29th Street Capital Expands Houston, TX Area Portfolio; Acquires Cali Sommerall Apartments

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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. 

Doug Burt

“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.”

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. 

“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

Phone: 404-932-4347
Email: Terri@TerriThornton.com 
Website: www.TerriThornton.com 

 https://29thstreetcapital.com

B+E opens Chicago office and names Tim Hain as founding senior member

Tim Hain

CHICAGO,  IL – B+E, the first tech-driven brokerage and trading platform for net lease real estate,  announced the opening of its Chicago Office and the hiring of Tim Hain as a Director and founding senior member of the office.

“We are very excited to open our Chicago office and that Tim Hain will join our team,” said Camille Renshaw, B+E CEO.  “Tim is a highly respected senior broker with a great track record in the office and industrial segment and we are thrilled to have him aboard.”

The B+E Chicago office will be located at 980 N. Michigan Avenue, and joins existing B+E offices in New York, San Francisco and Tampa.

Tim Hain started his commercial real estate career in Chicago in 1993 with JMB Realty’s then newly formed retail REIT, Urban Shopping Centers, Inc. He then garnered significant leasing and development experience in the office and industrial sectors during his 13-year tenure with Duke Realty as its Vice President of Leasing and Development in Tampa, FL.  

Camille Renshaw

In this position, he represented Duke in leasing office and industrial space, pursuing build-to-suit developments, acquiring land sites and developing speculative office and industrial buildings.  

From 2012 to 2014, he was a Director with Avison Young (AY) and its predecessor brokerage company.  Tim then formed his own brokerage firm, Hain Commercial Realty, and split his time between the Florida and Chicago markets.  

During his career, Tim has advised on transactions with numerous companies, including FedEx, Coca-Cola Enterprises, Computer Associates, Iron Mountain Information Management, Staples, Wayfair, DHL, Alro Metals, Pulte Homes, Stearns, Conrad and Schmidt Consulting Engineering, Inc., Environ International Corp., PatientPoint, and Edwards Systems Technology.

Tim holds a Bachelor of Science degree in Finance and Accounting from the University of Illinois, is a CPA, and has held board positions with commercial real estate organizations including the NAIOP and the REIC.

CONTACT:

John Vita

John Steven Vita Communications

John.vita@jsvcom.com

847/853-8283

www.benetlease.com.