HOUSTON – Three Pillars Capital Group, a Houston-based multifamily real estate investment firm, has acquired Pine Lake Village Apartments located in the Greenspoint neighborhood of Houston.
“This acquisition was completed through existing relationships in a genuine off-market transaction,” said Josh Welch, founder and managing principal of Three Pillars Capital Group. “We are pleased to add Pine Lake Village to our portfolio and look forward to creating value through our ownership.”
Sitting on 3.5 acres, the Class B community includes 96 units at 1325 Greens Parkway, just north of Beltway 8.
Convenient to the Sam Houston Tollway and Interstate 45, the property offers easy access and on-site amenities including a swimming pool, dog park, playground and covered parking. Residents also benefit from nearby recreational space such as City View Park along the banks of Greens Bayou, which features a pavilion, gardens and seating areas. The site is close to Greenspoint Mall and other retail options near Interstate 45.
Built in 1984 by Pine Lake Associates LTD, Pine Lake Village currently contains older units with rents approximately 20–25 percent below market. Three Pillars Capital Group plans to invest roughly $1 million in renovations to modernize the property; specific upgrade plans are still being finalized.
“Our track record of delivering high-quality renovations will enhance the appeal of the property for both residents and investors,” Welch added.
Property management will be handled by Greenline Apartment Management, the company’s owned and operated management division.
Three Pillars Capital Group is a rapidly growing Houston-based real estate private equity firm with more than two decades of combined experience in acquisitions, asset management and property operations. The firm focuses on acquiring off-market Class B and C assets with significant value-add potential.
July 2, 2019 Realty News Report
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