By Alex Ciorogar
In an off-market transaction, Keener Investments has purchased Elm Grove Apartments, a 136-unit apartment community in Kingwood, Texas. The sale was also subject to a $11.7 million loan held by Bridge Investment Group. According to Yardi Matrix, the property was 98 percent occupied at the time of the transaction. The property will be managed by Keener Management.
Located at 2921 Sycamore Springs Drive, the community comprises 122,300 rentable square feet. Built in 1979, the building features one-, two- and three-bedroom units. Spread across a five-acre site, the new owner plans to renovate the two-story building. Interior amenities include washers, dryers, dual-pane glass and vaulted ceilings.
Common-area amenities include:
- two swimming pools
- laundry facilities
- 165 partially covered parking spaces
“Kingwood is a highly desirable place to live with very few options for working class professionals that rent by necessity. We hope to provide both a high-quality and affordable product to this segment of the market,” said Stephen Smith, CEO of Keener Investments, in a prepared statement. “Our upgrade package is designed around Class B and C properties and this asset is positioned well for our platform.”
The property is located within the Kingwood master-planned community and zoned to Humble ISD. Elm Grove Elementary, the George Bush Intercontinental Airport, the Kingwood Medical Center, Deerbrook Mall and the North Park Recreation Area are all located nearby. U.S. Route 59, the Grand Parkway and the Beltway are also easily accessible from the property.
Image courtesy of Yardi Matrix