29SC Taps Stonemark to Manage Houston Community
The new owner plans to rebrand the community as Barringer Square Apartment and invest $2 million in renovations.
By Anca Gagiuc, Associate Editor
Houston—29th Street Capital (29SC) has selected multifamily Stonemark Management to manage Barringer Square Apartments in Houston’s Webster submarket. The company acquired the 284-unit community in late September, marking its seventh acquisition in the greater Houston market.
The property, formerly known as Clear Lake Condominiums, will be subjected to a $2 million renovation under Stonemark’s supervision. Unit upgrades will include new paint, flooring, carpets and faux-wood blinds, while the kitchens will be equipped with new stainless steel appliances, counters and back splashes, and the cabinets will get updated finishes and hardware. Furthermore, improvements are planned for the community clubhouse and landscaping, roofs and parking area. Additionally, the new owner plans to add a new playground, grilling area and a dog park.
“We are excited about the opportunity to make a big difference in this community,” said Stonemark President Walt Lamperski. “Marketing, leasing and supervising large renovations like this are our strong points, and we look forward to continuing to work closely with 29SC. Our goals and skills are well-aligned,” he added.
The two firms previously partnered in 2013 to acquire a 250-unit community in Arlington, Texas.
Barringer Square Apartment is located minutes away from Baybrook Mall, near NASA’s Johnson Space Center and Ellington Airport, soon to become a spaceport.
Other recent acquisitions for 29SC include the purchase of two San Francisco communities in January of this year.
Image courtesy of Stonemark Management