OHT Partners Unloads Houston Multifamily Community
New York City-based Praedium Group acquired the property. The Lenox Clear Lake is a 380-unit garden-style complex located within walking distance to the Boeing Corporate Campus, and is near NASA’s Johnson Space Center, the Port of Houston, Baybrook Mall and the Bay Oaks Country Club.
Berkadia represented the seller. The company’s Todd Marix says there’s a shortage of quality product in the area, “Lenox Clear Lake is in a popular supply-constrained suburb with limited Class A product. It offered a unique opportunity for investors to acquire a low-density asset in one of Houston’s few submarkets with true barriers to entry.”
The sales price was not disclosed. OHT has been around since 2010 and they focus on highly visible, premiere locations near major employers, retail attractions and recreational amenities in high growth areas.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.