Houston, Tex. (October 4, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Clear Lake Condominiums, a 284-unit multifamily rental community in Webster, Texas. The transaction represents 29SC’s seventh acquisition in the greater Houston market. The firm’s strategy will be to invest approximately $2 million into renovations to upgrade unit interiors, enhance the property exterior and add or update key resident amenities. The firm will rebrand the community as Barringer Square Apartments.
The property is in Webster, Texas, a submarket of Southeast Houston. It is located on Galveston Road between NASA’s Johnson Space Center and Ellington Airport, which has federal approval to become the nation’s first truly urban spaceport. The spaceport, which could open in two years, includes plans for an aerospace and innovation hub. The apartment community is also minutes from Baybrook Mall – just across I-45 – which recently added 500,000 square feet of high-quality retail space.
“We are extremely excited about this acquisition,” said Javier Bustillo, 29SC’s Senior Vice President of Acquisitions for Texas and Georgia. “We feel that this is a very unique community in a great submarket and we are eager to implement our value-add strategy immediately.”
29SC plans to invest approximately $7,000 per unit in capital to improve the asset. Interior unit upgrades will include new stainless steel kitchen appliances, cabinets, countertops, backsplashes, flooring and fixtures. Key exterior improvements will include new roofing, siding and fresh paint as well as façade repairs. The firm also plans to improve the resident experience by overhauling the leasing center and clubhouse, adding a playground for families with children, creating covered outdoor grilling areas and constructing a large dog park.
The transaction closed September 30. The sale price was not disclosed.
29th Street Capital has acquired 15+ multifamily assets over the past 12 months in markets including Phoenix, Arizona; Denver, Colorado; Chicago, Illinois; Austin, Texas; and Oakland, California. It is also actively pursuing additional opportunities throughout the U.S. The firm continues to target opportunities that fall below the institutional radar, with the intention of offering its investors above-market returns.
Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy. 29SC’s current portfolio consists of approximately 7,000 units and it has acquired 8,500 units across its 11 offices. Investments typically require approximately $8 to $35 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms. Learn more about 29SC at www.29thstreetcapital.com.