Ponderosa Apartments under New Ownership
- Oct 10, 2016
By Anca Gagiuc, Associate Editor
Houston—Clearworth Capital LLC announced the acquisition of Ponderosa Apartments, a class C multifamily asset located in the 1960/Champions neighborhood in north Houston.
The 177-unit garden-style community comprises 17 two-story buildings with one- to three-bedroom floor plans that average 854 square feet. The property’s location grants convenient access to major highways including I-45, Beltway 8 and Grand Parkway.
Under the new ownership, Ponderosa Apartments will undergo an extensive renovation plan, which will include new flooring, carpet, countertops, cabinets, fixtures and updated appliances for the units’ interiors, while the exterior enhancements will consist of new paint, façade repairs, landscaping redesign and various amenity upgrades. The community’s new management company will be NOIPM, an affiliate of Clearworth.
“Our partners are excited to acquire this property at an attractive basis. Ponderosa presents an excellent opportunity to reposition a quality asset in a vibrant submarket. The property is experiencing stable occupancy and is well-positioned for rent growth. Our business plan is focused on increasing performance of the asset by improving the physical plant through our strategic renovation plan and employing our exceptional management team,” Jim Marfuggi, a partner in Clearworth Capital & CEO of NOIPM, said in a prepared statement.
Image courtesy of Clearworth Capital