HOUSTON—A garden-style multifamily community has exhibited stable occupancy and is well-positioned for rent growth, which provided the impetus for acquisition. Clearworth Capital LLC recently acquired the 177-unit class-C multifamily asset, Ponderosa Apartments. NOIPM, an affiliate of Clearworth, will be the new management company.
The property will be re-branded as Champions at Ponderosa and a new website is being created to correlate with the new branding. The new ownership will implement an extensive renovation plan to include an exterior facelift and unit interiors. The exterior enhancements include new paint, façade repairs, landscaping redesign and numerous amenity upgrades. Interior upgrades will consist of new flooring, carpet, countertops, cabinets, fixtures and updated appliances.
“A multi-million dollar renovation budget is to be used for the following: modernizing unit interiors, addressing deferred maintenance items and enhancing the exterior façade,” Jordan Tabbert, senior analyst of Clearworth Capital tells GlobeSt.com.
Built in 1979 covering 6.9 acres, Ponderosa is comprised of 17 two-story buildings, a pool area and a recently remodeled clubhouse. This community offers one-, two-, and three-bedroom options within six floor plans ranging from 634 to 1,268 square feet, with an average unit size of 854 square feet.
The property is located in the well-established 1960/Champions neighborhood in north Houston, adjacent to a new townhome development, Sugar Pine Pavilion. The location provides proximity to major highways including Interstate 45, Beltway 8 and the Grand Parkway. Residents enjoy convenient commutes to the George Bush Intercontinental Airport, The Woodlands, and numerous employment and retail centers along FM 1960.
“Our partners are excited to acquire this property at an attractive basis. Ponderosa presents an excellent opportunity to reposition a quality asset in a vibrant submarket. Our business plan is focused on increasing performance of the asset by improving the physical plant through our strategic renovation plan and employing our exceptional management team,” said Jim Marfuggi, a partner in Clearworth Capital and CEO of NOIPM.
HOUSTON—A garden-style multifamily community has exhibited stable occupancy and is well-positioned for rent growth, which provided the impetus for acquisition. Clearworth Capital LLC recently acquired the 177-unit class-C multifamily asset, Ponderosa Apartments. NOIPM, an affiliate of Clearworth, will be the new management company.
The property will be re-branded as Champions at Ponderosa and a new website is being created to correlate with the new branding. The new ownership will implement an extensive renovation plan to include an exterior facelift and unit interiors. The exterior enhancements include new paint, façade repairs, landscaping redesign and numerous amenity upgrades. Interior upgrades will consist of new flooring, carpet, countertops, cabinets, fixtures and updated appliances.
“A multi-million dollar renovation budget is to be used for the following: modernizing unit interiors, addressing deferred maintenance items and enhancing the exterior façade,” Jordan Tabbert, senior analyst of Clearworth Capital tells GlobeSt.com.
Built in 1979 covering 6.9 acres, Ponderosa is comprised of 17 two-story buildings, a pool area and a recently remodeled clubhouse. This community offers one-, two-, and three-bedroom options within six floor plans ranging from 634 to 1,268 square feet, with an average unit size of 854 square feet.
The property is located in the well-established 1960/Champions neighborhood in north Houston, adjacent to a new townhome development, Sugar Pine Pavilion. The location provides proximity to major highways including Interstate 45, Beltway 8 and the Grand Parkway. Residents enjoy convenient commutes to the George Bush Intercontinental Airport, The Woodlands, and numerous employment and retail centers along FM 1960.
“Our partners are excited to acquire this property at an attractive basis. Ponderosa presents an excellent opportunity to reposition a quality asset in a vibrant submarket. Our business plan is focused on increasing performance of the asset by improving the physical plant through our strategic renovation plan and employing our exceptional management team,” said Jim Marfuggi, a partner in Clearworth Capital and CEO of NOIPM.
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