ClearWorth Capital Acquires Edge at City Centre Apartments
Oct 29, 2018, 08:33 ET
HOUSTON, Oct. 29, 2018 /PRNewswire/ -- ClearWorth Capital, LLC is pleased to announce 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 popular 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 creating 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.
About ClearWorth Capital
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).
ClearWorth partners' Warner E. Stone, Matthew P. Stone and V. James Marfuggi own and manage several thousand apartment units valued over $400 Million, and we seek to expand our presence by judicious investment and acquisition. Our principals have devoted entire careers to the multifamily industry and have financed, developed and managed over $1.5 billion in assets. NOI Property Management, a ClearWorth affiliate, is the manager of record for all multifamily assets in the portfolio.
ClearWorth Capital is seeking value-add multifamily opportunities throughout Texas. For acquisition opportunities, please contact Jordan Tabbert through [email protected].
Follow Clearworth Capital: https://www.clearworthcapital.com
Follow NOIPM: http://www.noipm.com
Vice President, Acquisitions
SOURCE ClearWorth Capital
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