Keener Investments Acquires 314-Unit Multifamily Portfolio in League City, TX
HOUSTON--(BUSINESS WIRE)--Nov 14, 2018--Keener Investments announced today that it has acquired a 314-unit multifamily portfolio in League City, TX. The properties will be managed by Keener Management and Keener Construction will renovate the unit interiors, upgrade amenities, and perform light exterior upgrades.
“This portfolio is a significant addition to our growing footprint in the Houston Bay Area,” said Stephen A. Smith, Chief Executive Officer of Keener Investments. “We continue to seek acquisitions that allow us to leverage our management and renovation teams and this portfolio adds scale to our ongoing efforts in the immediate area.”
The portfolio consists of two multifamily communities, one is named The Shore (176-units) and the other is named Harbor Walk (138-units). Both properties are Class-B, were built in the mid-1980s, and have an average unit size of 880 square feet. Both properties boast rich amenities that include a swimming pool, fitness center, business center, and private playground.
The properties benefit from their proximity to major retail and employment such as NASA, Clear Lake Regional Medical Center, UTMB, and the shipping and petrochemical industries located at the Port of Texas City. Both properties are zoned to Clear Creek ISD.
Keener Investments has now completed over $150 million in transactions since 2016 and is continuing to actively purchase multifamily communities in Texas that fit our value-add strategy.
About Keener Investments:
Keener Investments is a fully integrated real estate investment company located in Houston, TX. Keener’s strategy involves targeting properties that offer a strong balance of current cash flow and future appreciation. As sponsors, we provide all startup capital for every transaction and significant amounts of capital for acquisitions. Keener is committed to investing in every deal we sponsor to ensure our profitability is aligned with our investors.
Please visit: www.keenerinvest.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181114005954/en/
CONTACT: Stephen A. Smith, Chief Executive Officer
T: (713) 893-8478
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: INTERIOR DESIGN REIT CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Keener Investments
Copyright Business Wire 2018.
PUB: 11/14/2018 05:04 PM/DISC: 11/14/2018 05:04 PM