B)
 |
| Limestone Apartments, West Houston, TX |
Houston, TX – 29th Street Capital
(29SC), a privately-held real estate operator, has acquired Limestone
Apartments, a 1999 vintage, 438-unit multifamily community located in West
Houston.
29SC plans to implement a capital plan which will include Interior
upgrades, new granite countertops, modern paint, black appliances, and new
cabinets. Exterior renovations will focus on landscaping, signage and amenity
improvements.
Limestone
Apartments is close to the Shell Technology Center, which has approximately
2,000 scientists, technologists, engineers, consultants, sales and support
personnel.
The property is about five miles south of the Houston Energy Corridor via Interstate 6. By 2030, the corridor is expected to reach 45.2 million square feet of office/mixed-use space.
This is 29th Street Capital’s second acquisition in the Houston area in the past six months and ninth in the past five years. Over the past 12 months, 29SC has also acquired 18 conventional multifamily assets throughout the U.S. and continues to actively pursue additional opportunities.
 |
| Doug Burt |
“This is
a newer, high-quality asset in a growing submarket,” said Doug Burt, Vice
President of Acquisitions in Houston. “Limestone will benefit from the expected
population growth of 9% within a five-mile radius over the next five years, and
lack of new supply coming to the market.”
Houston’s
Class A apartment market is now experiencing improved fundamentals after
experiencing declining occupancies and increased concessions due to the
development pipeline.
The U.S. Census Bureau ranked the Houston metro area
second in the U.S. for population growth in 2018. It leads the nation in
employment growth.
“Houston
is expected to receive its lowest number of new units in nearly a decade,” Burt
added. “We feel that the market has finally leveled out allowing a clear runway
over the next few years.”
 |
| Shell Technology Center, Houston, TX |
The property is about five miles south of the Houston Energy Corridor via Interstate 6. By 2030, the corridor is expected to reach 45.2 million square feet of office/mixed-use space.
This is 29th Street Capital’s second acquisition in the Houston area in the past six months and ninth in the past five years. Over the past 12 months, 29SC has also acquired 18 conventional multifamily assets throughout the U.S. and continues to actively pursue additional opportunities.
The
transaction closed March 11. The sale price and seller were not disclosed.
CONTACT:
Terri
Thornton
Partner, Thornton Communications
Partner, Thornton Communications
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