Texas continues to be a great place to do business, reports BetterWorldLLC.com
Better World Family of Companies since its inception in 2016.— Making it a better world in the multifamily industry has been the company vision of the
"Texas continues to be a great market to do apartment business. This was an excellent opportunity that we identified through careful due diligence. Apartment properties in Texas offer exceptional investor value if one knows where and how to look," said Terri Clifton, VP of Investor Relations with Better World Holdings LLC.
The Better World Family of Companies led by multifamily industry veterans, Terri Clifton, Reuven Bisk, Michael Knight and Larry Hill have partnered with another Houston heavyweight multifamily firm, HM Equity Management, led by Ian Hancock and Marc Lewis, to acquire a 544-unit, three-property portfolio in Victoria, Texas.
"Victoria represents everything that is great about Texas. The business and economic environment offers multifamily investors tremendous opportunities that are increasingly difficult to capture in larger markets," said Reuven Bisk, President of Better World Holdings LLC.
The portfolio includes the 216-unit Silvermine Apartments, the 224-unit Victoria Station Apartments and the 104-unit Tanglewood Apartments.
Hurricane Harvey delayed the closing of the value-add opportunity when the eye of the storm passed within 50 miles of Victoria. As veterans of the Gulf Coast multifamily industry, the joint venture buyers were undeterred and stayed the course.
"HM Equity Management is excited to partner with Better World Holdings to bring new investment and ideas to the Victoria multifamily community," said HM Equity Management CEO, Ian Hancock.
The partnership is already delivering upgraded units to the Victoria market less than 30 days after closing. The long-term vision includes bringing more premium apartment amenities and services to Victoria including dog parks, yappy hours, electric fireplaces in common areas, modern design with glass and stone walls, creative pool cabanas and outdoor kitchens. New interior amenities in units will include kitchen backsplash accents, upgraded lighting, new appliances, new cabinetry work and more.
"Residents will benefit from many of the same styles and amenities as are found in newer A class properties," said Michael Knight, VP of Operations for the Better World Companies. "Now, residents can affordably enjoy these amenity upgrades and with more square footage than is typically offered in most newly constructed communities. It's a win for everyone."
Victoria, Texas enjoys a diversified economy with an emphasis on manufacturing, health, retail, education, and agriculture. Industrial employers appreciate Victoria because of its convenient access to major highways, the Victoria Regional Airport, the Port of Victoria and the deep-water port of Port Lavaca/Point Comfort. Dow, Formosa Plastics and Alcoa all call the Victoria region home. Located 30 miles inland from the Gulf of Mexico, Victoria is the regional hub for seven counties and is known as "The Crossroads of Texas", offering a two-hour drive in different directions to Houston, Austin, Corpus Christi or San Antonio.
About the Better World Companies and HM Equity Management:
HM Equity Management specializes in acquisition, ownership, management, and redevelopment of multifamily communities.
The Better World Family of Companies is comprised of Better World Holdings LLC, Better World Properties LLC and Better World Consulting bringing complete apartment lifecycle solutions together under one roof with professional apartment property management, multifamily equity, deal formation, creative and custom financing solutions, multifamily investor services, training, staffing, apartment rehabilitation, reposition, multifamily acquisition, uncover hidden value, due diligence, disposition, repositioning and multifamily process improvement.
The Victoria multifamily joint venture portfolio brings together some of the best and brightest minds in the multifamily industry with big plans to make it a better world in the apartment industry in Victoria.
Name: Michael Knight
Email: Send Email
Organization: Better World Companies and HM Equity Management
Address: 17207 Kuykendahl Road Suite 290 Spring TX 77379
Release ID: 331792