 |
| Javier Bustillo |
Houston, TX – 29th Street
Capital (29SC), a privately-held real estate investment and advisory firm, has
acquired Clear Lake Condominiums, a
284-unit multifamily rental community in Webster, Texas.
The transaction represents
29SC’s seventh acquisition in the greater Houston market. The firm’s strategy
will be to invest approximately $2 million into renovations to upgrade unit
interiors, enhance the property exterior and add or update key resident
amenities. The firm will rebrand the community as Barringer Square Apartments.
The property is in
Webster, Texas, a submarket of Southeast Houston. It is located on Galveston
Road between NASA’s Johnson Space Center and Ellington Airport, which has
federal approval to become the nation’s first truly urban spaceport.
The
spaceport, which could open in two years, includes plans for an aerospace and
innovation hub. The apartment community is also minutes from Baybrook Mall –
just across I-45 – which recently added 500,000 square feet of high-quality
retail space.
“We are extremely excited
about this acquisition,” said Javier
Bustillo, 29SC’s Senior Vice President of Acquisitions for Texas and
Georgia. “We feel that this is a very unique community in a great submarket and
we are eager to implement our value-add strategy immediately.”
29SC plans to invest
approximately $7,000 per unit in capital to improve the asset. Interior unit
upgrades will include new stainless steel kitchen appliances, cabinets,
countertops, backsplashes, flooring and fixtures.
 |
| Stan Beraznik |
Key exterior improvements will include new
roofing, siding and fresh paint as well as façade repairs. The firm also plans
to improve the resident experience by overhauling the leasing center and
clubhouse, adding a playground for families with children, creating covered outdoor
grilling areas and constructing a large dog park.
The transaction closed
September 30. The sale price was not disclosed.
29th Street Capital has
acquired 15+ multifamily assets over the past 12 months in markets including
Phoenix, Arizona; Denver, Colorado; Chicago, Illinois; Austin, Texas; and
Oakland, California.
It is also actively pursuing additional opportunities
throughout the U.S. The firm continues to target opportunities that fall below
the institutional radar, with the intention of offering its investors
above-market returns.
For investment inquiries, contact:
Stan Beraznik, Founder and
Managing Principal at 29th Street Capital
415.643.6875 |
sberaznik@29thstreetcapital.com
For a complete copy of the company’s news release,
please contact:
http://www.facebook.com/pages/Thornton-Communications/112101288827299
http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton Terri Thornton
Partner, Thornton
Communications
Phone: 404-932-4347
Email: Terri@TerriThornton.com
Website: www.TerriThornton.com
No comments:
Post a Comment