In an effort to expand its value-add multifamily portfolio in Texas, ClearWorth Capital LLC purchased The Edge at City Centre, a 284-unit apartment complex in Houston.
ClearWorth Capital, a partnership between the principals of Dallas-based Seneca Investments and Houston-based NOI Property Management, acquired the multifamily community from San Francisco-based investor 29th Street Capital for an undisclosed price. 29th Street Capital originally acquired the complex in 2015, according to CoStar data.
The multifamily investor is actively seeking to expand its footprint in Texas, searching for other value-add multifamily properties similar to The Edge at City Centre. Currently, ClearWorth Capital owns thousands of apartment units worth more than $200 million, according to its website.
Located at 8410 W. Bartell Drive within Loop 610, The Edge at City Centre was originally built in 1983 and offers a mix of one- and two-bedroom floorplans, ranging in size from 622 to 974 square feet, according to CoStar data. The multifamily investor plans to complete capital improvements to the 14-building complex, including improvements to existing common areas and adding new amenities. In addition to The Edge at City Centre, ClearWorth Capital's other Houston-area holdings include the 347-unit The Hamptons and the 202-unit Las Brisas on El Dorado. Todd Marix and Todd Stewart of Holliday Fenoglio Fowler brokered the deal on behalf of the seller.
