HOUSTON– (Realty News Report) – A partnership consisting of Better World Holdings and Crown Capital Ventures has acquired Serenity at Cityside, a 362-unit multifamily community rental development near the Southwest Freeway in Houston.
The apartment community, 6061 Beverly Hill Street, which is near the corner of Richmond Avenue and Fountainview, will be renamed Aura Galleria.
The new owners plan a $6-million modernization initiative that will include interior renovations and a range of community amenities.
The seller was CPEP Beverly Palms, LLC.
Better World Holdings
Founded in 2016, Houston-based Better World Holdings is a property acquisition company focused on enhancing the value of multifamily assets throughout Texas. Reuven Bisk, the company’s president, has structured and closed more than $500 million in transactions in the corporate, real estate, energy and leasing sectors over his career.
Crown Capital Ventures
Founded in 2017, New York-based Crown Capital Ventures focuses on the acquisition and management of assets in Texas, Alabama, Florida and Indiana. Its founder, Shia Grunzweig, has been involved in the acquisition and disposition of more than 3,500 residential units in his capacity as company principal.
Last November, the partnership acquired the 449-unit Skylar Pointe Apartments in Houston’s Clear Lake neighborhood.
“The joint venture will initiate an intelligently applied capital improvement program that will boost this property’s value, as well as its appeal to young professionals,” said Reuven Bisk, president of Better World Holdings. “Our goal is to provide current and future residents with an enhanced, urban living experience.”
“We’re delighted to secure our second Houston acquisition in partnership with Reuven Bisk and the Better World team,” said Shia Grunzweig, founder and principal of Crown Capital Ventures. “In just a few short months, Better World has already demonstrated its expertise at building value at Skylar Pointe Apartments through a regimen of thoughtful, capital expenditures.”
“Aura Galleria will offer an upscale Galleria living experience at a price that’s affordable for upwardly mobile, urban professionals,” said Terri Clifton, founder and president of Better World Properties LLC.
Constructed in 1968, the Serenity at Cityside/ Aura Galleria development consists of a mix of one-, two- and three-bedroom floorplans distributed among 32 two-story buildings.
Earlier this month, Berkadia reported Lone Star Capital, a multifamily investment firm based in New York, acquired the 300-unit Timberwalk apartments in Northwest Houston,
Houston’s multifamily rents and occupancy have been strong and construction of new apartments has been brisk.
Aug. 17, 2022 Realty News Report Copyright 2022
File: Aura Galleria Apartments Acquired
Photo courtesy Better-World-Holdings-Crown-Capital-Ventures
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FIle: Aura Galleria Apartments Acquired