HOUSTON, Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Towers at Clear Lake, a 216-unit multifamily property in the Clear Lake suburb of Houston, Texas.
“Investors nationwide, including institutional groups, continue to take note of Houston’s healthy demographics, generating substantial out-of-state investment across all asset classes,” said Will Balthrope, IPA executive director. Balthrope, Drew Kile, IPA senior director, Jennifer Campbell, IPA director, and William Griffin, IPA associate, represented the seller, The ValCap Group, and procured the buyer, Raamco International. “Formerly a combination of for-rent apartments and condominiums, Towers at Clear Lake drew a large group of buyers due to its unique product type in Clear Lake,” added Kile.
Situated on Cow Bayou, the property is just minutes from Interstate 45 and within a mile of NASA’s Johnson Space Center, which employs 10,000 people. Outdoor attractions such as the Kemah Boardwalk, Galveston beaches, and Seabrook, the third-largest boating center in the United States, are close by. The 11.85-acre property was built in 1985. “New ownership is in a great position to bring Towers at Clear Lake to par with nearby comparable assets by implementing a unit enhancement program and revitalizing the property’s many amenities,” noted Campbell.