HOUSTON, TX - A partnership consisting of Better World Holdings and Crown Capital Ventures has acquired Serenity at Cityside, a 362-unit rental development situated in the Galleria neighborhood of Houston, TX. The property, to be renamed Aura Galleria, is located at 6061 Beverly Hill Street.
Constructed in 1968, the development consists of a mix of one-, two- and three-bedroom floorplans distributed among 32 two-story buildings. It is centrally located within the Galleria area two blocks from the Southwest Freeway, Houston's principal Center City highway artery. The property is situated on a residential block immediately adjacent to popular and upscale nightlife and entertainment offerings.
The new owners plan a $6-million modernization initiative that will include interior renovations and a range of community amenities. The acquisition price was not disclosed.
Last November, the partnership acquired the 449-unit Skylar Pointe Apartments in Houston's Clear Lake neighborhood.
"The joint venture will initiate an intelligently applied capital improvement program that will boost this property's value, as well as its appeal to young professionals," said Reuven Bisk, president of Better World Holdings. "Our goal is to provide current and future residents with an enhanced, urban living experience."
"We're delighted to secure our second Houston acquisition in partnership with Reuven Bisk and the Better World team," said Shia Grunzweig, founder and principal of Crown Capital Ventures. "In just a few short months, Better World has already demonstrated its expertise at building value at Skylar Pointe Apartments through a regimen of thoughtful, capital expenditures."
"Aura Galleria will offer an upscale Galleria living experience at a price that's affordable for upwardly mobile, urban professionals," said Terri Clifton, founder and president of Better World Properties LLC. "By implementing Better World's time-tested reinvestment strategies, this appealing property will soon reach its full potential."