HOUSTON--(BUSINESS WIRE)--Keener Investments announced today that it has acquired a 62-unit property in an off-market purchase. The property’s location puts residents within walking distance of some of the most popular dining, shopping, and entertainment hotspots in Houston. The property will be rebranded as The Block at Montrose and will be managed by Allied Orion Group.
“Our ability to source opportunities off-market is a key strategy for our future success,” said Stephen A. Smith, Founder and Chief Executive Officer of Keener Investments. “The property in Montrose presented an excellent opportunity for our investors to acquire an asset in an irreplaceable location with clear growth potential.”
Houston is ranked fourth among U.S. regional economies, with Houston's Gross Metropolitan Product exceeding $488 billion in 2014. Houston's population is expected to exceed 7 million people by 2020, growing nearly 2% over the next five years, approximately twice the national growth rate over the same period. Within a five mile radius from the property site there are over 360,000 jobs.
The property is located in the Montrose neighborhood, just west of the Houston Central Business District and just north of the Texas Medical Center and Museum District. Additionally, the property is .5 miles north of the University of St. Thomas and only 1.5 miles north of Rice University. The Montrose/Museum District submarket currently boasts some of the most impressive occupancy statistics of any submarket in the nation with average occupancy of 97.9% for Class B assets and 99.0% for Class C assets.
About Keener Investments:
Keener Investments is a value-add multifamily investor located in Houston, TX. Keener’s strategy involves targeting properties that offer a strong balance of current cash flow and future appreciation. We are currently focusing on the Houston and surrounding market areas. As sponsors, we provide all of the startup capital for every transaction and significant amounts of capital for acquisitions. Keener is committed to investing in every deal we sponsor to ensure our profitability is aligned with our investors. Please visit: www.keeneerinvest.com.
