Capstone Expands TX Management Portfolio

The firm will manage two recently traded Class C communities in Houston and Waco, totaling 315 units across 27 buildings.

Colonial Arms in Waco, Texas
Colonial Arms in Waco, Texas

Capstone Real Estate Services has added two properties, totaling 315 units, to its Texas asset management portfolio. The Class C communities—the 123-unit Colonial Arms in Waco and the 192-unit North Park in Houston—both changed hands at the beginning of March, according to Yardi Matrix.

Darwin German Real Estate Investments acquired Colonial Arms, located at 5817 Edmond Ave., from a private investor. The garden-style community’s eight two-story buildings are situated near Waco’s Valley Mills Drive retail corridor, home to a variety of shopping and dining options from Hobby Lobby to Fuddruckers.

Colonial Arms offers a mix of one- to three-bedroom apartments, ranging in size from 676 to 1,596 square feet. On-site amenities feature a swimming pool, laundry facilities and covered parking.

North Park in Houston
North Park in Houston

Located at 90 Northpoint Drive in the city’s Mount Houston submarket, North Park is positioned on 6.5 acres of land southwest of Interstate 45 and the Sam Houston Tollway, approximately 15 miles north of Houston’s central business district.

North Park’s 19 two-story buildings include efficiency, one- and two-bedroom apartments, with floor plans ranging between 517 and 880 square feet. Community amenities include a swimming pool, laundry facilities and 411 parking spaces. Clear Sky Capital purchased the asset this month from Graoch Associates, per Yardi Matrix data, and financed its acquisition with a $10.2 million loan from Goldman Sachs.

Images courtesy of Yardi Matrix