Madera Cos. Sells Houston Property

The 342-unit Park at Clear Lake last traded in 2015. Keener Investments took out a $23.5 million loan from Värde Partners to finance the acquisition.
Park at Clear Lake. Image via Google Street View

Keener Investments has acquired the 342-unit Park at Clear Lake in Houston from Madera Cos. According to Harris County records, the new owner financed the sale using a $23.5 million loan from Värde Partners. Yardi Matrix data shows the asset last traded in 2015.

Located at 1239 Bay Area Blvd., the 27 building-property was completed in two phases, in 1976 and 1978. The unit mix consists of studio, one- and two-bedroom apartments, with common-area amenities such as two pools, a playground and an outdoor grilling and picnic area.

Less than 23 miles from downtown Houston, the asset is close to large employers including NASA and University of Houston at Clear Lake, as well as plenty of dining and retail options. According to Yardi Matrix data, the property was 92.1 percent occupied as of March.

The acquisition marks the seventh purchase in the Houston market for Keener Investments. The company bought the 136-unit Elm Grove Apartments last year in March.