Source: ClearWorth Capital / #Apartments #Multifamily
HOUSTON, TX - ClearWorth Capital announced the acquisition of Steeplecrest Apartments, a 260-unit multifamily property located in the Jersey Village / Cypress area, a prominent suburb in northwest Houston. Steeplecrest is located at 11220 West Road near major roadways, including Highway 290, Beltway 8 and F.M. 1960.
The project, built in 1993, is in a desirable location with high-rated schools, significant retail within walking distance, and excellent access to nearby employment centers, as well as highways that connect to the broader Houston area.
"Steeplecrest presented an ideal investment for us. It was an attractive price for a property in great shape in a great location, but still with a lot of potential for upgrades that will appeal to renters," said Matthew Stone, Managing Partner of ClearWorth. "The rents in the area are strong as well. This particular area of Houston has not experienced the recent wave of new supply, and the limited pipeline of deliveries bodes well for continued rent growth."
The ClearWorth team will soon implement a signification transformation of the asset, including a complete redesign of the clubhouse, unit interiors, building exterior, and landscaping.