Three Pillars Expands Houston Footprint With 288-Unit Buy
The firm financed the acquisition with a $19.1 million note.
Three Pillars Capital Group has expanded its Houston footprint with the purchase of the 288-unit Riviera at Clear Lake. Plans call for a comprehensive renovation and repositioning over the course of two years.
The company acquired the property from a private owner, according to Yardi Matrix information, in a deal brokered by Institutional Property Advisors. A $19.1 million loan from Veritex Community Bank financed the purchase.
Three Pillars now owns 11 communities in the metro totaling more than 3,100 units, the same data source shows. The acquisition is part of the company’s plan to grow its portfolio to $1 billion in assets.
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The Riviera at Clear Lake came online in two phases in 1963 and 1979 and encompasses 33 two-story buildings. The unit mix consists of one-, two- and three-bedroom floorplans ranging from 631 to 1,132 square feet. Apartments feature private balconies and patios in select units.
Common-area amenities at the garden-style property include a fitness center, a clubhouse, a playground, three swimming pools and laundry facilities. Additionally, the community has a pet park, business center and picnic area with grilling stations.
Situated on 11 acres at 16457 El Camino Real, The Riviera at Clear Lake is close to a host of dining and retail options, including the Bay Area Plaza shopping center. Downtown Houston is some 23 miles away, while George Bush Intercontinental Airport is roughly 40 miles northwest.
IPA Executive Managing Directors Will Balthrope and Drew Kile, alongside Senior Managing Director Gregory Austin, Director Travis Austin and Associate Jackson Hart, brokered the deal.
Houston’s multifamily sector holds the line
Houston saw 33 communities—almost 7,870 units—trade year-to-date through April, according to Yardi Matrix information. This marks a small investment volume contraction for the market, as 35 assets totaling more than 11,170 units changed hands in the same period of last year.
In March, Knightvest Capital acquired Discovery at Shadow Creek Ranch, a 347-unit community in Pearland, Texas, from CBRE Investment Management. The company financed the acquisition with a $35.8 million Freddie Mac loan.
Other notable deals in the area included Sentinel Peak Capital Partners’ purchase of Woodlands Hills Village in Kingwood, Texas. Interurban Cos. sold the 260-unit community.
