OCP, Invictus Acquire Falls at Clear Lake
The Falls at Clear Lake community is located at 801 E. Nasa Road 1. The property’s 400 units are set in 29 residential
By Anna Caplan | Houston
WEBSTER, TX–Oak Coast Properties (OCP) and Invictus Commercial Investment Corp. announced today the $26.3-million acquisition of the Falls at Clear Lake Apartments in Webster, southeast of Houston.
The companies will complete a $3.9-million property renovation and repositioning plan.
“OCP has significantly exceeded its 2015 investment objectives and can attribute that to continued strong support from our existing investor base, our ability to attract new investors based on our solid performance and the continued off market supply of projects brought through our network of sponsors and brokers,” Phillip Nahas, Oak Coast Properties’ managing partner, told GlobeSt.com. “We continue to remain optimistic about future projects in the metro Houston area and will continue to work through our channels to source those deals.”
The Falls at Clear Lake community is located at 801 E. Nasa Road 1. The property’s 400 units are set in 29 residential buildings on a 23.7-acre site. Apartment units offered include a mix of both one- and two-bedroom floor plans with walk-in closets, vaulted ceilings, private covered patios, serving bars and washer/dryer and fireplaces in select units. Shared community amenities include a gazebo and sundeck, swimming pool, sand volleyball court, tennis court, sport court, activity center, playground, covered reserved parking, laundry facilities and a controlled access entry system.
The community is located in the master-planned community of Clear Lake City within the Bay Area of greater Houston. The property sits in close proximity to major area employers including NASA, Port of Houston and petrochemical facilities, and the Webster Health Care Corridor.
“This investment is highlighted further by the fact that there are no new apartment units under construction, which limits supply in the region,” says Nahas. “With a significant planned renovation in the works, we are expecting to drive value through a property repositioning and increased NOI.”
OCP actively pursues class B and C multifamily communities and hotel property acquisitions for the implementation of a value-add, long-term hold investment strategy.
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