13:30 11.10.2008 | All news from "Real Estate News"
NLR Enclave Going Up for Sale
Bomasada Group Inc. of Houston has cast about for candidates to market The Enclave at the Riverfront.
It will be interesting to see if Bomasada moves forward with those sale plans.
The 260-unit apartment project at 75 Riverfront Drive is about 65 percent leased, and we're told Bomasada has held pretty firm on not granting rental concessions.
Still, the timing of all this is curious. Why try to sell a project still in its lease-up phase in one of the most volatile debt markets ever?
We're told the asking price will be safely north of $26 million, too.
It's not uncommon for Bomasada to develop, lease-up and sell a project, but the timing on this deal seems odd.
But these are, indeed, odd times.
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