HOUSTON – JLL announced today that it has closed the sale of Steeplecrest, a 260-unit, garden-style apartment community in Northwest Houston’s Jersey Village submarket.

JLL marketed the property exclusively on behalf of a joint venture between Willmax Multi-family Investors, L.P. and Thackeray Partners, and procured the buyer, ClearWorth Capital.

Steeplecrest is located at 11220 West Road near major roadways, including Highway 290, Beltway 8 and F.M. 1960. Completed in the 1990’s, the well-maintained property consists of 13 two- and three-story buildings that house a variety of one- and two-bedroom units averaging 845 square feet. Apartment home amenities include features such as stainless steel appliances, refinished countertops, glass backsplashes, custom cabinetry, kitchen pantries, built-in bookshelves, walk-in closets, in-unit washers and dryers, and private patios and balconies. Common area amenities include resort-style pools with water features, poolside gazebos with grills and bar seating, a modernized clubhouse, 24-hour fitness center, business center and covered parking.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Chris Curry and Todd Marix and Analyst Estee Ibáñez. 

“The Jersey Village/Cypress submarket is very popular with workforce housing buyers because there are limited Class A options and no new supply,” Curry said. “Class B assets like Steeplecrest offer Class A performance with rent levels above its peers elsewhere in the city. The demographics and schools in the area are strong as well, which drives healthy and sustained demand for the apartments.”

HOUSTON, TX – October 29, 2018 – HFF announces the sale of The Edge at City Centre, a 284-unit, garden-style multi-housing community near the Texas Medical Center in Houston, Texas.

The HFF team marketed the property exclusively on behalf of the seller, 29th Street Capital, and procured the buyer, ClearWorth Capital LLC.

The Edge at City Centre is situated on approximately seven acres at 8410 West Bartell Drive inside the 610 Loop in Central Houston, which positions it within two miles of more than 110,000 jobs in the Texas Medical Center.  Additionally, the property is within walking distance to two METRO bus lines and is less than one mile from NRG Stadium.  Originally built in 1983, 29th Street Capital invested more than $2.6 million to rebrand, renovate and reposition with significant capital improvements.  Floor plans include a mix of one- and two-bedroom units averaging 765 square feet.  The property was 94 percent occupied at closing.

The HFF investment advisory team representing the seller included directors Chris Young and Joey Rippel and analyst Connor Phillips.

“The Edge at City Centre generated a high level of interest due to its infill location and value-add potential,” Young said.  “It is well-positioned for future growth due to the lack of workforce housing options in Houston’s urban core, and it’s also in one of Houston’s Opportunity Zones.”

“Buyers appreciated that 29th Street had completed the heavy lifting at the property, leaving new ownership a clear runway to capture rent growth from unit upgrades and improving market fundamentals.” Young added.

Clearworth Capital, LLC is pleased to announce its recent acquisition of Ponderosa Apartments, a 177-unit class C multifamily asset in Houston, TX. Covering 6.9 acres, Ponderosa is comprised of 17 two-story buildings, a pool area, and a recently remodeled clubhouse. This garden-style community offers one, two, and three-bedroom floor plans, with an average unit size of 854 sf. The property is located in the well-established 1960/Champions neighborhood in north Houston. The location provides convenient access to major highways including I-45, Beltway 8, and the Grand Parkway. Residents enjoy short commutes to the George Bush International Airport, The Woodlands, and numerous employment and retail centers along FM 1960.

New ownership will implement an extensive renovation plan to include an exterior facelift and modernization of all unit interiors. The exterior enhancements include new paint, façade repairs, landscaping redesign, and numerous amenity upgrades. Interior upgrades will consist of new flooring, carpet, countertops, cabinets, fixtures, and updated appliances.

"Our partners are excited to acquire this property at an attractive basis. Ponderosa presents an excellent opportunity to reposition a quality asset in a vibrant submarket. The property is experiencing stable occupancy and is well-positioned for rent growth. Our business plan is focused on increasing performance of the asset by improving the physical plant through our strategic renovation plan and employing our exceptional management team," said Jim Marfuggi, a partner in Clearworth Capital and CEO of NOIPM.

NOIPM, an affiliate of Clearworth, will be the new management company.