Corinthian Can't Buy Enough Historic Fixer-Uppers
Corinthian Real Estate has been quietly renovating the Montrose area for two years, but it just purchased the building at 3217 Montrose and it’s looking for more across the city.
Corinthian founder/CEO Brad Jones tells us his goal is to find well-located older buildings throughout Houston and preserve their heritage while turning them into modern boutique assets. He started buying Montrose apartment communities two years ago, and has accumulated five assets totaling 100 units within a few blocks of 3217 Montrose. (Some were bought as part of The Brigand Group partnership.) They’re in various stages of renovation, and he says residents and neighbors alike have been enthusiastic. He hopes to get a similar reaction to 3217 Montrose as his firm renovates it into a mixed-use urban loft project called Westmont. That name will clue you into one reason he loved the asset: It sits one block off Westheimer and Montrose, one of the top five intersections in Houston.
Brad also likes the intimate feeling of boutique properties like this, a nice contrast to all the large projects being built today. He tells us the roughly 60-year-old, 17k SF building previously housed Interfaith Ministries and includes unique architectural features and lovely 12-inch-thick clay and brick walls. (His team has removed the interior plaster to expose that warmth into the space.) The second floor will be offices and is already leased up—both Corinthian and property seller Braun Enterprises will take space there. On the first floor, Brad envisions medical and retail users that'll be a service to the overall community; the lobby will be a rotating art gallery.
Renovations will complete in April 2015, and Brad tells us his firm isn’t slowing its momentum. To find new acquisitions, he’s also turning his attention to other Houston pockets. He’s negotiating for several properties now, but won’t reveal what the lucky submarkets are until they go under contract. One thing we know, they’ll probably be off-market deals. Brad tells us he pinpoints well-located heritage buildings that could use some TLC and convinces owners how Corinthian’s ownership and renovation process benefits the building and neighborhood.