HOUSTON – (Realty News Report) – Three Pillars Capital Group, a Houston-based multifamily real estate investment firm acquired the Pine Lake Village Apartments in Houston’s Greenspoint area.
“This deal was made possible by our existing relations in a true off-market transaction,” said Josh Welch, founder and managing principal of Three Pillars Capital Group. “We are proud to add this property to our portfolio and look forward to adding value through our ownership.”
Spanning 3.5 acres, the 96-unit, Class B community is located at 1325 Greens Parkway, just north of Beltway 8.
With close proximity to Sam Houston Tollway and Interstate 45, the property is easily accessible and includes amenities such as a swimming pool, dog park, playground and covered parking. Residents will enjoy nearby attractions such as City View Park, conveniently located along the banks of Greens Bayou with a pavilion, gardens, trellis seat wall and more. The project is near Greenspoint Mall, a retail outlet near Interstate 45.
Built in 1984, Pine Lake Village was originally developed by Pine Lake Associates LTD. With outdated units and rents 20-25 percent below market, Three Pillars Capital Group has plans to spend about $1 million to renovate the property, but plans have not yet been finalized.
“Our track record and proven ability to perform high quality renovations will contribute to the attractiveness of the property, to both tenants and investors,” said Welch.
The property will be managed by Greenline Apartment Management, Three Pillars Capital Group’s owned and operated property management arm.
Three Pillars Capital Group is a fast-growing Houston based real estate private equity fund with over two decades of combined experience in acquisitions, asset management and property management. The firm specializes in acquiring off-market Class B and C properties that hold significant value-add potential.
July 2, 2019 Realty News Report Copyright 2019
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