HOUSTON, TX - Privately held real estate investment firm 29th Street Capital (29SC) has acquired Venue Museum District in Houston, Texas. This marks the firm’s 16th multifamily acquisition in the Houston metro area.
Built in 2009, Venue Museum District is a 224-unit Class A property. The community offers unrivaled condo-quality finishes and includes a resort-style pool with cabanas, fully-equipped fitness center, clubhouse with a business center and limited access garage parking. Interior renovations will include designer closets as well as updated finishes in the kitchen and bathrooms. It also plans on installing a tech package that includes smart locks and ecobee thermostats. The firm also plans enhancements to the fitness center, pool and signage.
29SC’s in-house property management company, Haven Residential, will oversee management and leasing.
“Venue Museum District is conveniently located in the prestigious Museum District just two Metro-rail stops north of the internationally-renowned Texas Medical Center,” said Doug Burt, Vice President of Acquisitions of the Houston Region for 29SC. “The Museum District is a high-growth submarket that provides residents with a highly desirable live-work-play lifestyle in close proximity to the fastest-growing employment hubs in the area. Residents will be able to enjoy our upgraded apartments with condo-quality finishes and amenities, with just a short commute to major employers as well as entertainment options.”
The community is situated just north of the TMC, which is the largest medical center in the world with over 50 million square feet of office/medical space. It continues to expand with the new $1.8 billion first phase of a life sciences and research development center dubbed TMC3. The project, when fully-complete, is expected to create more than 26,000 permanent jobs in the immediate area.
The transaction closed on Tuesday, March 15, 2022. The sale price and seller were not disclosed.
In the last year, 29SC has acquired over 26 multifamily assets across the United States that contain over 6,800 units. The firm continues to actively pursue new opportunities. Formed in 2009, 29th Street Capital is a privately held real estate investment firm with 16 offices nationwide. Its current portfolio consists of more than 16,000 existing units and a development pipeline of over 3,800 units. Learn more about 29SC at www.29thstreetcapital.com