Houston's Galleria sub-market was about to boom. The mall was about to expand by 700,000 square feet and add two strong new anchors. Also under construction was 23 million square feet of office space. Amstar approached The Morgan Group, a Houston-based developer with extensive local experience and a strong track record.
Launching a joint venture, Amstar acquired a land parcel within walking distance of the mall and set out to create a centerpiece project: 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 one 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, and Amstar and Morgan negotiated and closed the recapitalization with unsolicited investors.
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