Houston, Texas (September 24, 2019) – 29th Street Capital (29SC), a privately-held real estate operator, has acquired 14220 at Park Row Apartments, a 1998 vintage, 318-unit multifamily community located in West Houston. 29SC plans to re-brand the property and implement a smart technology upgrade program.
“We are excited to add this asset to our Houston portfolio,” said Doug Burt, Vice President of Acquisitions in Houston. “The property will benefit from continued employment growth in the energy sector and lack of new supply coming to the submarket.
14220 at Park Row Apartments is located just off of I-10 along the Houston Energy Corridor. The corridor is now estimated to be the second-largest employment center in the Houston metropolitan area. It is home to over 300 companies, 107,000 employees and 27.1 million square feet of office space that is expected to reach 45.2 million square feet by 2030.
“The Energy Corridor took a hit a couple of years ago as the oil markets compressed,” Burt added. “With the market recovering and the area gaining those jobs back, we feel the submarket is poised for continued economic expansion.”
This is the tenth acquisition in the Houston area in the past five years. The transaction closed September 24th. The sale price and seller were not disclosed.
Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months 29th Street Capital has also acquired 18 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S.
29SC’s conventional multifamily portfolio currently consists of more than 8,700 units having acquired over 15,800 units across its 15 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms.