HOUSTON, TX - Privately held real estate investment firm 29th Street Capital (29SC) has acquired The Highbank in Houston, Texas. This marks the firm’s 17th multifamily acquisition in the Houston metro area.
Built in 2017, The Highbank is a 284-unit Class A apartment community, which includes a resort-style pool with covered grilling station, a state-of-the-art fitness center, modern clubhouse with a wine lounge and library, and controlled access garage parking. 29SC plans to add a technology package to the upscale units, including smart locks and ecobee thermostats.
29SC’s in-house property management company, Haven Residential, will oversee management and leasing.
“The Highbank is conveniently located in the affluent Bellaire submarket inside of Loop 610,” said Doug Burt, Vice President of Acquisitions of the Houston Region for 29SC. “Bellaire is a high-growth submarket with zero units under construction that provides access to a high-quality resident base as well as easy access to Houston’s major employment hubs.”
The community is just 15 minutes from the Texas Medical Center (TMC) – the largest medical center in the world – with over 50 million square feet of office/medical space. The $1.8 billion first phase of a life sciences and research development center, TMC3, is now under construction. When complete, TMC3 is expected to create more than 26,000 permanent jobs. The transaction closed on Monday, March 21, 2022. The sale price and seller were not disclosed.
In the last year, 29SC has acquired over 27 multifamily assets across the United States that contain over 7,000 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