Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out

APARTMENTS Published

VIEWS: 21 PAGES: 16

  • pg 1
									                                                                                            Published by:
                                                                     O’Connor & Associates
                                                                                2000 N. Loop West, Suite 110
                                                                                          Houston, TX 77018
                                                                                              713.686.9955




    HOUSTON REAL ESTATE TRENDS
EDITED BY PATRICK O’CONNOR, MAI      $199 PER YEAR     VOLUME 15 NUMBER 1           MARCH 2001



APARTMENTS
Demand for local apartments continues to be brisk, as apartment vacancy has fallen below 7% for the
first time this decade. Class A occupancy hit its highest level since September 1998 this quarter, while
Classes C and D are tighter than they have been since before the 1980’s bust.

Absorption this quarter checked in at 4,081 units, the bulk of which were in Class A and B properties.
Over 15,000 units have been absorbed in the past year, an average of over 1,200 units per month.
Absorption continues to be strong across all classes, as Houston continues to prosper in spite of
national recessionary fears.

While rents remain relatively flat, they have begun to inch upward as supply tightens. The overall
average rent level increased $0.01 to $0.72 per square-foot this quarter, and we anticipate that rents
will continue to increase as the year progresses.

Currently, there are twenty-six apartment projects totaling 7,311 units under construction, while fifteen
projects totaling 3,867 units are classified as proposed. The Far Northeast –Lake Houston area has
been the most active area in terms of construction, with five projects currently under way. Close
behind is the Central Business District, with three projects under construction and a fourth that is
proposed.

According to the O’Connor & Associates March 2001 Greater Houston Apartment Data Program,
average overall occupancy for Houston area multifamily projects is 93.07% (Class A = 93.04%;
Class B = 93.23%; Class C = 92.66%; Class D = 88.59%). Occupancy in the Houston apartment
market is up 2.09 points in the last twelve months. The overall multifamily rental rate is $0.72 per
square feet per month.
•= Central Management, Inc. (CMI), Texas associate for TRI Capital located in San Francisco, CA,
   closed loans totaling over $35.4 million for three properties in March. Charter Realty &
   Investments, of San Clemente, CA, purchased the properties from Cornerstone Properties Inc.
   The properties will be substantially rehabilitated to provide Houston residents access to 957
   upgraded apartment units.     The Phoenix North Apts. (0206), with 384 units received
   $14,647,900; the Highland Terrace Apts. (0430), with 347 units, received $12,918,600; and the
   Weatheredge Apts. (1830), with 226 units, received $7,851,500. The projects were funded using
   Tax Exempt Bond financing. Jack Tennyson and Vic Vacek (713-961-0007) orchestrated the
   deal for CMI.
•= Trammell Crow Residential is developing the Alexan Memorial (0901B), a 142-unit rental town
   home community at 12677 Memorial Drive near Beltway 8, which currently is the site of the
   Memorial Bend Apartments (0901). TCR purchased the 124-unit Memorial Bend with the intent
   to demolish the 34-year-old property. The new development will be primarily two-story, two-
   bedroom town homes built over garages. Units are expected to average approximately 1,200
   square-feet. HLM Architects Inc., of Dallas, is designing the project for TCR.

The following chart illustrates historical apartment occupancy.

                                             Apartment Occupancy

                94.00%

                93.00%
   Percentage




                92.00%

                91.00%

                90.00%

                89.00%
                             4

                           94


                             5

                                       95


                                         6

                                                   96


                                                     7

                                                               97


                                                                 8

                                                                           98


                                                                             9

                                                                                       99


                                                                                         0

                                                                                                   00


                                                                                                     1
                     -9




                          -9




                                      -9




                                                  -9




                                                              -9




                                                                          -9




                                                                                      -0




                                                                                                  -0
                        p-




                                    p-




                                                p-




                                                            p-




                                                                        p-




                                                                                    p-




                                                                                                p-
                  ar




                       ar




                                   ar




                                               ar




                                                           ar




                                                                       ar




                                                                                   ar




                                                                                               ar
                     Se




                                 Se




                                             Se




                                                         Se




                                                                     Se




                                                                                 Se




                                                                                             Se
                 M




                     M




                                 M




                                             M




                                                         M




                                                                     M




                                                                                 M




                                                                                             M
Note: The multifamily projects listed below are followed by the O’Connor & Associates’ database
identification number and are included for subscriber cross-referencing. The property information
contained within the Houston Area Apartment Data Program is published on a quarterly basis.


The Drever REO Fund, LLC acquired the year-old Mallard Creek Apartments (7106B), a 291-unit
complex located in Kingwood at US 59 at Kingwood Drive, for $12,300,000 or $42,300 per unit.
Credit Suisse First Boston, of New York, NY, had foreclosed on the complex in late 2000, and in
turn sold the complex for well under the original construction cost. The Fund’s sponsor, Concierge
Asset Management of Tiburon, CA, will spend $4,000 per unit--over $1 million total--for
enhancements, including a redesigned clubhouse/leasing center and cupola. The complex is 72
percent occupied with an average rental rate of $0.88 per square-foot.

Stone Post Properties purchased the Madison Park of Westchase I (1003) and II (1005) located at
9801 Meadowglen from SSR Realty Advisors. Phase I includes 318 units and phase II includes 258
units. The Class B complex was built in 1978 and renovated in 2000; it is 90 percent leased with an
average rental rate of $0.79 per square-foot. The complex features both flat and pitched roofs and is
separately metered for electricity. G. Craig LaFollette, Todd Stewart and Todd Marix of CB
Richard Ellis represented both sides in the transaction.


    Houston Real Estate Trends                   MARCH 2001                                  Page 2
Nathan C. Coles purchased the Chimney Rock Court Apts. (1170), located at 3424 Chimney Rock,
from David P. Hagstrom, ET AL. The 36-year-old complex consists of 5 buildings totaling 52 units.
The Class C property is 100 percent leased with an average rental rate of $0.73 per square-foot. The
complex features pitched roofs and is master metered for electricity.

AK Interests purchased the Hollyview Apts. (0318), located at 5555 Hollyview, from Hollyview
Apartments, Inc. The 21-year-old complex consists of 22 buildings totaling 328 units. The Class C
property is 98 percent leased with an average rental rate of $0.60 per square-foot. The complex
features pitched roofs and is separately metered for electricity.

5401 Chimney Rock Associates, LP purchased the Chimney Rock Apts. (2066), located at 5401
Chimney Rock, from Chimney Rock Associates, L.P. The 23-year-old complex consists of 62
buildings totaling 970 units. The Class B property is 96 percent leased with an average rental rate of
$0.80 per square-foot. The complex features pitched roofs and is separately metered for electricity.

Interurban Corp., of Denver, CO, purchased the Crescent Place Apts. (2026), located at 10222 S.
Gessner, from Transcontinental Crescent. The 17-year-old complex consists of 9 buildings totaling
120 units. The Class B property is 100 percent leased with an average rental rate of $0.71 per
square-foot. The complex features pitched roofs and is separately metered for electricity.



SINGLE-FAMILY HOUSING
Used home sales increased in February as 3,624 homes were sold, up from the 2,909 homes sold in
January, according to the Houston Association of Realtors. Sales for February 2001 were down 6.3
percent from the 3,866 homes sold in February 2000. The median price of a used single-family home
sold in February was $118,560, up 3.8 percent from $114,250 a year ago.

New home sales increased significantly in February, as 1,737 new homes were sold, up 22.5% from
the 1,418 homes sold in January, according to CDS Market Research. The sales were a 20.2%
increase over the 1,445 homes sold one year ago. The CDS survey showed starts were up 10.5% in
February and closings were up 36.0%. Note: Figures on new home sales are reported as an indication
of recent market conditions and are thought to be representative of overall market trends. Data
represents approximately 60% of the total market.

Following a partnership between James Badger Interests and Phoenix-based Becker Homes, the
Pine Hollow Condominiums is now The Campton.              The combination condominium/apartment
building is located at 4950 Woodway near South Post Oak Lane; units are priced between $259,000
and $699,900. The property was built in 1981 as a condominium building, but only nine units were
sold due to the real estate bust. The remaining 19 units have been rented out ever since. These 19
units have been revamped and are now selling for an average of $300,000 to $400,000.

Led by A. Richard Wilson and Gerald Russell, Houston-based The Property Group is developing
the Memorial Cove Lofts, a four-story, 20-unit condominium loft building located at the southwest
corner of Memorial Drive and Glen Cove, just west of the Bayou Bend high rise. Each unit will be two
stories and will include open floor plans, high ceilings, concrete and hardwood floors; units will be
priced between $274,900 and $700,000. The building will be The Property Group’s first development
in Houston; they purchased the one-acre site last year for roughly $1.5 million.
PageSoutherlandPage is the project’s architect and Tellepsen Contractors is the general
contractor, with Greenwood King Properties handling the project’s marketing duties. The Property
Group may build a 20-unit second phase of the project, depending on the rate of sales activity.
Kemmons Wilson Inc., of Memphis, TN, is the equity partner on the project and Citizens National
Bank of Bellaire is providing the financing.

   Houston Real Estate Trends               MARCH 2001                                  Page 3
Sales offices are now open in Victory Lakes, League City’s new master-planned community. Located
at the northeast corner of I-45 and FM 646, the community will feature homes built by David Powers
Homes, Emerald Homes, Newmark Homes, and Trendmaker Homes. Home prices will range from
the $160’s to the $290’s. The community has seven lakes, waterfalls, walking trails, a private
recreation center, swimming pools, tennis courts, playground, and a high-speed fiber optic backbone
providing high speed Internet-access to residents.

The following chart illustrates historical used-home sale activity.

                                                             H o u s to n U s e d -H o m e S a le s

                          6 ,5 0 0
   Number of Homes Sold




                          6 ,0 0 0
                          5 ,5 0 0
                          5 ,0 0 0
                          4 ,5 0 0
                          4 ,0 0 0
                          3 ,5 0 0
                          3 ,0 0 0
                          2 ,5 0 0
                          2 ,0 0 0
                          1 ,5 0 0
                                  Feb-   M a r-   A p r-   M a y-   Jun-   J u l- 0 0   A ug-       Sep-   O c t-   N ov-   D ec-   Jan-   Feb-
                                   00     00       00       00       00                  00          00     00       00      00      01     01




PERMIT ISSUANCE
The City of Houston issued permits to build 328 houses and to demolish 85 houses in February 2001.
Permits were issued to build 1 multifamily building (250 units) and to demolish 1 multifamily building.
Permits for privately owned new non-residential construction totaled $67,405,178. Public sector
permits for new non-residential construction totaled $13,633,853.          Additions, alterations and
conversions totaled $73,092,453 for the private sector and $27,309,410 for the public sector.

 Total Building Permits, City of Houston
                                    1999                                                              2000                          2001
 February                         $   340,691,515                                               $       254,848,626          $       257,568,943
 Year-to-Date                     $   549,163,753                                               $       532,002,880          $       606,490,226




   Houston Real Estate Trends                                             MARCH 2001                                                Page 4
The following chart illustrates historical permit issuance.


                                                                 N e w R e s id e n t ia l U n it s
      Number of Single-Family
                                          500
                                          400
                                Permits


                                          300
                                          200
                                          100
                                                F e b - M a r-   A p r- M a y - J u n -   J u l-   A u g - S e p - O c t- N o v - D e c - J a n - F e b -
                                                 00      00       00     00      00        00       00      00      00     00      00      01      01




OFFICE BUILDINGS
The local office market remains healthy. Occupancy levels stood at 86.99% overall at year-end, an
increase of 0.76 points over the previous quarter. Overall occupancy is up 1.84 points over the past
year, although rent growth for the year remains modest. Rental rates did post strong gains in the 4th
Quarter, up $0.34 to $19.45 per square-foot, offering a glimmer of hope.

Fifteen buildings totaling 4,649,476 square-feet are currently under construction, with another 31
buildings (7,293,415 square-feet) proposed. Downtown and the Northwest sector lead the way, as
Enron, Crescent, and Century Development have buildings under construction, while four buildings
are under construction in the Northwest, highlighted by the 800,000 square-foot Anadarko Petroleum
Office Tower in the Woodlands.

According to the O’Connor & Associates January 2001 Houston Area Office Data Program,
overall occupancy for Houston area multi-tenant office buildings is 86.99% (Class A = 90.95%; Class
B = 86.25%; Class C = 80.77%). Meanwhile, the overall multi-tenant office building rental rate is
$19.45 per square foot per year, an increase of $0.86 over one year ago.

   •= Panattoni Development has begun construction on a 120-acre business park on Beltway 8,
      between Tanner Road and Clay Road. The Panattoni Beltway 8 Corporate Centre
      Business Park will have more than a dozen low-rise office buildings and office/technology
      buildings totaling more than 1.2 million square-feet of space. The first buildings, a 102,500
      square-foot office building (FAW 430) and a one-story, 75,000 square-foot office/technology
      building (FAW 431) should be completed by next winter. Panattoni is developing the park in
      conjunction with MetroNational Corp. and the deal was put together by Blake Tartt III of New
      Regional Planning and Bill Wheless of Wheless Properties.
   •= The Millis Group Inc. has broken ground on the Greatwood Lakes Office Building (PRO
      284). The three-story, 30,000 square-foot building will be built on 2.5 acres at the entrance to
      the master planned Greatwood community. It will feature a brick and cast stone exterior, with
      marble floors and marble wall accents in the entry. The Class A building will serve as the Millis
      Group’s corporate headquarters and will be anchored by Houston Community Bank, which is
      also providing the project’s financing. Jim Lawless is the project’s architect and B&C
      Contractors Inc. will handle the construction duties.


   Houston Real Estate Trends                                                    MARCH 2001                                               Page 5
•= Yancey-Hausman and Goddard Investments, of Atlanta, GA, have formed the joint venture
   Sam Houston 411 LP to purchase the old American Rice Building (NOE 037), located at 411
   North Sam Houston Parkway. The six-story, 115,000 square-foot building will undergo $1.2
   million in renovations, including improvements to the front and rear entrances, interior lobby
   and common areas; a new covered parking structure will be completed by June. The Class B,
   19-year-old building is 41 percent leased with an average rental rate of $16.50 per square-foot.
   David Carter of Yancey-Hausman represented the buyers in the negotiations, while Rolle
   Andre and Tom Ford of Henry S. Miller Commercial represented the seller; Jim Richards
   and John Fenoglio of Live Oak Capital Ltd. arranged the financing for the joint venture.
•= In conjunction with Sarofim Realty Advisors, Dallas-based Myers & Crow Co. is developing
   the NorthBelt Office Center II (NOE 175), a 123,000 square-foot building in the Greenspoint
   area of north Houston. Sarofim is investing pension fund money in the two-story building,
   which will be located at the southeast corner of Greens Parkway and Greens Crossing
   Boulevard.
•= Telecommunications giant WorldCom Inc., of Clinton, MS, is planning to convert a 95,000
   square-foot former Wal-Mart store at 3200 FM 1960 West (formerly FNO 111 in our Retail
   Data Program) into a customer care center. WorldCom offers wholesale long-distance
   telephone operations to consumers and provides data and Internet services to businesses.
•= Houston-based Century Development has broken ground on a new office tower at 1000 Main.
   Main, Lamar, Travis, and McKinney will bound the 1.4-million square-foot complex, which will
   include a 783,000 square-foot tower, a 1,566-car parking garage adjoining the building, and
   about 50,000 square-feet dedicated to retail. The 36-story tower, which will open in 2003, has
   been dubbed Reliant Resources Plaza (DTN 125), as the division of Reliant Energy has
   signed a 525,000 square-foot lease in the building. Their space will include a 55,000 square-
   foot energy and commodity trading floor. Gerry Trione of Trione & Gordon and Wade
   Whilden of Baker Botts represented Reliant Resources in the negotiations, while Sandy
   Weiner of Vinson & Elkins represented Main/Lamar. There are roughly six floors still
   available in the building. The Houston office of Gensler & Associates designed the project,
   while Miner-Dederick Constructors Inc. is the general contractor.

The following chart illustrates historical office building occupancy.

                                     Office Building Occupancy

               95%


               90%
  Percentage




               85%


               80%


               75%
                Ju 5
               O 5




                Ju 6
               O 6




                Ju 7
               O 7




                Ju 8
               O 8




                Ju 9
               O 9




                Ju 0
               O 0
               Ap 5




               Ja 5
               Ap 6




               Ja 6




               Ja 7
               Ap 8
               Ap 7




               Ja 8
               Ap 9




               Ja 9
               Ap 0




               Ja 0
                     01
                     9
                  r-9
                  l-9



                     9
                  r-9
                  l-9




                  r-9
                  l-9



                     9
                  r-9
                  l-9



                     9
                  r-9
                  l-9



                     0
                  r-0
                  l-0
                     9
                    -9




                    -9




                    -9




                    -9




                    -9




                    -0
                 n-




                 n-




                 n-




                 n-




                 n-




                 n-
                 n-
                 ct




                 ct
                 ct




                 ct




                 ct




                 ct
               Ja




Houston Real Estate Trends                  MARCH 2001                               Page 6
Note: The buildings listed below are followed by the O’Connor & Associates’ database identification
number and are included for subscriber cross-referencing. The property information contained within
the Houston Area Office Data Program is published on a quarterly basis.


Koll Bren Schreiber Realty Advisors, of Newport Beach, CA, sold three buildings in north suburban
Houston near FM 1960. They sold the 100,352 square-foot Cypress Court (NOW 025), which is 92
percent leased with an average rental rate of $17.28 per square-foot, to BGK Properties. The
Caldwell Watson Real Estate Group purchased the 116,848 square-foot Northchase Plaza (NOW
181); the 19-year-old building is 87 percent leased with an average rental rate of $16.00 per square-
foot. MGS Realty Partners bought the 44,657 square-foot One Park Centre (NOW 238); the building
is 91 percent leased with an average rental rate of $15.55 per square-foot. Ken Page and David
Chuoke of Cushman & Wakefield handled the sales for Koll Bren Schreiber.

CMD Realty Investors purchased Two Westlake Park (FAW 237), located at 580 Westlake Park
Blvd. in the Katy Freeway West submarket, from Two Westlake Park L.P. The 19-year-old Class A
building consists of 17-stories and 382,905 square-feet; it is 91 percent leased with an average rental
rate of $23.00 per square-foot. Kevin Brands of CMD handled the transaction.

BGK Equities Inc., of Santa Fe, NM, purchased Space Center II (SOE 091) from USX Realty
Development, a division of U.S. Steel, of Pittsburgh, PA. The building, also known as the
Cyberonics Building, is located at 16511 Space Center Blvd. The Class A building consists of six-
stories and 145,647 square-feet; it is fully leased with an average rental rate of $18.00 per square-foot.
The 16-year-old building was renovated in 1998. Logan Brown and Darrell Betts of Grubb & Ellis
represented the seller in the negotiations.

Triad leased 22,757 square feet in the Northchase Center (NOW 252) building, located at 14550
Torrey Chase Blvd., from Koll Bren Schreiber Realty Advisors. The 17-year-old Class B building
consists of six-stories and 126,740 square-feet and is 88 percent leased. Forbes Henderson of Delta
Realty represented the tenant in the negotiations, while Wanda Wilson of PM Realty represented the
landlord.

Duke Energy leased 20,361 square feet in the Sage Plaza (GAL O74) building, located at 5151 San
Felipe, from Sage Plaza I Ltd. The 19-year-old Class A building, formerly known as Halliburton
Center, consists of 25-stories and 519,966 square-feet; it is 99 percent leased with an average rental
rate of $21.75 per square-foot. Dennis Conine of Conine and Robinson represented the tenant in
the negotiations.

SKH Management L.P. leased 21,395 square feet at 7700 San Felipe (FWE 194) from Koll Bren
Schreiber Realty Advisors. The 23-year-old Class B building consists of five-stories and 100,015
square-feet; it is 90 percent leased with an average rental rate of $17.25 per square-foot. Trione &
Gordon represented the tenant in the negotiations, while Doug Little of PM Realty represented the
landlord.

EOG Resources subleased 24,268 square feet at Three Allen Center (DTN 007), located at 333
Clay, from Battle Mountain Gold. The 21-year-old Class A building consists of 50-stories and
1,191,254 square-feet; it is 98 percent leased with an average rental rate of $24.00 per square-foot.
Trione & Gordon represented both sides in the negotiations.

Sterling Bancshares Inc. leased 39,020 square-feet at 2550 North Loop West (NOW 118) from
Interwest-Houston NLW Ltd. The 26-year-old Class B building consists of eight-stories and 154,075
square feet; it is fully leased with an average rental rate of $16.50 per square-foot. Bruce H. Fein and
Mark G. Nicholas of The Staubach Co. represented the tenant in the negotiations, while Brad
Sinclair and Janae Evans of Transwestern Commercial Services represented the landlord.

   Houston Real Estate Trends                 MARCH 2001                                   Page 7
Execucenter Inc. leased 17,472 square-feet at 2500 Wilcrest (FAW 259) from 2500 Wilcrest
Associates. The 108,825 square-foot building is 84 percent leased with an average rental rate of
$16.25 per square-foot. The building was built in 1982 and renovated in 1998. Bob Cromwell of
Moody Rambin Interests represented the landlord in the negotiations.

GP1 Ltd. signed a 17,234 square-foot lease renewal and expansion at Echo Lane Office Building
(FAW 038). The three-story Class A building is located at 950 Echo Lane. The 20-year-old building is
79 percent leased with an average rental rate of $20.50 per square-foot. Bob Cromwell of Moody
Rambin Interests represented the landlord in the negotiations, while Sanford Criner of Trione &
Gordon represented the tenant.

Chevron USA leased 46,002 square-feet at Four Houston Center (DTN 065), located at 1331
Lamar, from Crescent Real Estate Equities Ltd. The 18-year-old Class A building is 98 percent
leased with an average rental rate of $25.25 per square-foot. Charles Goldstein of Strategis/CRESA
represented the tenant in the negotiations, while Debbie Wilson of Crescent Real Estate Equities
represented the landlord.

Nippon Oil Exploration USA Ltd. leased 18,333 square-feet at San Felipe Plaza (GAL 131), located
at 5847 San Felipe, from Equity Office Properties Trust. The Class A building consists of 46-stories
and 959,466 square-feet; it is 93 percent leased with an average rental rate of $24.00 per square-foot.
The building was built in 1984 and renovated in 1996. James P. Bailey of Cushman & Wakefield
represented the tenant in the negotiations, while Steve Crawford of Equity Office Properties Trust
represented the landlord.



RETAIL CENTERS
Overall occupancy increased 0.29 points this quarter to 88.32% for Houston’s multi-tenant retail
centers. This 0.19-point jump reverses the 0.15-point drop in a turbulent fourth quarter; occupancy
has now reached its highest level in over eight years.

Rental rates fell in the first quarter as under-performing Regional Malls and Community Centers
continue to struggle to attain rents. Community Center rents fell $0.08 to $1.31 per square-foot, while
Regional Mall rents fell $0.06 to $3.02 per square-foot. The one bright spot was a $0.01 increase in
Neighborhood Center rents to $1.02 per square-foot, while Strip Center rents remained steady at
$0.86 per square-foot. Overall, multi-tenant rental rates fell $0.03 in 1Q 2001 to $1.46 per square-
foot; this is the lowest rents have been since they were at $1.44 per square-foot in the third quarter of
1999.

Overall multi-tenant absorption increased by 115,528 square feet to 703,512 SF this quarter. This
brings the total space absorbed to over 3.1 million SF over the past year, nearly 25% below the pace
of one year ago. Regional Malls rebounded to post positive absorption for the first time since the
second quarter of 2000. This success is likely to be short-lived, as the closing of the local Wards
registers next quarter. Community Center absorption slipped, posting its smallest gains in the past
year.

According to the O'Connor & Associates February 2001 Houston Area Retail Data Program,
overall occupancy for Houston area multi-tenant shopping centers is 88.32%. Meanwhile, the overall
multi-tenant retail rental rate is $1.46 per square-foot per month.




   Houston Real Estate Trends                 MARCH 2001                                  Page 8
         •= Wal-Mart has announced plans to build a Sam’s Club (NRW 223) and a Wal-Mart
            SuperCenter (NRW 224) across the street from each other in the Galleria area. The stores will
            be located one mile south of the Galleria, at the intersection of Westpark and South Rice
            Avenue; the Sam’s Club will be on the southwest corner, while the Wal-Mart will be on the
            southeast corner. Wal-Mart is till finalizing deals to acquire the site. If the project proceeds as
            expected, it will be similar to the Wal-Mart and Sam’s Club setup at the southeast corner of
            Westheimer and Dunvale, near the AMC Studio 30 movie theater.
         •= Tweeter Home Entertainment Group will open 45 stores nationally over the next three years,
            including one in the Woodlands. Tweeter plans a 10,000 square-foot store in the Wood Ridge
            Plaza Shopping Center (FNO 030), which is located on Interstate 45, just east of the
            Woodlands Mall. The 208,000 square-foot center is leased and managed by The Woodlands
            Operating Co.; it is 96 percent leased with an average rental rate of $1.33 per square-foot.
         •= An 86,584 square-foot Kohl’s department store will anchor a new shopping center planned for
            northwest Houston. A joint venture of Quest Properties and Sears Realty will develop the
            132,791 square-foot shopping center (FNW 266) at the corner of FM 1960 and Eldridge
            Parkway. Groundbreaking is scheduled for later this year. The developers purchased the land
            for the center from Goodrich Venture Ltd. and Venture Partners. Cyndee Smith of
            Shelby/Estus Realty Group represented the seller in the transaction.
         •= Sears has announced plans for a Great Indoors Concept Store on the north side of Interstate
            10 just east of the West Belt. Sears launched their home décor store concept in 1998 as part
            of an ongoing effort to revitalize the venerable retailer. Sears recently purchased 12 acres of
            land for the store from Lance Davis of Davis Holdings, who had purchased the land from
            Friedkin Cos. just four months prior. Dean Lane of Boyd Page & Associates represented
            Sears in the negotiations, while Mr. Davis represented his company.


The following chart illustrates historical retail center occupancy.


                                           Retail Center Occupancy

               90%
  Percentage




               88%


               86%


               84%
               Au 95




               Au 96




               Au 97




               Au 98




               Au 99




               Au 00
               N 95




               N 96




               N 97




               N 98




               N 99




               N 00
               M 95




               Fe 95
               M 96




               Fe 96
               M 97




               Fe 97
               M 98




               Fe 98
               M 99




               Fe 99
               M 00




               Fe 00
                     01
                   -




                   -




                   -
                   -




                   -




                   -
                 b-


                  g-


                 b-


                  g-

                   -
                 b-


                  g-

                   -
                 b-


                  g-


                 b-


                  g-

                   -
                 b-


                  g-

                   -
                 b-
                   -




                   -
                ay




                ay




                ay
                ay




                ay




                ay
                ov




                ov




                ov




                ov




                ov




                ov
               Fe




Note: The retail centers listed below are followed by the O’Connor & Associates’ database
identification number and are included for subscriber cross-referencing. The property information
contained within the Houston Area Retail Data Program is published on a quarterly basis.

First Allied, of Tampa, FL, purchased the Star Plaza (FSE 037) from Herzog & Son. The 78,464
square-foot center is located at 2402 Bay Area Blvd. The 23-year-old center is 96% occupied with an
average rental rate of $1.38 per square foot. The 23-year-old shopping center was renovated in 1999.
Financing was provided by Lehman Brothers and the sale closed in only 85 days. Scott Henard of
First Allied represented the buyer in the negotiations, while Jerry Goldstein of Marcus & Millichap
represented the seller; Dave Pitschmann closed the deal at Houston Title Co.


         Houston Real Estate Trends                MARCH 2001                                   Page 9
Houston’s third largest mall has been sold. General Growth Properties, of Chicago, IL, and the New
York State Common Retirement Fund purchased 20-year-old Willowbrook Mall (FNW 022) for
nearly $145 million (+$340 per square-foot). The seller was New York-based Lend Lease Real
Estate Investments, Inc. The 1.47 million square foot mall is located adjacent to the intersection of
FM 1960 and Highway 249. The sale includes only the 423,000 square-feet of mall space; the anchor
tenants, including Foley’s, Dillard’s, and Lord & Taylor, own their own space. General Growth
already owns Deerbrook Mall (NEA 021) in Humble, Baybrook Mall (FSE 029) in southeast Houston,
and 50 percent of The Woodlands Mall (FNO 034); they also have the management and leasing
contract for Memorial City Mall (NWE 003) and the management contract for First Colony Mall
(FSW 081).

Hung Chi Pham, ET UX purchased the 18-year-old center located at 251 FM 1960 East (NEA 015)
from Bwin Investments. The 52,887 square-foot center is 36% occupied with an average rental rate
of $0.93 per square foot. Consideration included a $1,425,000 note financed by New Era Life
Insurance Co.

DBT Porcupine L2 Principal Capital Mgmt. purchased the 130,000 square-foot Lowe’s Home
Improvement (FWE 158) at 19935 Katy Freeway from Petula Associates Ltd. The four-year-old,
single-tenant store is fully leased to Lowe’s.

Wimbleton Champions Inc. purchased a vacant Target (FNO 184) retail store from Dayton-Hudson
Corp. The 19-year-old, 101,235 square-foot store is located at 205 West Greens Road near Interstate
45. George Cushing and Paula Foster of Grubb & Ellis represented the seller in the negotiations.

Champions Forest Plaza (FNW 043), located at Champions Forest Drive and FM 1960, added two
new tenants. The DaPaul Collection signed a 3,810 square-foot lease and JoAnn’s signed a 3,089
square-foot lease. The 23,750 square-foot strip center is fully leased with an average rental rate of
$0.75 per square-foot. Jim R. Smith of Boyd Page represented Champions Forest in the
negotiations.



VACANT LAND
Dickson Partners purchased 32 acres of land in a transaction valued at $1 million from Spring Park
Partnership. The land is located at Cypresswood Drive and Cutten Road in far northwest Houston.
Larry McWherter of CB Richard Ellis represented both parties in the transaction.

Chrysler Realty Corp. recently purchased two tracts of land. Chrysler purchased 16.4 acres of land
at the northwest corner of Silber Road and the Katy Freeway from the L.E. Stahlman Company. The
owners of River Oaks Chrysler-Plymouth will build a River Oaks Dodge at the site. Simmi Jaggi-
Basra of CB Richard Ellis represented the buyer in the negotiations, while Dennis Johnston of
McDade, Smith, Gould, Johnson & Co. represented the seller. In the second deal, Chrysler
purchased 10 acres of land located at the southeast corner of SH 225 and Beltway 8 from Beltway 8
Green Partnership Ltd. Simmi Jaggi-Basra of CB Richard Ellis represented the buyer in the
negotiations, while Josh Jacobs of New Regional Planning represented the seller.

L.H.D 3.5 L.L.C. purchased 3.6 acres of land located in Walden on Lake Houston at 19000 W. Lake
Houston Parkway in the Atascocita area from Holley-Strother Lincoln Green Ltd. The land will be
used for the construction of a medical/professional office complex. Mark Wimberly of The Betz Cos.
represented the buyer in the negotiations.




   Houston Real Estate Trends               MARCH 2001                                Page 10
Tanox Inc. purchased a 13.1-acre parcel of land in a deal valued at $1.58 million from Willowtrails
L.P. The land is located at Willowbend and South Main. Larry McWherter and Joel Scott of CB
Richard Ellis represented the seller in the negotiations, while Charles Gordon of Trione & Gordon
represented the buyer.

Signature Eubanks and Associates Ltd. purchased 5.94 acres of land located off FM 518 at
Woodcreek, in Pearland, from 5.94 Woodcreek L.P. Charles Eason of Hardcastle Real Estate
represented the buyer in the negotiations, while Eric Hughes of The National Realty Group
represented the seller.

Cy-Fair Christian Academy purchased 9.011 acres of land located on Telge Road, north of Cypress
N. Houston, from Fred Caldwell, Trustee. The grantee will build a private school on the site. Keith P.
Grothaus of Caldwell Watson Real Estate Group represented the seller in the negotiations, while
Clare Flesher of Trione & Gordon represented the buyer.

Cypresswood Homes, Inc. purchased 13.1 acres of land located on Grant Road, between Perry
Road and Jones Road, from Fred Caldwell, Trustee. The land will house a town-home community.
Keith P. Grothaus and Keith Edwards of Caldwell Watson Real Estate Group negotiated the
transaction.

Williamette Industries purchased 7.4148 acres of land, located on Clay Road between Blalock and
Campbell, from Red Bluff, Ltd. and Six W., Ltd. Williamette Industries will build a new facility on the
site. Keith P. Grothaus of Caldwell Watson Real Estate Group represented the seller in the
negotiations, while Clay Peeples of Boyd Page & Associates represented the buyer.

Worldwide Machinery purchased 3.42 acres of land located at 16029 East Freeway from Ellsworth
Motor Freight Line, Inc. The land is accompanied by a 2,500 square-foot office facility. L. Michael
Wallace, Michael J. Taetz, and Parker C. Johnson of Colliers International represented the buyer
in the negotiations, while Margie Wurm of Century 21 Graystone represented the seller.



INDUSTRIAL FACILITIES
   •= J.A. Green Development Co. has begun a 1-million square-foot expansion of warehouse and
      office space at its International Cargo Center (0411M). The project is located near Bush
      Intercontinental Airport on Greens Road between Milner and Morales roads. A 250,000
      square-foot warehouse and a 100,000 square-foot office building are currently under
      construction. The project currently contains 575,000 square-feet of warehouse and office
      space. The two new buildings should be completed in July.
   •= GSL Contractors Ltd. is developing a 40,000 square-foot build-to-suit distribution warehouse
      (0167S) for Ribelin Sales Inc., of Dallas. The logistics distribution warehouse will be built on a
      four-acre lot in Aberdeen Business Park, located at Kirkton Drive in northwest Houston near
      Telge and Texas 290. GSL purchased the lot from Aberdeen Business Park. Mike Wallace
      of Colliers Oxford Commercial represented Aberdeen Business Park in the negotiations,
      while John Talhelm of Cushman & Wakefield represented GSL Constructors.
   •= Haldor Topsoe Inc., of Denmark, has broken ground on a $35 million manufacturing facility in
      Clear Lake. This is the second project in Houston for Haldor; the company has a 30-acre
      facility in Bayport that they built in 1965. Harris County Commissioners Court granted a tax
      abatement to Haldor, totaling about $660,000 over 10 years, as an incentive to build the facility.
      Haldor will create 35 jobs to run the facility, which should be finished in September and
      producing by year-end. Haldor also recently purchased 100 acres of land adjacent to its
      Bayport facility for future expansion.


   Houston Real Estate Trends                MARCH 2001                                  Page 11
The following chart illustrates historical industrial facility rental rate activity.

                                                                Industrial Rent ($/SF)

           $0.42

           $0.40

           $0.38
    Rent




           $0.36

           $0.34

           $0.32
                4


                            4


                                     5


                                                 5


                                                          6


                                                                      6


                                                                               7


                                                                                           7


                                                                                                    8


                                                                                                                8


                                                                                                                         9


                                                                                                                                     9


                                                                                                                                              0


                                                                                                                                                          0


                                                                                                                                                                   1
                 9

                        l-9


                                      9

                                             l-9


                                                           9

                                                                  l-9


                                                                                9

                                                                                       l-9


                                                                                                     9

                                                                                                            l-9


                                                                                                                          9

                                                                                                                                 l-9


                                                                                                                                               0

                                                                                                                                                      l-0


                                                                                                                                                                    0
              n-




                                   n-




                                                        n-




                                                                             n-




                                                                                                  n-




                                                                                                                       n-




                                                                                                                                            n-




                                                                                                                                                                 n-
                     Ju




                                          Ju




                                                               Ju




                                                                                    Ju




                                                                                                         Ju




                                                                                                                              Ju




                                                                                                                                                   Ju
           Ja




                                Ja




                                                                          Ja




                                                                                                                    Ja




                                                                                                                                         Ja
                                                     Ja




                                                                                               Ja




                                                                                                                                                              Ja
Note: The facilities listed below are followed by the O’Connor & Associates’ database identification
number and are included for subscriber cross-referencing. The property information contained within
the Houston Area Industrial Data Program is published on a quarterly basis.


7901 El Rio Development purchased a 30,922 square-foot office/warehouse located at 7901 El Rio
(4315) from R.J. Gallagher Co. The 20-year-old, single-tenant facility is on 4.92 acres of land and
features a 25-foot clearance height. B. Kelley Parker III of Cushman & Wakefield represented the
seller in the negotiations, while Pat Pollen of Coldwell Banker represented the buyer.

Cunningham Partnership, L.L.P. purchased a 49,000 square-foot warehouse located at 5855
Cunningham (1062) from Lantera, Ltd. and LHJ, L.L.C. The 22-year-old single-tenant facility
consists of two metal buildings on five acres of land. The buildings feature grade-level loading, a 20-
foot clearance height, and are crane served. Caleb Lawson of Caldwell Watson Real Estate Group
represented the buyer in the negotiations, while Eva Hopkins of Tarantino Properties represented
the seller.

W P Carey & Co. purchased a 141,239 square-foot office/warehouse located at 6869 Old Katy Rd.
(2612A) from J A Billip. The single-tenant facility consists of two buildings and is fully leased. The
23-year-old facility features masonry construction, dock-high loading, and a 26-foot clearance height.

Aberdeen, Ltd. purchased a 65,460 square-foot office/warehouse located at 7814 Miller Rd #3
(2333) from Donald A. Grant. The single-tenant facility is fully leased. The three-year-old facility
features two metal buildings on 48.44-acres. The buildings feature dock-high loading, an 18-foot
clearance height, sprinklers, and are crane served

API Properties Five LLC purchased a 45,602 square-foot office/warehouse located at 1414 Sakowitz
(3107A) from Disco Holdings Group, Inc. The 27-year-old facility is fully leased; it features tiltwall
construction, dock-high loading, and sprinklers.

Digital Screen Inc. purchased a 44,920 square-foot warehouse located at 5310 Glenmont Dr. (4075)
from Middle Tennessee Leasing Co. The single-tenant facility is owner occupied. The three 41-year-
old metal buildings sit on 1.08-acres. The metal buildings feature grade-level loading, a 15-foot
clearance height, and sprinklers.


    Houston Real Estate Trends                                            MARCH 2001                                                              Page 12
Compaq Computer Corporation leased 26,880 square-feet of space at Willowbrook Business
Center (0176N) from Willowbrook Business Center, L.P. The year-old facility is located at 8280
Willow Place North. The 38,400 square-foot tiltwall building features grade-level loading and an 18-
foot clearance height; it is fully leased with an average rental rate of $0.68 per square-foot. Ron
Roberson of Caldwell Watson Real Estate Group represented the tenant in the negotiations, while
Tim Relyea of Cushman Realty Corporation represented the landlord.

Advanced Logistics leased 34,800 square-feet of space at Central Green IV (0317F) from Limited
Property Limited Partnership. The 89,200 square-foot facility is located on 5.73-acres at 1755
Transcentral Blvd. The two-year-old tiltwall building features dock-high loading and a 24-foot clearance
height. It is fully leased with an average rental rate of $0.34 per square-foot. Ron Roberson of
Caldwell Watson Real Estate Group represented the tenant in the negotiations, while John Duffie of
Midway Companies represented the landlord.

8100 Westpark Holdings LLC leased 48,076 square-feet of distribution/warehouse space at 8100
Westpark Dr. (3988) from Carlyle/FR Investors L.L.C. The 74,176 square-foot facility is 87 percent
leased with an average rental rate of $0.45 per square-foot. The 35-year-old tiltwall building is situated
on 3.90-acres and features dock-high loading and an 18-foot clearance height. Scott Hoffer of Hoffer
Real Estate Services represented the tenant in the negotiations, while Grady Farris of Houston
Industrial Brokerage represented the landlord

Sequentia Inc. leased 66,910 square-feet of office/warehouse space at Pineway Service Center II
(1304) from Greenbriar Holdings Houston Ltd. The 222,250 square-foot facility is located on 10.41-
acres at 4545 Pine Timbers. The 24-year-old facility is fully leased with an average rental rate of
$0.25 per square-foot. The three tiltwall buildings feature 16-foot and 22-foot clearance heights and
semi-dock loading. Clay Peeples of Boyd Page represented the tenant in the negotiations, while Kit
Dolan of Proterra Properties Inc. represented the landlord.



ECONOMIC & FINANCIAL NEWS
The number of wage and salary jobs in the 6-county Houston area increased by 11,200 jobs to
2,113,400 in March 2001 from 2,102,200 in February 2001, according to the Texas Workforce
Commission. The rise was mostly attributed to increases in the services and trade industries, which
added 6,100 and 4,000 jobs, respectively. This month’s total is 52,700 jobs higher than the 2,060,700
jobs at this time last year. Houston's unemployment rate rose 0.2 points to 3.5 percent in March,
while the statewide unemployment rate also rose 0.2 points to reach the 4.0 percent mark.

Houston City Council unanimously agreed to put up as much as $700 million in bonds to expand the
George R. Brown Convention Center and build a convention hotel next to it. The 700,000 square-
foot expansion of the convention center and 1,200-room hotel will almost double downtown Houston’s
convention meeting space and hotel capacity. The convention center will grow from 1.4 million square
feet to 2.1 square-feet, while the new hotel will bring downtown room capacity to 3,000 rooms. The
1.2 million square-foot hotel will contain two large ballrooms, several restaurants, a spa, a parking
garage, and two skyways connecting the hotel with the convention center. The hotel will be located
between the convention center and the as-yet-unbuilt arena. Construction is scheduled to begin this
summer and is expected to be complete in October 2003, just months before the Super Bowl arrives
in Houston in January 2004. The total price tag for the project is expected to be $630 million, but the
savvy council authorized $700 million in bonds in case of interest rate changes or other unforeseen
circumstances.




   Houston Real Estate Trends                 MARCH 2001                                  Page 13
Barton Smith, director of the University of Houston Institute for Regional Forecasting, remains
optimistic regarding Houston’s economic outlook. Smith recently discussed where Houston stands at
his Real Estate Market Forecast, which featured its largest crowd in 20 years. Smith predicts a
turnaround in the national economy by summer’s end, although he has reduced his local job growth
prediction for the year from 70,000 jobs to 55,000 jobs due to the national slowdown. High prices and
strong performances in the energy industry, which remains responsible for nearly 50 percent of the
city’s economy, are keeping Houston ahead of the pack. However, Houston cannot elude a downturn
if the nation falls into a major recession. Smith also noted that supply and demand for real estate is in
balance today, meaning the chance of a 1980s-style crash is remote. Smith did caution that growing
traffic congestion does threaten Houston’s future. Clogged freeways have persuaded some
Houstonians to move closer to the inner city, while also encouraging some companies to build offices
near their employee base in the suburbs. Living in close does not come cheap, though. Homes
located inside the loop are priced 80 percent higher than similar homes in the outlying suburbs,
although Smith indicated that wild price escalation would have to cease eventually, so as not to price
out the majority of Houstonians.

Richard Smith Co., an affiliate of Coldwell Banker Real Estate Corp., acquired the Houston and
Austin residential offices of Henry S. Miller, Realtors. Henry S. Miller has eight residential real estate
offices in Houston and four residential offices in Austin; the firm’s commercial operations will remain
intact. The offices will now be under the ownership of Coldwell Banker United, Realtors in Houston
and Coldwell Banker Richard Smith, Realtors in Austin.

Koll Bren Schreiber Realty Advisors, of Newport Beach, CA, has hired PM Realty Group to handle
both property management and leasing for its Houston portfolio. Koll Bren owns 55 buildings totaling
more than 4.25 million square-feet, including midsized office buildings and retail centers.


The following chart illustrates total nonagricultural employment.

                                                          T o ta l N o n a g r ic u ltu r a l E m p lo y m e n t, H o u s to n M S A

                              2 ,2 0 0

                              2 ,1 8 0

                              2 ,1 6 0
 Labor Force, in thousands




                              2 ,1 4 0

                              2 ,1 2 0

                              2 ,1 0 0

                              2 ,0 8 0

                              2 ,0 6 0

                              2 ,0 4 0

                              2 ,0 2 0

                              2 ,0 0 0
                                                      0
                                  0




                                            0




                                                                            0




                                                                                      00




                                                                                                 00




                                                                                                                          0




                                                                                                                                                       01




                                                                                                                                                                1
                                                                 00




                                                                                                              0




                                                                                                                                    0




                                                                                                                                              01
                                                   -0
                                  -0




                                           r-0




                                                                         -0




                                                                                                            -0




                                                                                                                       -0




                                                                                                                                  -0




                                                                                                                                                               -0
                                                                                    g-




                                                                                               p-




                                                                                                                                                     b-
                                                              n-




                                                                                                                                           n-
                                                 ay




                                                                                                                     ov
                                                                          l
                               ar




                                                                                                                                                            ar
                                                                                                          ct




                                                                                                                                ec
                                                                       Ju
                                         Ap




                                                                                  Au




                                                                                             Se




                                                                                                                                                   Fe
                                                           Ju




                                                                                                                                        Ja
                                                                                                         O
                              M




                                                                                                                                                            M
                                                 M




                                                                                                                    N




                                                                                                                               D




                             Houston Real Estate Trends                                   MARCH 2001                                                 Page 14
THIRD-PARTY LENDERS
Lender(s)                                                  Phone        Units, SF, acreage Amount, $000
Apartments
Column Financial, Inc.                                  404-239-5300              328          $5,400.00
LaSalle Bank FSB                                        773-864-2401              336          $6,780.00
LaSalle National Bank                                   312-904-2000              228          $6,520.00
Southwestern National Bank                              713-771-9700              188          $1,990.69
Office Buildings
Independence Bank                                       713-466-7283            13,189          $247.04
Riverway Bank                                           713-552-9000            93,916         $2,300.00
Southwest Bank of Texas                                 713-759-9086            17,162         $1,500.00
Retail Centers
Bank One Texas                                          713-751-6100           113,000           $818.50
New Era Life Insurance Co.                              281-368-7200           52,000          $1,425.00
Philadelphia American Life                              281-368-7300            87,248         $1,600.00
Southern National Bank                                  281-269-7200           222,478         $3,100.00
Sterling Bank                                           713-952-6055            18,730           $500.00
Vacant Land
American Bank                                           713-951-7100             7.22          $4,596.00
Bayshore National Bank                                  281-421-2443             0.70          $1,048.00
Coastal Banc                                            713-592-6337             2.27          $2,443.20
Coastal Banc                                            713-592-6337             1.95          $2,443.20
Comerica Bank                                           214-969-6429             N/A           $1,431.07
Comerica Bank                                           214-969-6429             2.35            $718.95
Compass Bank                                            713-867-2232             1.66          $1,120.00
First State Bank of Texas                               940-382-5421             0.90          $1,350.00
Frost National Bank                                     210-220-4000             7.84          $7,260.00
Lone Star Bank                                          713-453-7176            14.99          $1,050.00
Southwest Bank of Texas                                 713-759-9086            15.90          $1,800.00
Sterling Bank                                           713-952-6055            189.88         $2,325.00
Industrial Facilities
Bank of America                                         713-827-3600            12,676           $500.00
Coastal Banc                                            713-592-6337            35,361         $1,200.00
Chase Manhattan Bank                                    212-907-6083           123,040         $2,400.00
First State Bank of Texas                               940-382-5421            36,840           $756.00
Frost National Bank                                     210-220-4000            26,736           $704.00
Southwest Bank of Texas                                 713-759-9086           129,275         $3,405.00
Represents selected transactions


Information in Houston Real Estate Trends is derived from primary and secondary sources.          O’Connor &
Associates is not responsible for nor does it guarantee the accuracy of the information.

                          
Houston Real Estate Trends is compiled and prepared by Richard Zigler, Director of Research,
RZigler@poconnor.com.




    Houston Real Estate Trends                      MARCH 2001                                 Page 15
                Why O’Connor & Associates?
O'Connor & Associates has become the largest real estate research and support services
firm in the city of Houston, growing from a three-person to 65-person firm during the last ten
years. Our prosperity and expansion is the result of increased consumer demand created
by our emphasis on excellent customer service, producing quality technical work, and
assembling of a team of experienced, trustworthy professionals.
                                 More of the information you need
O'Connor & Associates has been tracking trends in the Houston commercial real estate
market for over a decade, and now you can access this information through our Data
Programs. We collect information on more commercial properties in Houston than anyone,
including the key ownership and rental information that you need. Whether you are looking
for information of Apartment, Office, Industrial, or Retail properties, you can trust that
O’Connor & Associates is the place to find it. O'Connor & Associates can help you
reach your real estate goals through our comprehensive market knowledge based on
years of experience, backed by immediately available accurate data.
                                  A Price that Fits Your Budget
Whether you are an international firm with thousands of employees or a one-person shop,
we have a pricing plan that makes sense for you.
                                          User-friendly
O'Connor & Associates places a primary emphasis on dedicating personal attention to
every task-- we're large enough to have the expertise necessary to handle complex
assignments, yet small enough to provide personal attention to your specific needs.

This philosophy manifests itself in our Data Programs. The software is easy to use and we
provide the training at no additional charge. Start saving time as soon as you sign up for
the program.
              Presentation Quality Reports and the Freedom to Customize
Search by any of over 100 criteria, allowing you to narrow your search to just the properties
you care about. We offer dozens of included reports with each Data Program, but if that is
not enough you can export the data to virtually any third-party software.

We are confident that O'Connor & Associates can become a key part of your organization's
future success. With our combination of outstanding products, focus on excellent customer
service, and unparalleled depth of experience, we can give you optimal results and help you
reach your real estate goals.

To Find out more about how O’Connor & Associates Data Programs can help you
spend less time on research and more on selling, please call 713-686-9955 and ask
for Mary or e-mail msatoro@poconnor.com today!

Mention this ad for a preferred customer discount! 713-686-9955



   Houston Real Estate Trends                   MARCH 2001                               Page 16

								
To top