GhostDog

http://www.cityfeet.com/News/NewsArticle.a...ealEstateLocal/ Alabama Buyer Rescues 680-Unit Complex By Amy Wolff Sorter of GlobeSt.com Thursday, June 29, 2006 - HOUSTON-A foreclosure sale has a happy ending as Abbey Residential Services Inc. steps up to acquire the 680-unit Bentworth Apartments from Bentworth Apartments Ltd. Sources say the complex's value, set at $15 million by taxing authorities, could be as much as $20 million on the open market. The complex, situated on 22.5 acres at 11655 Briar Forest Dr., was brought to market a little more than a year ago, according to David Wylie, vice president for ARA Realty Advisors in Houston. "When we took this deal to market, we got 25 offers and picked Abby Residential," says Wylie, who with ARA principal Cliff McDaniel negotiated the transaction. As the deal moved through escrow, the complex moved into foreclosure. "On the courthouse steps, we called the buyer, said the deal is going to the courthouse, and the buyer stepped up," Wylie tells GlobeSt.com, adding Abbey Residential was able to quickly get the lender on board to help finance the property. Despite the foreclosure, the local seller continues to be active in the market, Wylie continues, adding its constructing one or two other developments in the area. The Birmingham, AL-based Abbey Residential, which used 1031 exchange funds to help finance the purchase, will focus on fixing up and stabilizing the class C complex, currently at 70% occupancy. Built in 1977, Bentworth Apartments has a one-, two- and three-bedroom mix. Units range from 604 sf to 1,227 sf; monthly rents go from $490 to $735.

I think this is great. I currently live about 2 miles from Westside Tennis Club. I remember running by there a few months ago and wondered what Mattress Mack thought about having his tennis club so close to craziness... The whole area has really pretty nice housing with some real upper crust housing closer to the bayou. Its a shame the apartments that were built in that area 20 years ago or so have gone down so much. Many of the residents in these units are law abiding, but there's enough there to make it a problem. Granted the Westchase aparment district is not Gulfton but the overall residents in those apartments do not match the demographics of the area. THe Bentworth Apts @ Briar Forest and Kirkwood were bought out recently and they are no longer taking leases. Evidently they are going to do a total remodel to Class A standards (whatever that means- I assume really good) and that should kip riff raff out... There are several more apartment complexes near Wilcrest, down Hayes and Kirkwood that either need to be imploded and rebuilt or gutted and rent raised like the Bentworth.... Its a shame this crap happens...

Personally I wish if they were gonna add a major Condominium High Rise to the WestChase area, they would have planned to include a cross section of the area... They are promoting it and building it in ChinaTown- this is great for the Asian population of Houston and will no doubt probably increase the Asian population in Houston ... HOWEVER The WestChase District IMO would do really great if they had some high rise condos for the general population... I'd love to see a similar project built closer to Westheimer and 8. Or some loft style living would be great as well...

What's wrong with the old location? I graduated there in 1991 and it seemed to be a fine building... What gives?

I'm gonna say that Miami's club scene is rated high because of all the unbelieveable scattered ass on South Beach area... Houston's club scene w/be so much better like LA or Miami if we had more tourists coming to say, "dude I went clubbing in H-town". People just dont say that... People come back from Miami and talk about the clubs they hit in South Beach... Hell I've been to plenty of towns that have a great club scene but they just aren't known nationally... The Flood Zone area of Richmond VA was really cool about 10 years ago when I hit those clubs. They were as hot as any clubs I've been to stateside...just did not have Miami poontang...

i think he made it to the other side... that clip dont show ____...

I thought the Russians were gonna drop Nukes on the petrochemical complexes in Houston... Crazy...

Well who's to say City Streets or Graham Central Station could not put a club up in downtown Houston? I know downtown Nashville has a Graham Central Station which has multiple clubs I believe

Plastic- I agree that currently there is not enough to do downtown... I also agree that it has a real long way to go... however I actually believe the club scene is the way it should be... the old club scene in houston sucked...it was soo...small townish... cruising the strip having to get into your car and drive to each and every different club you go to and still i remember paying for parking... i really like the way houston's downtown club scene is...park once and you can TRULY bar hop like any other major downtown city... bar hopping IMO is really what hitting the clubs is all about... much more needs to be downtown tho... I also disagree with you ideas on downtown LA...It sounds as though you believe that cities like LA and Houston cannot create a new market in their downtowns because of the way things have been done. If that's your contention- then you're really really short sighted my friend...open up and think creatively about what could be... Houston has one of the greatest skylines in the Americas- why not put it to good use? Create a new atmosphere... As for traffic being horrendous if 50K people moved downtown- I do not agree... Its not as tho 50K people are gonna move downtown are suburbanites that have 3 cars and drive everywhere... 50K living in downtown would basically be a downtown where everything is within walking distance or public transportation... its 5-10 years off at least...but you have to start somewhere... I'd love it if 250K lived in downtown and midtown...Talk about a happening core of the city...

For decades, DownTown Houston has been a wasteland...a Mecca for the homeless... Its gonna take more than 5 years for this to turn around. Especially for a town that lives and dies by their automobiles... Public Transportation has go to improve and as more and more people move into midtown area, stuff will get better in downtown. Give it another 5-10 years... Midtown needs to fill up with more residents as well... patience folks...

My guess is that Manhatten is WAYYY smaller than inside 610... Manhatten is probably closer to the size of West University Place somehting close to that.... Manhatten is approx 26 square miles... That's really small...

Its been a while since I've been down by Morgan's point, however I really think the coast of galveston bay is TERRIBLY under utiliized... I mean to me it s/be lined with Palm Beach Styled Mansions... Even up towards Baytown area... I wouldn't at all mind having a place on an inlet or soemthing like that in LaPorte...Somewhere close enough that you could work in downtown and live on the water...

not at all... as stated, excise taxes are approximately $.50/gallon.

just so some of you know- gasoline is bought and sold just like crude before it gets close to the retail station. so a company like Valero might be selling more fuel to its retail outlets than its actually producing. what happens is all gasoline is piped thru gasoline pipelines to terminals in cities... when Chevron trucks take fuel out of storage to move it to their gas stations (most of which are privately owned), they will add Techron in to their fuel in order to market the gas as Chevron gasoline. the base gasoline commodity MUST meet government standards and all gasoline is essentially thrown into a pool... the gasoline at your Sam's club could very well come for a Citgo refinery but Murphy adds their marketing additive or what have you and walla... this will really kick your boat for those anit Chaves- anti Citgo types now...think you're not supporting Chaves by boycotting Citgo huh? well Petroleus de Venezuela sells crude to many many different oil companies here in the States to refine into gasoline.. so in effect you might be at Valero and the gasoline could have been refined from Venezuelan oil at an Exxon refinery... Because it is not economical for Exxon, Shell, etc to own an entire fleet of trucks... most oil companies now do not own very many retaili gas stations... they franchise out there marketing rights and logo to private independant companies... then there are transport companies that will only transport gasoline from the terminal to all the various gas stations... multiple layers and layers of companies before your corner retail outlet.

I'm throwing this out there, but why don't you check Alief...

I live Westchasish area... I dont of anything apt wise with any real style like a loft... all that's out here is cookie cutter Camden Apt complexes and a few dives off Hayes street... Personally I'd love to see more stylisth Loft style living out here. Great location with cheaper living than the Galleria or Downtown if it was built...

i dunno- its hard to put a finger on. she's done well for herself, she konws she done well for herself. i've tried talking to her several times and just got that vibe from her... not blasting her or anything just seemed like she's one of those successful women that really takes their success to their heads and they can put off an elitist vibe... she is a hottie tho... sorry if you guys know her personally outside of the restaurant...if so, pls dont take personally...

ya...

i thought there's a proposed commuter rail to richmond which really would be heavy right? i'd really eventually like to see heavy commuter lines from the woodlands in, humble on in, galveston in and richmond in... maybe baytown later or freeport... of course i'd rather not have heavy rail at all- i'd rather have the city rebuild itself from the inside out...there's so much wasted land inside 610...

that center has a dry cleaner already... actually i'd like to see a nice italian restaurant take over hungry's location...something with a nice little outdoor patio... they probably need to reface the strip center so it can compete with the one across the street... add in some a used book store, maybe an old record shop/cd store... a humidor... a nice wine and spirits store... places with character...

great idea smart ass....

no i was thinking it'd wind up more like Pasadena... honestly tho- at some point with all the gentrification of neighborhoods that are close to town the displaced groups have to move somewhere... back in the day, white flight allowed lower economic groups to settle in areas close to town. as the mid- higher economic groups re settle back in those neighborhoods it would only be reasonable to believe that places like Katy will at some point see an influx of lower economic groups populating those areas...

i'd say somewhere about halfway between the ballparks and the museum district... might have to buy some parking garages out but???

food is pretty darned good. service is so so sylvia seems like an elitist tho.... kinda annoying...

The Wink BBQ off winkler/45...used to be off 225 area i believe.