HOUSTON – (Realty News Report)–Three Pillars Capital Group, a Houston-based multifamily real estate investment firm, acquired Camino Del Sol Apartments in Pasadena, on the southeast side of Houston.
The 122-unit Class C community is located at 1120 Red Bluff Road, with close proximity to Highway 225.
“Having worked on similar projects in this area, we understand the importance of adding value to these units through simple, but effective renovations,” said Josh Welch, founder and managing principal of Three Pillars Capital Group.
With outdated units and rents 15 percent below market, Three Pillars Capital Group has plans to spend about $1.5 million to renovate the property originally built in 1969, but the plans have not yet been finalized.
“We want all of our tenants to be wowed by the improvements that our renovations will add to the interior of these units,” said Welch. “The care and satisfaction of our tenants and investors are of utmost importance to us at Three Pillars.”
The seller of the property was GE 2507 LLC, owned by Trey Stone and managed by Guardian Equity. Three Pillars Capital Group represented itself in securing the deal with the selling entity and its representatives.
Three Pillars Capital Group specializes in acquiring off-market Class B and C properties that present significant value-add potential.