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Developer Invests $12M Into Multifamily Repositioning Play

PASADENA, TX-West Point Village, a 422-unit complex along Shaver Street, trades for $8 million in an off-market transaction. The buyer, Claremont Property Co., plans to invest an additional $4 million to rehab and repositioned the class C-minus complex.

By Jennifer D. Duell | Updated on March 28, 2005

PASADENA, TX-A developer from nearby Bellaire has upped his multifamily holdings in the Houston metropolitan area to more than 1,000 apartments with the $8-million purchase of West Point Village, a 422-unit, class C-minus development. The Harris County Appraisal District assesses the property at $3.6 million.

Claremont Property Co., which has been on a buying binge for three years, plans to sink more than $4 million into the 1960s-vintage complex, which was in foreclosure, says Jeff Eisenhardt, a partner with Phoenix-based Hendricks & Partners’ Houston office. He tells GlobeSt.com that West Point Village, located at 3633-35 S. Shaver St., has been on and off the market for years, but he tracked down the foreclosing lender, Ridges Loan Consolidation of Dallas, for the off-market transaction.

Claremont is well known for rehabbing and repositioning plays, Eisenhardt says. “In previous situations, they have taken similar properties down to the studs,” he says, adding the firm plans to sink $10,000 per unit into West Point Village. “It’s been very neglected and is very run down.”

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