The Fisher Homes renovation of the Oak Forest Place apartments, 4300 Rosslyn Rd., which the company purchased in February 2015, is not to be. Fisher Homes’ Andre Julien confirms that they sold the property in early December.
The new owners? Light Hill Partners who manage multiple apartments in The Leader area, including nearby The Grove at 43rd. Juan Cuevas, a senior associate with Marcus & Millichap, brokered the sale. Cuevas also represented California resident and Oak Forest Place apartment owner Dennis Prout in the sale to Fisher Homes.
Scott Leichtenberg said that plan is to completely renovate the complex at 4300 Rosslyn and that it will be “nice, if not nicer” than The Grove.
“It will be a full gut to the studs,” said Leichtenberg, who said the units will have granite countertops as well as washers and driers in every unit. Rents will be in the $1,200 to $1,400 per month range.
As for the reason for the sale by Fisher Homes, Julien said that the denial of their variance request to invalidate the setback line at the 27-unit complex was a large part of it.
“We had so many bumps in the road,” Julien said. “There were all kinds of restrictions.”
As The Leader previously reported, Fisher Homes originally planned to add 100 more square feet per apartment and raise the height of the second story to 10 feet, capped off by a new gable roof. Because the existing complex is right on the property line and the city’s setback is 25 feet from the street, a variance from the city was necessary to make their construction plans possible.
When they were denied the variance last summer, Julien said that condos were out of the picture but that they would renovate the existing apartments. The middle building was to be left alone, while the buildings on the left and right would lose two of their units in order to meet the setback. Those two buildings would have also had their roofs raised. In August, Julien said that they were finalizing plans and expected to start construction in 90 days.
Julien said that the slowdown in the market for townhomes and condos was also a factor in the sale. HAR reported that sales of townhouses and condominiums tumbled 17.3 percent in October. A total of 508 units sold compared to 614 properties in October 2014. The average price remained unchanged at $196,242 and the median price slipped 1.0 percent to $146,500. Inventory grew from a 2.5-months’ supply to 3.2 months.
Fisher Homes is currently marketing Fisher Estates at Oak Forest, 3515 Oak Forest Drive, which are 3-story townhomes initially offered in the mid-$400,000 range.
The Oak Forest Place apartment complex was valued by HCAD at $1,121,115 in January of 2015. Leichtenberg declined to give the most recent purchase price.