In today's market, turning an apartment complex into for-sale condominiums could seem counterintuitive.

With an upscale rental project near River Oaks, that's what an Arkansas real estate firm is doing.

Owner and manager of an estimated 4,400 apartments in Arkansas, Texas and Louisiana, Bailey Properties is soon to test the Inner Loop market by attempting to sell units in a small complex it owns at 2120 Kipling.

There seems to be more condos going back to rentals than the other way around these days.

As mortgage lenders stopped making so many loans after being burned in markets where thousands of units were left vacant or in foreclosure, condo sales have taken a hit.

John Bailey, whose Little Rock-based company purchased the property in 2007, stated the complex is more suited for condos than it is for apartments.

The units, ranging from 1,065 to 1,886 square feet, are bigger than typical rentals. The Upper Kirby location is still an active part of the city.

In 2006, the 27-unit project, located between Shepherd and Greenbriar south of Westheimer, was constructed by Gables Residential.

"It's kind of a sweet spot. Upper Kirby is just on the cusp of becoming the next hot area,"" Personette's Laurie Null stated.

Personette and Associates are set to be marketing the units, with unit prices are set to range from $250,000 to $490,000.

" Posted by Tamborrel Bulox Team on
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