October 31, 2018
29th Street Capital ended its more than three-year old on the Edge at City Center, a 284-unit apartment complex situated near Houston’s Texas Medical Center. ClearWorth Capital LLC acquired the complex, which was originally named Ashley Park.
The Chicago-based seller acquired the asset at 8410 W. Bartell Dr. in 2015, and spent $2.6 million on capital improvements to rebrand and reposition the 1980s apartment complex. Occupancy was at 94% at the time of the sale.
“The Edge at City Centre generated a high level of interest due to its infill location and value-add potential,” said Chris Young with HFF, who partnered with HFF colleagues Joey Rippel and Connor Phillips on behalf of the seller. “It is well-positioned for future growth due to the lack of workforce housing options in Houston’s urban core, and it’s also in one of Houston’s Opportunity Zones.”
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