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.

Houston, TX - Construction fencing and huge cranes seem to be a fixture in the Texas Medical Center these days as new buildings and expansion of existing structures is underway.  And it looks like it’s just the beginning.  The TMC projected campus growth shows an increase of about seven million gross square feet through 2008, bringing the total physical space to 33 million gross square feet. This is six million more than what was projected in the 50 Year Master Plan that was published in 1999.

As new facilities and services are offered and expanded, employees, students and patients will want to avoid the traffic snarl of getting to their destination inside the medical center.  The opportunity to live close-by is becoming very attractive.  A new condominium development, Serento, creates that possibility.  Situated on a quaint site at 2203 Dorrington Street off Montclair Drive, south of Holcombe, the Serento Condominium, is just three blocks from the Texas Medical Center main campus. 

The Tuscan-inspired mid-rise will be comprised of 44 one and two-bedroom residences in four stories with a single-story garage at street level.  A state-of-the-art fitness center will also be located at street level, and a large terrace for entertaining is situated on the first level.  Controlled-access in both garage and lobby enhances building security.

Interior home features include 9’ and 10’ ceilings, crown molding, large windows, recessed lighting, ceramic and hardwood floors, granite countertops and stainless appliances including electric wine cooler.

Serento Condominium offers seven floor plans ranging in size from 819 to 1445 square feet and priced from the low $200’s to the high $300’s.  Thirty percent of the residences have been sold.

Construction has begun, and expected completion is in early 2008. 

Serento Condominium is the third mid-rise residential project developed by innerLoopCondos.com, a Houston-based company created in 2004 by Group LSR, an international real estate development company.  The Vistas at Midtown was completed and sold out in 2006, and the second project, Piedmont at River Oaks, is in the final stages with some owners already moving in.  Future development inside the loop is planned.  For more information, visit www.innerLoopCondos.com.

Pictured, from the left: Tom Cervone, Camelot Realty Group, Paul Gardaphe, ICap Realty Advisors,
Ben Lemieux, President of innerLoopCondos.com, Mike Stall, MRI, and Andre Julien, Serento Project Director.

The popularity of urban living in Houston is growing by leaps and bounds with the massive construction of condos, town homes, lofts and apartments occurring right now inside the 610 loop.  More Houstonians are starting to see the advantages of in-town living: close proximity to the office, restaurants, shopping centers and entertainment venues.  While other residential construction is underway, the Piedmont at River Oaks offers Houston buyers a prime opportunity now to live where they work and play.

The Piedmont at River Oaks is a mid-rise condominium development situated two blocks east of the River Oaks Shopping Center, and offers quick access to Downtown, Memorial Park, Midtown, Greenway Plaza, the Galleria and the Texas Medical Center.  With its contemporary design, custom home features and unobstructed downtown views, the Piedmont at River Oak’s 80 one- and two-bedroom floor plans
appeal to people who desire a low-maintenance, carefree living environment. 

Further enhancing the lifestyle found at the Piedmont, the property’s two buildings are adjoined by a beautifully landscaped, multi-level terrace and pool, with expansive views of the downtown skyline.  Ground level garage parking with access gates and controlled-access lobby enhances building security. 

Construction of the first of two 40-unit buildings is now complete, and buyers have begun to move in.  The second building will be finished within the next 30 days.  Priced from the low $200’s, 70% of the residences have been sold.

A Grand Opening Event at the Piedmont at River Oaks will be held on March 31st, from 11:00 am to 6:00 pm for interested buyers to tour the project and enjoy food and beverages.  The address is 1010 Rosine Street, south of W. Dallas Street and one block west of Waugh Drive.

The Piedmont at River Oaks is the second mid-rise residential project developed by innerLoopCondos.com, a Houston-based company created in 2004 by Group LSR, an international real estate development company.  The next project under construction by the company is Serento Condominium, located at 2203 Dorrington Street in the Texas Medical Center area. Expected completion is early 2008.  Future development inside the loop is planned.  For more information, visit www.innerLoopCondos.com.

Responses were very favorable, with 90% saying the property and its location is “good to excellent” for building a residential project.

Survey results to “How much would you pay?” for a condo ranged from $160K to $225K.  Several respondents commented on the great views and close proximity to downtown.  Given the positive feedback by Houstonians and others interested in this real estate market, this property will house a residential project in the future.

Understanding the needs and wants of Houstonians has contributed to the success of innerLoopCondos.com  Please  visit our website often to find out more about current and future developments.

In an effort to determine the pulse of the Houston condo-buying public, we posted a survey on our website for three months to determine the viability of a property at 2401 Crawford Street.  Over 100 readers responded to the survey.