LOS ANGELES, CA – Oak Coast Properties (OCP) and Invictus Commercial Investment Corporation announced today the acquisition of the Falls at Clear Lake Apartments in Webster, Texas. The multifamily property is located within the greater Houston metropolitan area in a region boasting exceptional employment and growth dynamics as well as a lack of new rental housing. Oak Coast Properties acquired the asset for $26.3 million and will complete a $3.9 million property renovation and repositioning plan. This acquisition pushes Oak Coast Properties 2015 investment activity to over $200 million in total multifamily and hospitality asset investment in 2015.
“The acquisition of Falls at Clear Lake brings Oak Coast Properties’ total investment in multifamily and hospitality assets in 2015 to $214 million, which is significantly higher than our original goal of $125 million” said Phillip Nahas, Oak Coast Properties’ Managing Partner. “We are also planning to significantly increase our investment activity in 2016. Internally we have set our 2016 acquisition target of $300 million. Absent a significant change in the economic conditions we will continue to leverage our depth and breadth of relationships, which ensures OCP a consistent and attractive deal flow. We are currently active with approximately $125 million of deals scheduled to close in the first quarter of 2016.”
The Falls at Clear Lake community is located at 801 E. Nasa Road 1. The property’s 400 units are set in 29 residential buildings on a 23.7-acre site. Apartment units offered include a mix of both one and two-bedroom floorplans with walk-in closets, vaulted ceilings, private covered patios, serving bars and washer/dryer and fireplaces in select units. Shared community amenities include a gazebo and sundeck, swimming pool, sand volleyball court, tennis court, sport court, activity center, playground, covered reserved parking, laundry facilities and a controlled access entry system.
The community is strategically located in the master-planned community of Clear Lake City within the Bay Area of greater Houston. The property sits in close proximity to major area employers including NASA, Port of Houston and petrochemical facilities, and the Webster Health Care Corridor. Residents of the Falls at Clear Lake enjoy close access to the Kemah Boardwalk, the Baybrook master-planned retail development and the Baybrook Mall. Regional retail amenities are currently undergoing a 550,000-square-foot expansion that will bring an additional 30 retailers, 10 restaurants and several entertainment and hospitality venues to the area.
“This investment is highlighted further by the fact that there are no new apartment units under construction, which limits supply in the region,” added Nahas. “With a significant planned renovation in the works, we are expecting to drive value through a property repositioning and increased NOI.”
Built in 1983, the Falls at Clear Lake will undergo a major capital renovation plan with $3.9 million earmarked for interior, exterior and amenity upgrades.
“This acquisition is representative of our target assets,” said Nahas. “We look to acquire both multifamily and hospitality properties with upside potential in growing markets with positive employment dynamics and limited supply.”
Oak Coast Properties is an active investor/owner pursuing class B and C multifamily community and hotel property acquisitions for the implementation of a value-add, long-term hold investment strategy emphasizing net operating income growth potential. The firm is aggressively targeting well-positioned properties across the Eastern Seaboard, Pacific Northwest, and Western United States for acquisition.
About Oak Coast Properties: Co-founded in 2011 by Matthew Heslin and Phillip Nahas, Oak Coast Properties is a developer, owner and manager of multifamily and hotel properties. The firm applies a long-term investment approach to maximize the value inherent in each property holding. Oak Coast Properties is headquartered in Los Angeles, California.