The Woodlands, Tx. (October 2022) – 29th Street Capital (29SC), a privately held real estate investment firm, has acquired Montfair at the Woodlands (Montfair), a 310-unit community located in The Woodlands, Texas. This asset marks the firm’s 18th multifamily acquisition in the Houston metro area.
Built in 2008, Montfair is a Class B+ asset positioned in a Class A location. The garden style community boasts luxurious amenities which include a resort-style pool, kickboxing machine located in its 24/7 fitness center, dog park, two Texan barbecue areas with gas grills, covered dining areas with grilling stations, business center with Wi-Fi and printing, private conference room, clubhouse with kitchen, billiards, and shuffleboard. Its interiors offer residents a comfortable, yet high-end lifestyle, featuring 9-foot ceilings, wood-style vinyl flooring, private patios and balconies, stainless steel appliances, central air conditioning, kitchen pantry, walk-in closets, intrusion alarm system, garbage disposal, in-unit washer/dryers, and valet trash pick-up. The firm plans to further upgrade the 310 “classic” units with the installation of granite countertops, shaker cabinets, backsplash, vinyl plank flooring in units with carpet, cabinet pulls, kitchen and bathroom faucets, showerheads, ecobee thermostats, mirror frames, ceiling fans, and lighting. The exterior of the property will be enhanced with improvements to the clubhouse, new grills, pool furniture, dog park upgrades, fitness center, and signage.
“Montfair is a community that offers its residents true comfort and luxury,” said Doug Burt, Vice President of Multifamily Acquisitions for Houston and Dallas/Fort Worth. “The acquisition of Monfair complements 29SC’s strategy of acquiring high-quality assets where we can add value through upgrades and operational improvements in highly desirable submarkets like The Woodlands.”
Montfair is located in Houston’s The Woodlands neighborhood, a well-located area that provides easy access to a myriad of major employers, retailers, and entertainment destinations. Employers include several multinational and national corporations known as Occidental (Oxy), Chevron Phillips, Alight Solutions, and Huntsman Corporation. The healthcare industry represents 26% of the area's employment and boasts two of the top five employers. The Woodlands is projected to become the second largest medical center district in the greater Houston area, second to the Texas Medical Center. Lifestyle attractions within The Woodlands include Market Street, Waterway District, Cynthia Woods Mitchell Pavilion, Pinecroft Center, Portofino Shopping Center, and The Club Carlton Woods with two award-winning championship-level golf courses. Montfair is a short commute to the North Houston District, home to companies such as Coca-Cola, Amazon, Schlumberger, Baker Hughes, and Sysco and Nabors.
The transaction closed on Thursday, October 27th, 2022. The sale price and seller were not disclosed.
29SC’s in-house property management company, Haven Residential, will oversee the management and leasing of the property.
Formed in 2009, 29th Street Capital is a privately held real estate investment firm with 16 offices nationwide. Its current portfolio consists of more than 20,000 existing units and a development pipeline of over 3,800 units. In the last year, 29SC has acquired over 21 multifamily assets across the United States consisting of over 6,300 units. The firm continues to actively pursue new opportunities.
Learn more about 29SC at www.29thstreetcapital.com.
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