Crittenden Report Editors
29th Street Capital, a privately held real estate firm,bought the two-building Venue Museum Districtin Houston from Hines. The firm’s acquisition of the property in the Museum District was its 16th purchase of a multifamily asset in the city’s metropolitan region.
The Venue Museum District is a 224-unit Class A property built in 2009. The firm plans for interior renovations and enhancements to the fitness center, pool and signage. 29 Street Capital’s in-house property management company, Haven Residential, will oversee management and leasing.
“The Museum District is a high-growth submarket that provides residents with a highly desirable live-work-play lifestyle in close proximity to the fastest-growing employment hubs in the area,” said Doug Burt, Vice President of Acquisitions of the Houston Region for 29SC. “Residents will be able to enjoy our upgraded apartments with condo-quality finishes and amenities, with just a short commute to major employers as well as entertainment options.”
The transaction closed in March. The sale price and seller were not disclosed.
In the last year, 29SC has acquired over 26 multifamily assets across the United States that contain over 6,800 units. The firm continues to actively pursue new opportunities. Formed in 2009, 29th Street Capital is a privately held real estate investment firm with 16 offices nationwide. Its current portfolio consists of more than 16,000 existing units and a development pipeline of over 3,800 units.
Affirmed Housing is renovating a former Radisson Hotel in Rancho Bernardo into an affordable housing complex. Affirmed Housing bought the property in February from KASHL Corp. for $27.5 million and renamed it Tizon.Including acquisition costs, the project is expected to cost $50.8 million, according to Shonda Herold, project manager for Affirmed Housing.Construction started in early April and is expected to be finished in nine to ten months.
Waterton, a national real estate investor and operator, announced it is expanding its investment strategy by investing in single family rental homes across Southeastern and Southwestern United States markets. Waterton will partner with Second Avenue Group, an established operator with a unified, end-to-end asset management platform, to strategically deploy capital into single family rental assets through acquisitions and development.
