ClearWorth Capital Buys Houston Apartments
The property will undergo a multimillion-dollar capital improvement program.
In an off-market transaction, ClearWorth Capital LLC has acquired The Park at Woodmoor, a multifamily community in The Woodlands submarket of Houston, Texas. The seller was George S. Lee.
With an address at 8787 Shenandoah Park Drive in Shenandoah, The Park at Woodmoor is a 220-unit community featuring one- and two-bedroom layouts ranging from 758 to 1,211 square feet in size. The two- and three-story property has 11 buildings of frame construction, and extends across a 9.8-acre parcel.
Apartments feature private balconies or patios, semi-private entries, individual air conditioning, washer-dryer hookups and vaulted ceilings. A swimming pool is among the prominent common-area amenities offered at the apartment community.
ClearWorth Capital plans a multimillion-dollar capital improvement program that will bring about new unit interiors and exterior enhancements as well as social amenities.
The company’s affiliate, ClearWorth Residential, will serve as property manager.
Steps from shopping
“This transaction was relatively smooth, despite recent turbulence in the global financial markets,” Jordan Tabbert, ClearWorth Capital senior vice president, investments, told Multi-Housing News.
Situated in the Porter Heights-Woodbranch area of Shenandoah, The Park at Woodmoor is 0.8 of a mile or 15 minutes walking distance from The Roberts Design Center retail hub. It is a 5-minute drive to Lone Star College, and a 40-minute automobile commute to the University of Houston in downtown Houston.
Five prominent recreational attractions are situated within about 10.5 miles of the community. They are Montgomery County Preserve, Spring Acres Preserve, Grogan’s Point Preserve, Spring Creek Greenway Nature Center and Peckinpaugh Preserve.
The Park at Woodmoor is 57.3 miles from Lyndon B. Johnson Space Center, and is convenient to other military bases, including Pelican Spit Military Reservation.
In a prepared statement, ClearWorth Capital officials said The Woodlands is thought by some to be Houston’s finest suburban area, and continues to attract new residents lured by award-winning schools, fine dining and retail and a diverse array of employers. Six weeks ago, 29th Street Capital acquired Villas at Hermann Park in Houston.