Nicola Crosby, is pleased to announce the purchase of a 50% interest in 332 units of a 432 unit Class A condominium community in League City, Texas, acquired in partnership with Venterra Realty. Fairways at South Shore is a “fractured condominium” with a portion of the units owned by individuals. The acquisition price of $30.41M represents a significant discount to market and the business plan for the property includes acquiring additional units at prices accretive to the deal. It was built in 1999 as a high end garden style apartment complex over 22.16 acres with exceptional amenities including two pools, a clubhouse, fitness center, and dog park. The property backs onto the South Shore Harbor Country Club, a 27-hole championship golf course. The affluent League City area is a part of Houston’s Clear Lake submarket and is located approximately 25 miles southeast of downtown Houston.
Fairways at South Shore, TexasJuly 16, 2014
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About Nicola Wealth Real Estate
Nicola Wealth Real Estate is the in-house real estate division of Nicola Wealth. Our team acquires and manages properties for Nicola Wealth’s real estate portfolios. We are an experienced team with a disciplined approach, dedicated to building high quality real estate portfolios that are diversified both geographically and by asset type.
About SPIRE Real Estate Portfolios
SPIRE Real Estate LP is an investment portfolio comprised of retail, industrial, office, multi-family, seniors and self-storage properties totaling 3.7 million square feet located in major Canadian markets. SPIRE US LP is an investment portfolio comprised of office, retail and industrial properties located in Seattle, San Francisco, Denver, Phoenix, Houston and Chicago. The portfolio also includes interests in over 14,000 multi-family apartment units located in the South and Southeast US. SPIRE Value Add LP is a new addition to the SPIRE and SPIRE US investment portfolios and focuses on generating returns through re-sale of investments in multiple projects using “value-add strategies.”
Venterra specializes in the identification, finance, acquisition and management of multi-family residential communities in the southern United States. Venterra currently manages a portfolio of multi-family real estate assets of almost 17,000 apartment units. The company has offices in Houston and Toronto and employs over 500 people.