Crow Holdings Buys 229-Unit Plaza Museum District

HOUSTON-The Dallas-based Crow Holdings has bought the 229-unit Plaza Museum District from ING Clarion. The 1.7-acre high rise is assessed at $16.8 million by Harris County.

In a press release, the deal’s broker, David Mitchell, vice president of Apartment Realty Advisors’ Houston office, says the six-year-old development at 1615 Hermann Dr. is a solid candidate for condo conversion. Not only do its units average 951 sf, but positioned at the heart of the Texas Medical Center and near homes priced from $500,000 to $10 million. As a rental, Plaza Museum District apartments bring in $925 to $1,474 per month for one-bedroom designs and $1,497 to $1,747 for two-bedroom units. The gated complex features a 24-hour executive business center, fitness center and pedestrian mall.

More than 30 REITs, pension fund advisers, private equity funds and private investors placed an offer for the listing by the New York City-based seller of record, ERS Plaza Museum Inc., according to the broker. Land and existing space have been bringing top dollar in the Texas Medical Center, an employment hub for 140,000 workers. The sector’s medical institutions, practically all with projects on the drawing boards or coming out of the ground, are planning to raise more than nine million sf by 2015.