Jerome Karam Houston is a developer and an attorney who is committed to redevelopment. He recently bought two apartment complexes, which are situated at 717-725 Broadway, Old Galveston area. By him acquiring these complexes, he is now most likely the owner of the largest commercial property in the country. He has developed high-profile buildings like the Falstaff Brewery, which he converted into a storage center and major event center from a broken-down property.
He bought properties that included the 12-unit Riviera and the 4-unit Sonja to make amazing renovations to them. The properties are from the 1930s and are of architectural value. None of the tenants are going to be evicted until their leases expire, but when that happens, he wants to turn the properties into AirBandBs for short-term rent.
These complexes are perfect for what he intends to use them for because they have parking spaces that are sought-after in the area. They are also close to Galveston Beach and the University of Texas, which makes it the perfect place for people who plan on visiting the students. In Galveston, parking problems are a serious issue for short-term rentals, which is why his properties are a perfect choice.
Jerome Karam is very confident about his business model, and his plans are helping him to keep his promise of more long and short-term rentals in the area. He is now looking at getting permission to build a 300 or more unit apartment complex at Pinnacle Park. The estimated cost per square foot is $1.90, which amounts to $1,200 for one 650 square apartment.
The apartments at Rivera and Sonja will create short-term rentals that everyone will be looking for. According to him, the acquisition involved David Wallace, representing a company as the buyer, and David Bowers, who represented a company as the seller.
CityStreet Res Partners Builds to Last
CityStreet Residential Partners are the company involved with the development of the complex. The group has an outstanding record for developing high-end properties that address some of the concerns that League City officials usually have. The League has denied many permits for mixed-use developments in the past.
The leaders of League City are not generally supportive when it comes to multifamily developments, as they associate them with overcrowding, crime, high volumes of traffic, low property values, etc. These types of properties usually only generate a small amount of income for the city government.
However, the company in question does not develop properties to flip, and they maintain high standards, which attracts high-end tenants, who have a lot of disposable income. This means that they can spend their money in and around the area, which helps to attract wealthy clientele to the apartments.
JMK5 Holdings and Jerome Karam
He and his company are well-known for their high-profile restorations, whereby they always deliver the “wow” factor to all their projects. The company buys local materials and hires locals to do their work, which stimulates the local economy. Their work always exceeds all expectations and the fact that they bring life back to stagnant neighborhoods is helping to develop the communities.
Above and beyond the current developments, the company handles another 40 lots in Hideaway Estates. Bayou Bend Estates and the Galveston Bay Club are included in the projects that the company is currently handling. These are waterfront properties that offer the most spectacular views. In January 2021, Karam plans on accepting tenants at Magnolia Bend Manor. Each of the properties owned by JMK5 enriches the community. The revamping of the Rivera and Sonja is what shows the company’s true values, which are to exceed expectations and bring new life to buildings that once seemed as though they had no future. They are making a name for themselves fast.