HOUSTON, TX -ClearWorth Capital announced its recent acquisition of Edge at City Centre Apartments, a class B multifamily asset located in Houston, TX.

Edge at City Centre, located inside Loop 610 near NRG Stadium and the Texas Medical Center, was built in 1983 and consists of 284 units. Amenities include two pools, fitness center, renovated clubhouse with business center, and washer/dryer connections in all units. 

Edge is conveniently located between many well loved urban centers, including the Texas Medical Center (3 miles), Rice Village (3 miles), the Galleria (8 miles) and Downtown Houston (8 miles).

New ownership will soon implement a thorough renovation of the interior and exterior features of the property, including improvements to existing social areas and making new amenities. 

NOIPM, an affiliate of ClearWorth, is the new management company. 

HFF’s Joey Rippel, Chris Young, and Connor Phillips represented the seller. 

BERKADIA’s Nathan Stone arranged acquisition financing.  

Edge at City Centre will be the ninth renovation undertaken jointly by the principals of ClearWorth Capital, a partnership comprised of the principals of Dallas-based Seneca Investments, and Houston-based NOIPM (NOI Property Management). 

Powered by WPeMatico

BIRMINGHAM, AL – Capstone Development Partners announced the successful opening of five new student housing developments delivered in partnerships with five universities totaling 3,000 new beds for the Fall 2018 semester. The company, with its university partners, opened new housing at the University of South Florida, the University of Massachusetts Boston, Seattle University, San Diego State University and the University of the Pacific.

Capstone’s corporate headquarters office in Birmingham, Alabama oversaw the student housing developments at the University of South Florida and the University of Massachusetts Boston. Capstone’s western regional office in San Diego, California oversaw the developments at Seattle University, San Diego State University and the University of the Pacific.

The Village Phase 2 at The University of South Florida: Phase 2 of this on-campus community at the University of South Florida (“USF”) completes the build-out of the Village, a 2,171 bed residential and mixed-use community or “village” serving primarily first-year students. Phase 2 includes nearly 1,300 beds of traditional and suite-style housing in three new residential buildings, with retail tenants Starbucks and Burger Fi. Community amenities include ample ground floor living-learning and student activity spaces, classrooms, study rooms and community kitchens, and multiple social and study lounges on the upper residential floors. Phase 1 of the Village opened in Fall 2017 and provided over 800 beds of housing in two new residential buildings, a dining center (The Hub), and a new wellness and fitness center (The Fit). Capstone’s partnership with the University of South Florida was the first public-private partnership (“P3”) for the USF System. 

University of Massachusetts Boston Residence Hall and Dining Center: The new residence hall at the University of Massachusetts Boston provides 1,077 beds of first-year and transfer student housing and a new 500-seat dining center located on the ground floor of the residence hall. Amenities in the live-learn community include administrative offices, community kitchens, gaming and TV lounges, study lounges and 24/7 multipurpose conference, seminar and tutoring rooms. The completion of the new residence hall marks the first on-campus student housing to be delivered on the UMass Boston campus, and the first P3 for the University of Massachusetts System. 

Vi Hilbert Hall at Seattle University: Capstone partnered with Seattle University (“SU”) to deliver 300 beds of upper-division apartment housing for the campus. The new 10-tale on-campus building is also home to the SU Admissions and Enrollment Services office and connects directly to the University book store. The building’s amenities include a tenth-floor community lounge, a 75-person seminar room, a second-floor student lounge and individual floor lounges. Vi Hilbert Hall marks Capstone’s second on-campus student housing development in Seattle, and SU’s first student housing public-private partnership.

Montage on College at San Diego State University: Via a ground lease with the San Diego State University (“SDSU”) Real Estate Foundation, Montage on College provides more than 300 beds of housing in apartment-style units for SDSU students. Through an affiliation with the University, Montage on College is an approved housing choice for SDSU students seeking to meet the University’s recent sophomore live-on requirement. Amenities at the Montage include a resort-style spa, barbecue area, outdoor lounge and fire pit, community kitchen, fitness center, gaming/media room, and various study spaces. The Montage is managed by Capstone Development Partners’ management entity, Capstone Management Partners.

Calaveras Hall at the University of the Pacific: Calaveras Hall is a new 380-bed on-campus apartment-style housing community serving upper-division University of the Pacific students. Building amenities include a community kitchen, indoor and outdoor lounges, various study areas, a fitness room, outdoor fire pit and swimming pool. Capstone oversaw the development of Calaveras Hall and the project is the third on-campus housing community developed by the Capstone Companies in partnership with the University of the Pacific.

For the five projects that Capstone opened this Fall, totaling $350 million in development, $150 million was financed using private equity and $200 million was financed through a 501c3 non-profit owner or a university, using tax-exempt debt.

Powered by WPeMatico

SMALL ROCK, AR – BSR Real Estate Investment Trust announced that it has closed on the acquisition of Towne Park at Har-Ber Apartments in Springdale, Arkansas for $28.9 million. The transaction was funded utilizing BSR’s revolving credit facility. The addition of Towne Park is expected to be accretive to the REIT’s adjusted funds from operations on a per unit basis.

Towne Park, which was constructed in two phases in 2016 and 2017, is a 237-unit multifamily property comprising one, two, and three bedroom apartments and townhomes in the high-growth Northwest Arkansas metropolitan statistical area (“MSA”). The property is the REIT’s second buy in this region in just under two years, following the acquisition of Mountain Ranch Apartments, a 360 unit garden-style complex less than 10 miles away. 

Northwest Arkansas is the fastest growing region of the state and 14th fastest growing MSA in the United States. Towne Park is located less than a 15 mile drive from the headquarters of three Fortune 500 companies including, Walmart. Median household income in Northwest Arkansas rose 8.1% in the past 12 months. In the multifamily space, average lease prices in Northwest Arkansas have increased 18% over the past four years. Multifamily vacancy rates in this MSA currently sit at 3.9%, representing a decrease of 260 basis points over the past four years. 

“We are thrilled to add Towne Park to our portfolio,” said John Bailey, Chief Executive Officer of the REIT. “This acquisition increases our exposure to the fastest growing market in our home state of Arkansas and is consistent with our strategy of clustering properties to maximize operating efficiencies.”

In the past two and a half years, BSR has grown its portfolio by 16% through the acquisition of five properties with a combined 1,394 units. The total unit count for BSR, which completed an IPO just five months ago on the Toronto Stock Exchange, now stands at 10,116 units.

Powered by WPeMatico