Clearworth Acquires Houston Apartments

HOUSTON – (Realty News Report) – Clearworth Capital, a Texas-based multifamily owner and operator, has acquired the 220-unit Park at Woodmoor, a Class B value-add apartment asset.

The multifamily complex is located on the north side of Houston at 8787 Shenandoah Park Drive in Shenandoah, within The Woodlands submarket.

Chip Nash and Bob Heard of Colliers represented the seller in the sale transaction. The buyer, Clearworth Capital is managed by Matthew Stone. Stone has been part of the sponsor team for over $1.2 billion in commercial real estate development and renovation projects. His development experience includes 37 projects, including over 6,000 multifamily units, as well as senior housing, student housing, townhomes, condominiums, office buildings, and hotels.

Colliers: 37,000 Units Absorbed in 2021

Overall, the Houston multifamily market has been exceptionally strong with absorption to 37,308 units in 2021, Colliers reported.

Key takeaways for Houston’s multifamily sector from the Colliers Q4 2021 report are:

Occupancy is up quarter over quarter and annually;
Absorption more than doubled in 2021 when compared to 2020;
Average rents rose over the year and over the quarter, and median and average sales prices rose and cap rates compressed.

Renovation Planned as Clearworth Acquires Houston Apartments

Clearworth announced that it will implement a multimillion-dollar renovation plan at the Park at Woodmoor in Shenandoah, including new unit interiors, social amenities, and exterior enhancements. Jordan Tabbert, senior vice president of Investments at ClearWorth Capital, led the acquisition process.

The Park at Woodmoor was built in 1999 and is bordered by an expanding number of single-family developments and shopping centers that include restaurants and retail in a fast-growing north Houston market.

This asset represented a rare occasion to acquire a Class B project with value add opportunities in a highly sought-after location, ClearWorth Capital said. The property is located in the Porter Heights/Woodbranch multifamily submarket in Shenandoah. The submarket contains 4,200 miultifamily units within 23 projects. The occupancy rate in the submarket is 94.6 percent and the average asking monthly rental rate is $1,331.

Photo: Courtesy Clearworth Capital