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| Cali Sommerall Apartments, Copperfield/Bear Creek Submarket, Houston, TX |
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Houston, TX – 29th Street Capital (29SC), a
privately-held real estate operator, has acquired Cali Sommerall Apartments, a
368-unit multifamily community located in the Copperfield/Bear Creek submarket
of Houston.
29SC plans to invest over $2 million in capital improvements.
Apartments will receive new granite countertops, a modern paint scheme,
hardware and fixtures.
New amenities will include a package locker delivery
system, a dog park, fitness equipment and grilling stations. Renovations are
planned for the clubhouse, leasing office, pool and surrounding areas. The new
owners will also rebrand the community with a new name, logo and signs.
“We have a solid portfolio in
Houston and feel the improving local economy justifies further expansion,” said
Doug Burt, Vice President of Acquisitions in Houston. “Cali Sommerall is in a
strong school district with projected high population growth.”
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| Doug Burt |
After experiencing some economic
softness in 2016 and 2017, Houston had a surge of job and population growth as
a result of stabilizing oil prices and a continued pro-business environment.
CBRE Research ranks Houston second in terms of population growth among U.S metro areas, and a top five metro market for year-over-year effective rent growth as of the second quarter of 2018.
CBRE Research ranks Houston second in terms of population growth among U.S metro areas, and a top five metro market for year-over-year effective rent growth as of the second quarter of 2018.
“With oil prices stabilizing,
Houston is feeling a positive boost in the economy,” Burt added. “Houston
continues to add jobs at a high rate. With a slowdown in the new supply
pipeline for apartments, we feel Cali Sommerall will be positioned to offer
high quality, yet affordably-priced housing in a high growth submarket.”
Cali Sommerall Apartments, which
is approximately 23 miles northwest of downtown Houston, is easily accessible
via U.S. 290. The property is conveniently located near retailers including
Walmart, The Home Depot, Target, Marshalls, Kroger, Bath & Body Works, CVS,
Starbucks and others. In addition, the property is approximately seven miles
north of the Houston Energy Corridor via Interstate 6.
The transaction closed October 29.
The sale price and seller was not disclosed.
CONTACT:
Terri Thornton
Partner, Thornton Communications
Partner, Thornton Communications
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