Richmond, VA – November 5, 2013 − 37th Parallel Properties (“37th Parallel”), a total return focused commercial multifamily real estate investment firm, announced today it has recently closed on Timber Run Apartments, a multifamily property located in Houston, TX.
Timber Run Apartments, located at 13000 Woodforest Boulevard, Houston, TX, is a 120-unit apartment complex made up of 64 one-bedroom and 56 two-bedroom apartments.
Chad A. Doty, CEO of 37th Parallel commented on the acquisition, ”We are pleased to acquire another property in the Houston market. The economic conditions in Houston are superb for multifamily investors. Houston has added more jobs than any other city in the country in the past year, and with the planned upgrades at the Houston Port, this growth will continue for several more years.”
Timber Run represents the third acquisition by 37th Parallel in the Houston market and is located less than 2 miles from Riverwalk Apartments. Dan Chamberlain, COO of 37th Parallel noted “The economies of scale with having two properties so close to one another will benefit investors in both projects. We have already implemented cost savings in our landscaping and property management services, and will continue to evaluate and reduce costs.”
Property amenities include a clubhouse, swimming pool, washer dryer hook-ups and a laundry facility.
37th Parallel Properties provides commercial multifamily investment and asset management services for select private clients across the United States and Internationally.