29th Street Capital Expands Texas Portfolio by 314 Apartment Units
- Feb 24, 2016
Houston—29th Street Capital of San Francisco increased their portfolio with two apartment communities located within 1.5 miles of each other in the Clear Lake submarket of Houston. Through the transaction, the privately-held real estate investment and advisory firm added 314 apartment units in League City, Texas. The financial details were not disclosed.
Crow’s Nest Apartments, which contains 176 units, was built in 1984 and offers mostly one- and two-bedroom units and primarily provides housing to professionals. Amenities feature a resort-style swimming pool, fitness center, and covered parking.
Harbor Walk Apartments, which has 138 units, consists of two- and three-bedroom units and caters to families. Community amenities include covered parking, fitness center, resort-style swimming pool and gourmet coffee bar. Unit amenities feature outside storage, walk-in closets and fireplaces.
“This acquisition will allow us to grow our presence in Houston and fits our overall business plan perfectly,” said Javier Bustillo, 29th Street Capital’s senior vice president of acquisitions for Texas. “These are value-add assets in a great submarket with excellent schools, plentiful employment and very limited new supply. It checks all of the boxes for 29SC.”
29th Street Capital acquired the assets from a regional owner on an off-market basis. Renovations worth $1.6 million are in the planning phase and will include a new appliance package, microwaves, kitchen lights and accent walls and exterior improvements.
Both properties are within the Clear Creek Independent School District, which is ranked the best large school district in the Houston MSA. It is located directly on the I-45 corridor linking it to Galveston Island and the Houston CBD. Major employers in the area include companies in the high tech aerospace, petrochemical, tourism, boating and recreation industries.
“Residents of the area value the high quality of life, suburban lifestyle, economic opportunities, low crime rates, excellent schools and short commute times relative to the greater Houston area,” Bustillo added.
Images courtesy of Crow’s Nest Apartments & Harbor Walk Apartments