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Three Pillars Picks 11th Houston Property
Three Pillars Capital Group purchased the 288-unit Riviera at Clear Lake. Plans call for a comprehensive renovation and repositioning over the course of two years. The company acquired the property from a private owner, according to Yardi Matrix information, in a deal brokered by Institutional Property Advisors. A $19.1 million loan from Veritex Community Bank financed the purchase. Three Pillars now owns 11 communities in the metro, totaling more than 3,100 units.
Situated on 11 acres at 16457 El Camino Real, The Riviera at Clear Lake came online in two phases, 1963 and 1979, and encompasses 33 two-story buildings. The unit mix comprises one-, two- and three-bedroom floorplans ranging from 631 to 1,132 square feet. Apartments feature private balconies and patios in select units.
Common-area amenities at the garden-style property include a fitness center, a clubhouse, a playground, three swimming pools and laundry facilities.
IPA’s Will Balthrope and Drew Kile, Gregory Austin, Travis Austin and Jackson Hart, brokered the deal.
- ◦Sale/Acquisition
