HOUSTON, TX – HFF announces the sale of The Edge at City Centre, a 284-unit, garden-style multi-housing community near the Texas Medical Center in Houston, Texas.
The HFF team marketed the property exclusively on behalf of the seller, 29th Street Capital, and procured the buyer, ClearWorth Capital LLC.
The Edge at City Centre is situated on approximately seven acres at 8410 West Bartell Drive inside the 610 Loop in Central Houston, which positions it within two miles of more than 110,000 jobs in the Texas Medical Center. Additionally, the property is within walking distance to two METRO bus lines and is less than one mile from NRG Stadium. Originally built in 1983, 29th Street Capital invested more than $2.6 million to rebrand, renovate and reposition with significant capital improvements. Floor plans include a mix of one- and two-bedroom units averaging 765 square feet. The property was 94 percent occupied at closing.
The HFF investment advisory team representing the seller included directors Chris Young and Joey Rippel and analyst Connor Phillips.
“The Edge at City Centre generated a high level of interest due to its infill location and value-add potential,” Young said. “It is well-positioned for future growth due to the lack of workforce housing options in Houston’s urban core, and it’s also in one of Houston’s Opportunity Zones.”
“Buyers appreciated that 29th Street had completed the heavy lifting at the property, leaving new ownership a clear runway to capture rent growth from unit upgrades and improving market fundamentals.” Young added.
Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.
About 29th Street Capital: Formed in 2009, 29th Street Capital is a privately held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months, 29th Street Capital has also acquired 17 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S.
29SC’s conventional multifamily portfolio currently consists of more than 7,600 units having acquired over 12,400 units across its 14 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms.
About ClearWorth Capital LLC: ClearWorth Capital LLC provides portfolio level and asset level expertise in value enhancement, financial restructuring and on-site management to owners and investors in the multifamily industry. The company’s goal is to maximize cash flow and enhance the equity positions of its partners. Capital is allocated with a strategic focus on property enhancements tailored to the unique needs of each property. ClearWorth partners currently own and operate several thousand apartment units’ worth over $200 million. ClearWorth’s principals have devoted entire careers to the multifamily industry and have financed and developed over $1.5 billion in assets.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.