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| Harbor Walk Apartments, League City, TX |
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| Javier Bustillo |
League City, TX (Feb. 23,
2016) – 29th Street Capital (29SC), a privately-held real estate investment and
advisory firm, has acquired a 314-unit multifamily real estate portfolio in
League City, Tex. The two apartment communities are located within 1.5 miles of
each other in the Clear Lake submarket of Houston. The deal closed Feb. 19.
* Crow’s Nest Apartments
(176 units) has mostly one- and two-bedroom units and primarily caters to
professionals. It was built in 1984.
* Harbor Walk Apartments
(138 units), which appeals more to families, consists exclusively of
two-bedroom and three-bedroom units. It
was built in 1987.
29SC purchased the assets
on an off-market basis from a regional owner. The firm plans $1.6 million worth
of renovations, which include a new appliance package, microwaves, better
kitchen lights and accent walls. Exterior improvements are planned as well.
“This acquisition will
allow us to grow our presence in Houston and fits our overall business plan
perfectly,” said Javier Bustillo,
29th Street Capital’s Senior Vice President of Acquisitions for Texas.
“These
are value-add assets in a great submarket with excellent schools, plentiful
employment and very limited new supply. It checks all of the boxes for 29SC.”
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| Crow's Next Apartments, League City, TX |
League City has
experienced tremendous job growth fueled by the aerospace, petroleum refining, and
health care industries as well as the Port of Houston, which continues to
expand and will double its capacity by 2016 once the Panama Canal expansion is
completed.
Both properties are in the
Clear Creek Independent School District, ranked as the best large school
district in the Houston MSA. The “Houston Chronicle” has also named it one of
Houston’s Top Work Places.
The Clear Lake submarket
of Houston, Tex. Is located directly on the I-45 corridor linking it to
Galveston Island (32 miles southeast) and the Houston CBD (25 miles
northwest). Major employers include
companies in the high tech aerospace, petrochemical, tourism, boating and
recreation industries. The area is home
to the third largest concentration of pleasure boats in the United States.
For a complete copy of the company’s news release,
please contact:
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