 million https://www.houstonchronicle.com/news/transportation/article/Metro-leaders-optimistic-about-shared-13799310.php Link to comment Share on other sites More sharing options...
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