Class B apartment complex sold in an off-market transaction
Colliers in Houston has negotiated the sale of The Park at Woodmoor, a Class B value-add investment asset located at 8787 Shenandoah Park Drive in Shenandoah, TX within The Woodlands submarket of Houston.
The Park at Woodmoor was originally built in 1999 and is bordered by an expanding number of single-family developments and shopping centers that include restaurants and retail in a fast-growing north Houston market. The 220 unit complex offers spacious one and two bedroom apartments, as well as two-bedroom, two-bath townhomes. Conveniently located off Interstate 45, it makes for a seamless transit to downtown, The Woodlands, and Lake Conroe. In the immediate surrounding area lies multiple rehabilitation, children, maternity, and radiation oncology hospitals. St. Lukes, Houston Methodist, Texas Children, and Encompass Health are just a few providing a medical network of employers just outside the front door of The Park at Woodmoor.
This asset represented a rare occasion to acquire a Class B project with value add opportunities in a highly sought-after location. The previous owner attracted and kept residents by maintaining all the community and apartment amenities throughout the property.
Chip Nash and Bob Heard of Colliers represented the seller in the sale transaction. The buyer was Clearworth Capital, a Texas-based multifamily owner and operator, managed by Matthew Stone. Mr. Stone has been part of the sponsor team for over $1.2 billion in commercial real estate development and renovation projects. His development experience includes 37 projects, including over 6,000 multifamily units, as well as senior housing, student housing, townhomes, condominiums, office buildings, and hotels.
The new ownership has announced that they will implement a multimillion-dollar renovation plan including new unit interiors, social amenities, and exterior enhancements. Jordan Tabbert SVP of Investments at ClearWorth Capital led the acquisition process.
“We can’t say enough good things about Matt, Jordan, and the whole Clearworth Team, they kept to their word and made this transaction very smooth,” says Chip Nash, Senior Vice President with Colliers in Houston. “They are a great buyer and we look forward to doing more business with them in the future.”
The property is located in the Porter Heights/Woodbranch multifamily submarket in Shenandoah, Texas. The submarket contains 4,200 units within 23 projects. The occupancy rate in the submarket is 94.6 percent and the average asking monthly rental rate is $1,331.