THE WOODLANDS, Texas – (Realty News Report) – 29th Street Capital has acquired Avana Sterling Ridge Apartments, a Class B, 254-unit multifamily property located in The Woodlands.
This purchase marks 29th Street Capital’s 11th acquisition in the Houston area. The Chicago-based real estate operator continues to expand its presence across the region.
“Avana Sterling Ridge is located in perhaps the best suburban location in all of Houston,” said Doug Burt, 29th Street Capital’s vice president in Houston. “Access to high-quality employment centers and excellent schools will keep this submarket strong and benefit this asset. We have long aimed to own a community in The Woodlands, and we are extremely excited to add this property to our portfolio.”
The transaction closed Monday, February 8.
29th Street Capital plans to rebrand the community, perform a targeted interior renovation program, and enhance the exterior, clubhouse, and existing amenities to improve resident experience and long-term value.
“We remain confident in the solid fundamentals we see in the Houston market,” said Javier Bustillo, Senior Vice President of Acquisitions at 29th Street Capital. “Demographic trends are favorable, and the new supply pipeline has slowed. We are selective about locations we invest in and see a clear runway for growth over the next several years.”
While Houston’s Class A multifamily market has shown signs of softness, Class B and C properties have generally demonstrated resilience during the pandemic.
Avana Sterling Ridge is situated at 6900 Woodlands Drive, approximately 28 miles north of downtown Houston.
The Woodlands, a 28,800-acre master-planned community developed by The Howard Hughes Corporation, supports more than 2,100 employers and over 68,000 employees, making it a major suburban employment and lifestyle hub.
The property benefits from an ideal location adjacent to The Woodlands Parkway, a primary arterial that connects The Woodlands to Interstate 45. This proximity gives residents convenient access to Houston’s major employment centers and key regional highways.
Units at Avana Sterling Ridge feature spacious floor plans designed for today’s work-from-home culture. Each apartment includes a built-in desk to provide a dedicated home office space for residents.
Over the past year, 29th Street Capital has acquired 13 conventional multifamily assets—more than 3,600 units—across the United States and continues to pursue additional investment opportunities.
Founded in 2009, 29th Street Capital is a privately held real estate investment firm focused on core-plus, value-add, and development opportunities in the multifamily sector. The company has acquired approximately 20,000 units nationwide through its 15 offices. Typical investments range from $30 million to $200 million and involve acquisitions or recapitalizations of individual assets, portfolios, or platforms.
Feb. 11, 2021 Realty News Report Copyright 2021
File: Investor Buys 11th Project
Image: Courtesy 29th Street Capital.
File: (2) 29th Street Capital. The Woodlands. Investor Buys 11th Project in Houston area.