Keener Investments Acquires 378-unit Multifamily Property in Spring, TX
HOUSTON--(BUSINESS WIRE)--Nov 18, 2019--
Keener Investments announced today that it has acquired a 378-unit multifamily property in Spring, TX. The property will be managed by Keener Management.
“We have been targeting acquisitions in North Houston due to its strong employment base, exceptional industry growth, and significant infrastructure expansion,” 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 property is consistent with our value-add strategy. This acquisition adds scale to our ongoing efforts to expand our portfolio within this area of Houston.”
The Mira Bella and San Martin apartments are garden style multifamily properties that were built in 1983 and 1980, respectively. The properties are located in a rapidly growing area of North Houston that is experiencing an employment rate of 94% within a 3-mile radius of the property. These communities offer convenient access to shopping and entertainment as well as access to major thoroughfares to employers like ExxonMobil, Houston Northwest Medical, Bush Intercontinental Airport (IAH), Springwoods Village and North Houston District.
Keener Investments has now completed approximately $230 million in transactions since 2016 and is continuing to actively purchase multifamily communities in Texas.
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/20191118005565/en/
CONTACT: Stephen A. Smith, Chief Executive Officer
T: (713) 561-3071
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Keener Investments
Copyright Business Wire 2019.
PUB: 11/18/2019 10:27 AM/DISC: 11/18/2019 10:27 AM