Three Pillars Capital Group Acquires Class C Multifamily Project
The 122-unit Camino Del Sol apartments have been acquired.
HOUSTON – (Realty News Report) – Three Pillars Capital Group, a Houston-based multifamily real estate investment firm, has purchased Camino Del Sol Apartments in Pasadena, located on Houston’s southeast side.
The 122-unit Class C community is situated at 1120 Red Bluff Road, conveniently near Highway 225.
“Having worked on similar properties in this area, we know how effective modest, targeted renovations can be to add value,” said Josh Welch, founder and managing principal of Three Pillars Capital Group.
The property, originally built in 1969, currently features outdated units and is operating with rents approximately 15 percent below market. Three Pillars plans to invest roughly $1.5 million in renovations to modernize the community, though the final scope of work has not been completed.
“We aim to ensure our tenants are impressed by the interior improvements these renovations will bring,” Welch added. “The well-being and satisfaction of both our residents and investors are top priorities for Three Pillars.”
The seller was GE 2507 LLC, owned by Trey Stone and managed by Guardian Equity. Three Pillars Capital Group represented itself in the transaction with the selling entity and its advisors.
Three Pillars Capital Group focuses on acquiring off-market Class B and C apartment communities with clear value-add potential, applying renovation and operational strategies to improve asset performance and tenant experience.
