A local investment group has obtained a $10-million loan to buy the 145-unit Greenbriar Chateau in the near southwest submarket, according to a report by swamplot.com. Residents of the Greenbriar Chateau apartment complex, just minutes from Rice University, Hermann Park and the Texas Medical Center, have been given just over a month to pack up and move out.
An entity connected to InSite Commercial Real Estate bought the 3.63-acre site last August and plan to tear down the large property just south of the Southwest Freeway and build a new complex in its place. Tenants must vacate their units by March 8, according to a letter to residents from apartment developer Kaplan Management.
The courtyard-style, three-story Mansard-roof buildings, which date from 1969, will be torn down and replaced with a state of the art housing complex. Kaplan Management is offering renters who are current on their payments $250 to help pay for moving expenses.