ValCap sells 216-unit Towers at Clear Lake; follows sale of Trails at Lake Houston
The following article appeared in Connect Texas Commercial Real Estate News on March 16, 2020
Within weeks of trading Trails at Lake Houston, seller ValCap Group is at it again. The Dallas-based owner-operator sold Towers at Clear Lake, a 216-unit multifamily property in Clear Lake, TX, in the southeast Houston metro. The buyer, Raamco International, also acquired Trails at Lake Houston.
According to Will Balthrope with Marcus & Millichap’s Institutional Property Advisors (IPA), the deal doesn’t represent a major divestiture from ValCap. Balthrope partnered with IPA colleagues Drew Kile and Jennifer Campbell to represent the seller. “Formerly a combination of for-rent apartments and condominiums, Towers at Clear Lake drew a large group of buyers due to its unique product type in Clear Lake,” Kile said.
Towers at Clear Lake, already rebranded as Clear Lake Place, is on 11.9 acres at 18707 Egret Bay Blvd. The 1980s complex offers one, two and three-bedroom units. Amenities include fitness center, spa and pool, basketball, tennis and volleyball courts, and walking/biking trails.