ClearWorth Capital Snags Houston Community
- Oct 31, 2018
Shortly after acquiring Redford Park Apartments in Conroe, Texas, ClearWorth Capital LLC has acquired The Edge at City Centre, a garden-style apartment community in Houston. HFF marketed the property on behalf of the seller, 29th Street Capital.
Located at 8410 W. Bartell Drive, the 284-unit community features one- and two-bedroom layouts across 14 buildings, ranging from 622 to 974 square feet. Built in 1983, 29th Street Capital investment more than $2.6 million to rebrand, renovate and reposition the asset. Interior features include washer/dryer connections, ceiling fans, patios and fireplaces. Residents have access to amenities within the pet-friendly community that include two swimming pools, state-of-the-art fitness center, resident clubhouse, Wi-Fi lounge and business center. Situated on seven acres, the property is within close proximity to the Texas Medical Center, two METRO bus lines and NRG Stadium.
The HFF investment advisory team representing the seller included Directors Chris Young and Joey Rippel, as well as Analyst Connor Phillips.
“The Edge at City Centre generated a high level of interest due to its infill location and value-add potential. It is well-positioned for future growth due to the lack of workforce housing options in Houston’s urban core, and it’s also in one of Houston’s Opportunity Zones,” said Young, in a prepared statement. “Buyers appreciated that 29th Street had completed the heavy lifting at the property, leaving new ownership a clear runway to capture rent growth from unit upgrades and improving market fundamentals.”
The Edge at City Centre was 94 percent occupied at closing.
Image courtesy of HFF