HFF announces sale of 284-unit multi-housing community in Houston, TX

The Edge at City Centre Apartments, 8410 West Bartell Drive,
Houston, TX

HOUSTON, TX –– HFF announces the sale of The Edge at City Centre, a 284-unit, garden-style multi-housing community near the Texas Medical Center in Houston, Texas.

Chris Young

The HFF team marketed the property exclusively on behalf of the seller, 29^th Street Capital, and procured the buyer, ClearWorth Capital LLC.

The Edge at City Centre is situated on approximately seven acres at 8410 West Bartell Drive inside the 610 Loop in Central Houston, which positions it within two miles of more than 110,000 jobs in the Texas Medical Center. 

 Additionally, the property is within walking distance to two METRO bus lines and is less than one mile from NRG Stadium. 

Originally built in 1983, 29^th Street Capital invested more than $2.6 million to rebrand, renovate and reposition with significant capital improvements. 

Joey C. Rippel

Floor plans include a mix of one- and two-bedroom units averaging 765 square feet.  The property was 94 percent occupied at closing.

The HFF investment advisory team representing the seller included directors Chris Young and Joey Rippel and analyst Connor Phillips.

“The Edge at City Centre generated a high level of interest due to its infill location and value-add potential,” Young said.  

“It is well-positioned for future growth due to the lack of workforce housing options in Houston’s urban core, and it’s also in one of Houston’s Opportunity Zones.”

“Buyers appreciated that 29^th Street had completed the heavy lifting at the property, leaving new ownership a clear runway to capture rent growth from unit upgrades and improving market fundamentals.” Young added.

Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.

CONTACTS:

CHRISTOPHER YOUNG

TX Lic. #630674

HFF Director

(713) 852-3500

cyoung@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3500

ohennessey@hfflp.com