ClearWorth Capital LLC has acquired a 212-unit apartment community in Conroe, Texas, with plans to implement a thorough renovation plan for the asset, which was built in 1983.
Redford Park Apartments is a Class B community situated about 40 miles north of Houston that encompasses a mix of one- and two-bedroom units. Amenities include a lighted tennis court, outdoor gazebo, swimming pool and clubhouse.
Highly Desirable Location
The community offers convenient access to numerous retail, dining and office centers in Conroe, and is in close proximity to Lake Conroe and The Woodlands. The new owners plan to begin renovating the interior and exterior features of the property, including improvements and additions to amenity spaces.
“Redford Park presented an excellent opportunity to invest in a well-maintained asset in one of the fastest growing suburbs in the country,” said Jordan Tabbert, vice president of acquisitions for ClearWorth, in a prepared statement. “Conroe’s low cost of living, proximity to The Woodlands and Lake Conroe amenities, high-rated school districts, and abundance of new shopping, dining and entertainment options have all fueled the recent growth of Conroe, as it evolves into a highly desirable Houston suburb. Redford Park offers residents high-quality living with a wide-array of nearby amenities, all at an excellent price point for the area.”
NOIPM, an affiliate of ClearWorth, is the new management company for Redford Park Apartments. CBRE represented the seller in the transaction, and Berkadia’s Nathan Stone arranged acquisition financing.
Last year, ClearWorth acquired two apartment communities in the Clear Lake suburb of Houston that had a combined 549 units.
Image courtesy of ClearWorth Capital LLC