ClearWorth Capital buys apartments in Houston
In an off-market transaction, ClearWorth Capital LLC acquired The Park at Woodmoor, a multi-family community in The Woodlands submarket of Houston, Texas. The seller was George S. Lee.
With an address at 8787 Shenandoah Park Drive in Shenandoah, The Park at Woodmoor is a 220-unit community with one- and two-bedroom layouts ranging from 758 to 1,211 square feet. The two- and three-story property has 11 frame buildings and is spread over a 9.8-acre parcel.
Apartments feature private balconies or patios, semi-private entrances, individual air conditioning, washer-dryer hookups, and vaulted ceilings. A swimming pool is among the prominent common amenities offered in the apartment community.
ClearWorth Capital is planning a multi-million dollar capital improvement program that will bring new unit interiors and exterior upgrades as well as social amenities.
The subsidiary of the company, ClearWorth Residential, will assume the position of property manager.
Walking distance to shopping
“This transaction went relatively smoothly, despite recent turmoil in global financial markets,” said Jordan Tabbert, ClearWorth Capital senior vice president, investments. Multi-Accommodation News.
Located in the Porter Heights-Woodbranch neighborhood of Shenandoah, The Park at Woodmoor is 0.8 miles or 15 minutes’ walk from Roberts Design Center Mall. It is a 5 minute drive from Lone Star College and a 40 minute drive from the University of Houston in downtown Houston.
Five major recreational attractions are located approximately 10.5 miles from the community. These are Montgomery County Preserve, Spring Acres Preserve, Grogan’s Point Preserve, Spring Creek Greenway Nature Center, and Peckinpaugh Preserve.
The Park at Woodmoor is 92 km from the Lyndon B. Johnson Space Center and is close to other military bases, including the Pelican Spit Army Reserve.
In a prepared statement, ClearWorth Capital officials said The Woodlands is considered by some to be Houston’s best suburb and continues to attract new residents attracted by award-winning schools, fine dining and retail and a wide range of employers. Six weeks ago, 29and Street Capital has acquired Villas at Hermann Park in Houston.