HOUSTON, TX - A partnership consisting of Better World Holdings and Crown Capital Ventures has acquired Skylar Pointe Apartments, a 449-unit rental development situated at 110 El Camino Village Drive in the Clear Lake neighborhood of Houston, TX for $49.1 million.
The property is located in close proximity to the NASA Johnson Space Center, Lockheed Martin, the Boeing Company, HCA Houston Healthcare Clear Lake and Memorial Hermann Southeast Hospital.
Constructed in 1979, Skylar Pointe Apartments comprise 162 one-bedroom apartments, 255 two-bedroom apartments, and 32 three-bedroom apartments. The overall development is 423,240 square feet in size.
The new owners plan a modernization initiative valued at a total of $4.6 million. The improvements will consist of a $2.9 million investment in interior upgrades within all units, as well as $1.7 million in upgrades to exterior amenities.
"Located in one of Houston's most desirable neighborhoods, Skylar Pointe Apartments presents a prime value-add opportunity, with rents presently trailing the submarket," said Reuven Bisk, president and managing member of Better World Holdings. "The partnership is poised to launch a wide spectrum of improvements that will lead to increased rents and will maximize the property's value."
"Skylar Pointe Apartments is situated amid a diverse economy based around booming, recession-resistant industries and a growing population of young, professional workers," said Shia Grunzweig, founder and principal of Crown Capital Ventures. "Crown Capital Ventures believes that real estate development can be a force for good in the world, and the best deals result in wins for all stakeholders."
Better World Holdings will manage the properties and renovations through its management arm, Better World Properties LLC. Crown Capital Ventures and Better World Holdings will jointly assume asset management responsibilities.