Webster's Falls at Clear Lake sells for $26MWebster's Falls at Clear Lake sells for $26Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=111782015-11-17T06:00:00Z2015-11-17T17:00:00Z

​WEBSTER - Oak Coast Properties purchased Falls at Clear Lake, an apartment complex on Nasa Rd. 1 in Webster, for $26 million. Oak Coast wants scale in its markets so it can achieve operating efficiencies and economies. 

That means it’ll be trying to amass around 1,000 units here; this community is a good start at 400 units.

Webster Health Care Corridor are big drivers, and Oak Coast is excited by the nearby Baybrook Mall expansion. This area also has limited supply of multifamily units, with nothing in the pipeline.

Falls at Clear Lake will get a $4 million renovation. Oak Coast has been a more active investor this year than it planned; it came into 2015 with a goal to buy $125 million of Class B and C multifamily and hospitality assets. The Webster deal pushes it to $214 million; next year, it’s targeting $300 million of acquisitions. ​

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