A partnership consisting of Better World Holdings and Crown Capital Ventures has acquired Serenity at Cityside, a 362-unit rental development situated in the Galleria neighborhood of Houston.
The financial terms were not disclosed; however, the seller was CPEP Beverly Palms.
The property will be renamed Aura Galleria.
Constructed in 1968, the development consists of a mix of one-, two- and three-bedroom floorplans distributed among 32 two-story buildings. It is centrally located within the Galleria area two blocks from the Southwest Freeway, Houston's principal Center City highway artery. The property is situated on a residential block immediately adjacent to popular and upscale nightlife and entertainment offerings.
The new owners plan a $6 million modernization initiative that will include interior renovations and a range of community amenities. The acquisition price was not disclosed.
"The joint venture will initiate an intelligently applied cap
