Clear Capital Sells 5-Property Texas Portfolio

Image courtesy of Clear Capital LLC

In its largest disposition to date, Clear Capital LLC, a private equity real estate investment firm specializing in multifamily assets, has sold a portfolio with five properties and a total of 1,305 units in Dallas and Plano, Texas.

Company officials declined to release the sale price or the buyer in the off-market transaction.

The properties, which were not identified, consisted of both core and value-add assets and were acquired over the last several years. Clear Capital continues to own one property in Carrollton, Texas.

Greg Worchell, one of Clear Capital’s managing partners, said in a prepared statement the buyer was looking to achieve scale in the Texas market. He said the opportunity to sell the portfolio came at an opportune time and was in the best interests of the firm’s investors, allowing them to realize returns and giving them exposure to new markets through 1031 exchanges.

Worchell said the portfolio disposition allows Clear Capital to continue its expansion plans. He told Multi-Housing News plans for expansion include acquisitions in the Western United States with a focus on the Pacific Northwest, Mountain States, particularly Utah and Colorado, and the Southwest, including Arizona, Nevada and Texas, to increase the firm’s holdings and footprint in those regions.

Clear Capital made its first Utah acquisition in July, when it acquired Mountain View, a 96-unit multifamily community in West Valley City, Utah, for $14.7 million from ColRich Multifamily.

“The firm plans to expand into the Southeast, where it is presently targeting new investments in Georgia, North Carolina, and Florida,” Worchell added.

Previous Deals

In late December, Clear Capital sold Monterey Station, a two-building multifamily property in an Opportunity Zone in Pomona, Calif., to the California Statewide Communities Development Authority and affiliated Community Improvement Authority for $130 million, or $372,493 per unit. The asset has a mix of studio, loft/studio, live-work, one- and two-bedroom units.

Earlier in 2021, Clear Capital made another disposition, selling Morton Gardens, a 66-unit property in the Echo Park neighborhood of Los Angles to an institutional investment fund for $25.5 million.