ClearWorth Capital Adds Redford Park Apartments to Its Texas Portfolio
Oct 22, 2018, 08:37 ET
HOUSTON, Oct. 22, 2018 /PRNewswire/ -- ClearWorth Capital, LLC is pleased to announce its recent acquisition of Redford Park Apartments, a class B multifamily asset located in Conroe, Texas.
Redford Park, built in 1983, consists of 212 units and offers one and two-bedroom floor plans, with an amenity package consisting of a lighted tennis court, outdoor gazebo, resort-style pool, and clubhouse. Residents enjoy convenient access to the numerous retail, dining, and employment centers in Conroe, and are minutes away from Lake Conroe and The Woodlands.
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.
"Redford Park presented an excellent opportunity to invest in a well-maintained asset in one of the fastest growing suburbs in the country," said Jordan Tabbert, VP of Acquisitions for ClearWorth. "Conroe's low cost of living, proximity to The Woodlands and Lake Conroe amenities, high-rated school districts, and abundance of new shopping, dining, and entertainment options have all fueled the recent growth of Conroe, as it evolves into a highly desirable Houston suburb. Redford Park offers residents high-quality living with a wide-array of nearby amenities, all at an excellent price point for the area."
NOIPM, an affiliate of ClearWorth, is the new management company.
CBRE-Houston represented the seller.
BERKADIA's Nathan Stone arranged acquisition financing.
About Clearworth Capital
Redford Park will be the eighth 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, LLC
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