THE WOODLANDS, Texas – (Realty News Report) – 29th Street Capital has acquired Avana Sterling Ridge Apartments, a Class B, 254-unit multifamily property in The Woodlands.
The purchase is the 11th Houston area acquisition for 29th Street Capital, a Chicago-based real estate operator.
“Avana Sterling Ridge is located in perhaps the best suburban location in all of Houston,” added Doug Burt, 29SC’s VP in Houston. “Access to high quality employment and great schools will continue to drive this submarket and benefit this asset. We have always wanted to own a community in The Woodlands area and are extremely excited about adding this property to our portfolio.”
The transaction closed Monday, February 8.
29thStreet Capital plans to rebrand the property, implement a limited interior renovation package, and improve the property’s exterior, clubhouse and existing amenities.
“We continue to be excited about the solid fundamentals we see in the Houston market,” said Javier Bustillo, 29thStreet Capital’s Senior Vice President of Acquisitions. “We see all of the demographic indicators pointed in the right direction while the supply pipeline has slowed down. We are being very selective in the locations we invest in and see a clear runway for the next few years.”
While Houston’s Class A multifamily properties have shown softness, Class B and C units have held up fairly well during the pandemic.
Located at 6900 Woodlands Drive, Avana Sterling Ridge is approximately 28 miles north of downtown Houston.
Owned by the Howard Hughes Corp., The Woodlands is a 28,800-acre master-planned community that boasts more than 2,100 employers with more than 68,000 employees.
Avana Sterling Ridge is ideally positioned adjacent to The Woodlands Parkway, a main thoroughfare connecting The Woodlands to Interstate 45, which provides residents a quick outlet to Houston’s major employment centers and other major highways.
Avana Sterling Ridge offers large floor plans suitable for the “work from home culture.” Each unit has a built-in desk providing a home office to each resident.
Over the past year, 29th Street Capital has acquired 13 conventional multifamily assets – totaling over 3,600 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 focuses on core plus, value-add, and development opportunities of multifamily assets. The company has acquired 20,000 units across its 15 offices in the U.S. Investments typically require $30 million to $200 million of capital and involve the acquisition or recapitalization of individual assets, portfolios, or platforms.
Feb. 11, 2021 Realty News Report Copyright 2021
File: Investor Buys 11th Project
Image: Courtesy 29th Street Capital.
File: (2) 29th Street Capital. The Woodlands. Investor Buys 11th Project in Houston area.