ClearWorth Capital buys Clear Lake area apartment properties


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ClearWorth Capital has acquired The Hamptons, a 346-unit apartment complex in the Clear Lake area. Built from 1974 to 1976, the property at 16202 El Camino Real contains a mix of one, two, and three-bedroom floor plans, with an average unit size of 947 square feet. less
ClearWorth Capital has acquired The Hamptons, a 346-unit apartment complex in the Clear Lake area. Built from 1974 to 1976, the property at 16202 El Camino Real contains a mix of one, two, and three-bedroom ... more
Photo: ClearWorth Capital

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ClearWorth Capital has acquired the Las Brisas apartments in the Clear Lake area. The 202-unit complex, built in 1979, is located at 707 El Dorado Blvd. about a mile northwest of The Hamptons, a 347-unit complex also acquired by ClearWorth Capital. ClearWorth Capital is a partnership comprised of the principals of Dallas-based Seneca Investments, and Houston-based NOIPM (NOI Property Management). less
ClearWorth Capital has acquired the Las Brisas apartments in the Clear Lake area. The 202-unit complex, built in 1979, is located at 707 El Dorado Blvd. about a mile northwest of The Hamptons, a 347-unit ... more
Photo: ClearWorth Capital

ClearWorth Capital has expanded its Houston portfolio with the acquisition of two, 1970s-era apartment complexes in the Clear Lake area totaling 549 units.

The Hamptons, a 347-unit complex at 16202 El Camino Real with a mix of one-, two-, and three-bedroom plans, averaging 947 square feet, has been acquired. Las Brisas, a nearby complex with 202 units at 707 El Dorado Blvd., has similar amenities and floor plans.

The properties were purchased from Chicago-based Adams LaSalle.

RELATED: Investors discover opportunity in older apartment complexes

Renovations are planned, including new flooring, appliances, cabinets, countertops, window treatments, fixtures and kitchen backsplashes inside the units. Planned exterior work includes new patio fences, paint and landscaping.

The acquisitions follow the purchase of the Ponderosa Apartments, a 177-unit complex in the FM 1960/Champions area, last year.

RELATED: North Houston apartment complex changes ownership, renovations planned

"We remain optimistic in the Class C to B value-add multifamily space in Houston, especially in historically strong submarkets such as Clear Lake," Jim Marfuggi, a partner in ClearWorth Capital, said in an announcement.

"The attractive going-in basis provides strong cash yields upon acquisition, with robust returns to our investors post-renovation. These assets have good floorplans, footprints, visibility, and location, but their physical attributes have fallen behind their nearby peers, which is largely contributing to their current performance. We believe these properties are primed for a full re-positioning program through our targeted capital improvements and through the execution of strong management practices."

HFF represented the seller. Nathan Stone of Northmarq Capital in Dallas arranged acquisition financing for both properties.

ClearWorth Capital is a partnership of Dallas-based Seneca Investments, and Houston-based NOIPM (NOI Property Management). The partnership has acquired seven properties.

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