March 29,2007 - Investor Group Purchase
Houston, TX, March 29, 2007 - A Canadian investor group
has purchased the remaining inventory at The Royalton at River
Oaks Condominium, located at 3333 Allen Parkway. The Managing
General Partner of the investor group is a division of Group
LSR, a Montreal-based real estate development company that has
owned and operated apartment communities in Houston since 1989.
In 2004 Group LSR created innerLoopCondos.com, a condominium
development company in Houston that has since built two mid-rise
projects inside the 610 loop.
Operating as The Royalton Condominium L.P., the operation of
the building will be overseen by Ben Lemieux, Executive Vice
President of Group LSR, along with a Houston-based management
team. Camelot Realty Group, Houston condo sales specialists and
marketing company for innerLoopCondos.com, has been hired to
handle marketing and sales. The sale, valued at $40 million,
was brokered by Tom Cervone, Owner of Camelot Realty.
“We are very excited to be a part of a landmark building
like the Royalton,” says Ben Lemieux, “and look forward
to using our expertise in developing and operating high-rise
properties to show Houstonians how great high-rise living can
be. The Royalton’s ideal location, combined with its beautiful
design, excellent views, unique floor plans, and numerous amenities
make it the ultimate living environment.”
The 33-story building with expansive skyline views offers spacious
floor plans with lavish designer finishes and private balconies.
A fitness center, infinity-edge pool with jacuzzi, wine cellar,
ballroom, intimate dining room with kitchen, and private theatre
occupy the common areas for owners’ use. Additionally,
concierge and valet parking services are available. One, two
and three bedroom residences are available for sale and are priced
from $375,000 to $2 million. More information is available at
www.royaltonhouston.com.
Since 1969, Group LSR has acquired, managed and developed over
$400 million in single- and multi-family projects in the United
States, Canada and Europe. Current projects include a 1,000 unit
master-planned community in Laval, Quebec and a new development
in Warsaw, Poland. Additionally, a new health division is developing
senior living centers and medical clinics in Quebec, Canada.
LSR Management, operator of the company’s apartment communities
in Houston, Texas, recently acquired four new multi-family properties,
bringing the total to 13. InnerLoopCondos.com has just started
construction on their third project, Serento Condominium, in
the Texas Medical Center area.