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Brisk Condo Presales Leading to Construction
Stoltz Partners LLC is readying to launch construction on The Sophie at Bayou Bend. The seven-story, 42-unit condominium building in Houston will go north in May on two acres at 6017 Memorial Dr. The Atlanta, GA-based developer, with help from Houston-based Sudhoff Cos., pre-sold half the units in less than six months.
Because the developer met its pre-sales requirement faster than expected, it was able to secure construction financing from IBC Bank, which is based in Laredo, TX. “I was pleasantly surprised with our presales,” Will Stoltz, founder and owner of Stoltz partners told the Houston Business Journal. “I thought we’d get there, but I didn’t think we’d get there so quickly.”
The Sophie’s units range from 2,400 to 5,000 square feet, and average about $1.8 million per unit.
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