Chicago Firm Buys Apartments in Swanky Houston Neighborhood

Chicago’s 29th Street Capital has made significant inroads in Texas, and it just keeps adding to its portfolio in the state. The investment firm bought the Highbank multifamily property in Bellaire, a historically affluent area of Houston. The purchase is its 17th multifamily acquisition in the metro area.

The Highbank is a Class A apartment complex built in 2017. It has 284 units and the usual array of Class A amenities, including a resort-style pool with a covered grilling station, a fitness center, a clubhouse with a wine lounge and library and controlled-access garage parking. Its new owners plan to add more technology to the mix, including smart locks and Ecobee smart thermostats. Haven Residential, 29th Street Capital’s in-house property management company, will oversee leasing.

Bellaire is an incorporated city surrounded by Houston and the also-affluent city of West University. Both long-established cities are “inside the loop” — Loop 610, the freeway that is considered the unofficial border of inner and outer Houston. Bellaire is a high-growth submarket, said 29th Street Capital’s Doug Burt, despite the fact that there are no apartment units under construction there.

In the past year, 29th Street Capital bought more than 27 multifamily assets, with over 7,000 units, across the United States. Its portfolio includes 16,000 existing units and another 3,800 in development. The firm has 16 offices nationwide and is headquartered in Chicago.