NOI Property Management LLC Announces Management Assignment Following Clearworth Capital Acquisition, Ponderosa Apartments, in North Houston

September 29, 2016 - HOUSTON, TX - NOI Property Management LLC is pleased to announce its management assignment of acquisition of Ponderosa Apartments, a 177-unit class C multifamily asset in Houston, TX.  Covering 6.9 acres, Ponderosa is comprised of 17 two-story buildings, a pool area, and a recently remodeled clubhouse. This garden-style community offers one, two, and three-bedroom floor plans, with an average unit size of 854 sf. The property is located in the well-established 1960/Champions neighborhood in north Houston. The location provides convenient access to major highways including I-45, Beltway 8, and the Grand Parkway. Residents enjoy short commutes to the George Bush International Airport, The Woodlands, and numerous employment and retail centers along FM 1960.

New ownership will implement an extensive renovation plan to include an exterior facelift and modernization of all unit interiors. The exterior enhancements include new paint, façade repairs, landscaping redesign, and numerous amenity upgrades. Interior upgrades will consist of new flooring, carpet, countertops, cabinets, fixtures, and updated appliances.

"Our partners are excited to acquire this property at an attractive basis.  Ponderosa presents an excellent opportunity to reposition a quality asset in a vibrant submarket. The property is experiencing stable occupancy and is well-positioned for rent growth. Our business plan is focused on increasing performance of the asset by improving the physical plant through our strategic renovation plan and employing our exceptional management team," said Jim Marfuggi, a partner in Clearworth Capital and CEO of NOIPM.

NOIPM, an affiliate of Clearworth, will be the new management company. 

About Clearworth Capital

Clearworth Capital is a joint venture comprised of the principals of Dallas-based Seneca Investments and Houston-based NOIPM. Clearworth partners' Warner E. Stone, Matthew P. Stone and V. James Marfuggi are significantly invested in ownership/management in the Texas market of over $200 million in existing multifamily assets and over $75 million in new development pipeline. Clearworth Capital is focused on acquiring niche value-add multifamily assets located in the four primary Texas markets: Houston, Austin, San Antonio, and Dallas. 

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