February 14, 2019
Keener Investments boosted its local portfolio with the acquisition of the 150-unit Terrace Villas in Clear Lake City, TX. The Houston-based investor bought the property at 17700 El Camino Real from Moneil Premier Properties LLC as a value-add play.
The new owner is planning to renovate the 1970s property’s unit interiors, and will also upgrade amenities and the exterior. Keener Construction will oversee the rehab, and Keener Management will handle leasing and management of the property.
Terrace Villas offers a mix of one, two and three-bedroom units averaging 831 square feet. Situated on 6.2 acres near the NASA-Johnson Space Center and Medical Center of the South, the property’s on-site amenities include a pool and playground, grilling stations, a business center and clubhouse.
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