HOUSTON, TX – Privately-held real estate investment firm 29th Street Capital (29SC) has acquired a 362-unit apartment community in Houston, Texas. The purchase of San Cierra Apartments marks the firm’s 16th multifamily acquisition in the state of Texas, totaling more than 5,000 units in the market.
Built in 2008, San Cierra is a Class A property in the Cypresswood submarket of northwest Houston. 29SC’s capital improvement plan includes renovating unit interiors by adding smart-home features such as ecobee thermostats, Ring doorbells, modern backsplashes and updated kitchen appliances.
The firm plans to improve the curb appeal by improving landscaping throughout the community. A new yoga/spin room addition is also planned in the resident clubhouse. 29SC’s in-house property management group, Haven Residential, will oversee the management and leasing for the community.
“We continue to be bullish on Houston as a great place to deploy capital,” said Javier Bustillo, 29SC’s Senior Vice President of Acquisitions for the Southeast region. “We continue to pursue well-located assets with large floorplans for which we feel there will be additional demand, as well as downside protection.”
San Cierra offers an unmatched townhome living experience in a rapidly growing neighborhood. The property is located near the intersection of Highway 249 at Louetta Rd., near a Whole Foods Market and Vintage Park, the area’s most desirable retail and dining hub.
Chasewood Technology Park, with approximately 9,000 employees, is just over a mile away. The 10.4-acre office park is surrounded by dining, shopping and entertainment options. Chasewood Technology Park and the surrounding area make San Cierra a desirable location for its residents.
The Willowbrook Mall – a 10-minute drive from San Cierra – is among the top five largest retail centers in all of Houston. San Cierra is also in the Cypress-Fairbanks School District, one of the Houston area’s top 10 school districts. The high schools in the Cypress neighborhood stand out for their above-average standardized testing scores.
“San Cierra is a one-of-a-kind asset with an average unit size of 1,324 square feet,” said Doug Burt, 29SC’s Vice President of Acquisitions in Houston. “The large units and attached garages in every residence give the property a sense of community that other apartment complexes don’t provide.”
The acquisition closed on Friday, September 17, 2021. In the last year, 29SC has acquired 23 conventional multifamily assets and over 5,700 units throughout the U.S. The firm continues to actively pursue additional opportunities. Formed in 2009, 29th Street Capital is a privately held real estate investment firm that focuses on the acquisition and development of multifamily assets. Its current portfolio consists of more than 17,000 existing units and a new construction pipeline of over 3,500 units, having acquired over 25,000 units across its 17 offices in the U.S. Learn more about 29SC at www.29thstreetcapital.com