Houston, Texas (August 26, 2020) – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Greenhouse Apartments, a Class A+, 350-unit asset located in the Katy/Cinco Ranch submarket of Houston. 29SC plans to add value to the three-year-old property by upgrading the landscaping, adding a package locker system and making technology improvements.
“Growth out west along I-10 has been robust over the past decade,” said Doug Burt, 29SC’s Vice President of Acquisitions in Houston. “Greenhouse is a best-in-class asset that is strategically located right off I-10 to provide easy access for residents to get to nearby employment centers, shopping and restaurants. The Katy/Cinco Ranch submarket has consistently been the most absorbed submarket in the entire Houston area. In addition to being located in the highly sought-after Katy Independent School District, the community appeals to all types of residents with its midrise, garden and townhome style floorplans.”
The Houston multifamily market has proven resilient during the Covid-19 pandemic. According to data from Cushman & Wakefield, the metro area has had the fastest rate of population growth among the 10 most populous U.S. metros from 2010-2019 at +21.6%. It is projected to grow +17% by 2029, which would result in a population of 9.3 million people.
Greenhouse Apartments, located at 2040 Greenhouse Road, is approximately 23 miles west of downtown Houston. The property is located just west of the Energy Corridor, which is one of the largest employment centers and most impactful economic forces in the Greater Houston area.
“This is 29SC’s second acquisition in the Houston area in the past 12 months and will be a strong addition to 29SC’s existing Houston portfolio of 2,555 units,” adds Burt. The price of the acquisition has not been disclosed.
Over the past year, 29th Street Capital has also acquired 20 conventional multifamily assets – totaling 4,212 units – throughout the U.S. and continues to actively pursue additional opportunities. Formed in 2009, 29th Street Capital is a privately-held real estate investment firm that focus on value-add and development of multifamily assets with a current portfolio of more than 10,000 units having acquired over 18,000 units across its 14 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.