Updated Dec 4, 2024
George DeMontrond III & Marilyn DeMontrond Purchase River Oaks Mansion For $20M
2920 Lazy Lane Boulevard
$20,000,000
$1,149/SF
Building Size
17,405 SF
Asset Type
Single Family
Closing
Mar 7, 2024
About this deal
AI
A River Oaks mansion, once owned by Houston real estate legend Gerald D. Hines, was purchased by an LLC tied to George and Marilyn DeMontrond for an undisclosed price, becoming one of Houston's priciest home transactions. The 17,000-square-foot estate, located at 2920 Lazy Lane Boulevard, reflects the city's flourishing ultra-luxury market, with a 75 percent surge in sales above $10 million last year according to Compass.
Summary of transaction details:
- Property Type: Single Family
- Transaction Amount: $20,000,000
- Address: 2920 Lazy Lane Boulevard
- Market: Houston
- Square Footage: 17,405
The deal's key individuals involved were George DeMontrond III and Marilyn DeMontrond as the buyers. Nancy Almodovar represented the buyers from Nan & Company Properties, while Mark Menendez represented the sellers from Douglas Elliman.
Players
Houston Single Family Market Snapshot
Boundary boundary · Single Family · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93