HOUSTON, Aug. 21, 2017 /PRNewswire/ -- ClearWorth Capital, LLC is pleased to announce its recent acquisition of The Hamptons and Las Brisas on El Dorado, a 549-unit class C+ multifamily portfolio located in the Clear Lake submarket in southeast Houston.
The Hamptons, built in 1974/76, consists of 347 units and offers one, two, and three-bedroom floor plans, with a large average unit size of 947 sf. Las Brisas, built in 1979, is located approximately 1 mile northwest from The Hamptons and consists of similar amenities and floorplan sizes. Residents at both properties enjoy convenient access to numerous retail, employment centers, entertainment, and the nearby University of Houston- Clear Lake campus.
Clear Lake is one of Houston's premier outlying regions, consisting of prime employment, exemplary schools, and innumerable outdoor and water-based recreational opportunities, bordered on the east by Galveston Bay and on the west by Interstate 45. The multifamily industry in particular has benefited from this stable economy, as it continues to be one of the strongest submarkets in the Houston area.
New ownership will implement an extensive renovation plan to both interior and exterior features of the properties, including improvements to existing social amenities and creating new amenities. All unit interiors will receive a full upgrade package, including new flooring, appliances, cabinets, countertops, window treatments, fixtures, and kitchen backsplash. Planned exterior enhancements include new patio fence enclosures, full exterior paint, façade treatments, landscaping redesign, and addressing deferred maintenance items.
This will be ClearWorth's second and third Houston acquisitions in the past 10 months.
"We remain optimistic in the Class C to B value-add multifamily space in Houston, especially in historically strong submarkets such as Clear Lake," said Jim Marfuggi, a partner in ClearWorth Capital. "The attractive going-in basis provides strong cash yields upon acquisition, with robust returns to our investors post-renovation. These assets have good floorplans, footprints, visibility, and location, but their physical attributes have fallen behind their nearby peers, which is largely contributing to their current performance. We believe these properties are primed for a full re-positioning program through our targeted capital improvements and through the execution of strong management practices."
NOIPM, an affiliate of ClearWorth, is the new management company.
The seller was represented by HFF-Houston.
Nathan Stone with the Dallas Office of Northmarq Capital arranged acquisition financing for both properties.
About ClearWorth Capital
Hamptons and Las Brisas will be the sixth and seventh renovations 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, LLC).
ClearWorth partners' Warner E. Stone, Matthew P. Stone and V. James Marfuggi own/manage a combined real estate portfolio of over $350 million predominately in Texas and have a ~$150 million development pipeline. NOIPM is the manager of record for all multifamily assets in the portfolio valued at over $250 million.
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
SOURCE ClearWorth Capital, LLC