Investor Steve Moore, who’s made a name for himself by buying up, moving into, establishing unusual rules in, cleaning up, and lowering crime rates at some of the roughest apartment complexes in Houston neighborhoods such as Greenspoint and Westwood, has a new investment (and new address) — in Sharpstown. Working with an investment group, the owner of more than 5,000 apartment units has purchased a majority interest in the Gardens at Bissonnet condos at 7400 Bissonnet St., the 200-unit complex near Fondren Rd. known as the Le Promenade condos when it was home to the La Primera gang. Moore was sought out for the purchase by the Greater Sharpstown Management District after the condo complex was put into receivership last year; a series of security measures, which included changing the property’s name, were instituted as part of a legal settlement between the county and the property’s previous owners.
About 20 units at the complex are individually owned; In addition to the money he’s putting into improvements, Moore’s group is providing a $500,000 interest-free loan to the condo association to make exterior repairs and upgrade security.
Reports KTRK’s Deborah Wrigley: “Moore took over this property 12 days ago. Since then, the parking lot dotted with potholes has been repaved; flowers and sod planted, and more than a ton of tossed-out furniture and belongings have been set out by dumpsters. Crime has already decreased since the county injunction — down by more than 50 percent since three years ago. ‘If I was your average slum lord, I could make money at this,’ Moore says. ‘But I’m not a slum lord.”
“I’m not sure, but I believe that being a flat-out slumlord is more popular — um, more profitable,” Moore tells Fox26 reporter Isiah Carey. “But this is more fun. This, to me, this is like –it’s feel good, it’s fun. I’d rather do this than maximize income.”
- The Gardens at Bissonnet Purchased by Steve Moore [Mike Laster]
- Turning Around Troubled Apartments, and Changing Lives [abc13]
- Real estate investor hopes to turn around troubled apartment complex [MyFox Houston]
- Receivership Extended as Sharpstown Condos Start to Shed Gang Complex [Hair Balls]
- County Attorney Ryan negotiates settlement to make dangerous condominium complex safer [Guidry News]