3000 Sage Road,
Houston, Texas
Market research, attention to detail and well-chosen teammates earned profit and awards in multifamily development.
Houston’s Galleria market was about to boom. 700,000 new square feet were slated for the mall, with two strong new anchors. 23 million square feet of office space was coming on line. Amstar’s Multifamily Unit was intrigued. They approached The Morgan Group, a Houston-based developer with extensive experience and a strong track record.
Launching a joint venture, Amstar acquired a property within walking distance of the mall, and set out to create a showplace: a community boasting an e-lounge, a conference center, world-class fitness facilities, spa and massage rooms and two pools, one of them a “cardio” pool. Individual apartments featured computer desks and studies, island kitchens and full-size washers and dryers.
Within a year, the project had commitments for 92 percent of the 324 units, along with nominations for a slew of industry awards. Demand was so high, marketing proved unnecessary. Amstar and Morgan successfully negotiated and closed the recapitalization with unsolicited investors. Amstar sold its equity position, while ensuring Morgan’s continued involvement.