By ABJ staff
Apr 8, 2019, 2:53pm CDT Updated Apr 8, 2019, 3:36pm CDT
Austin-based CapRidge Partners LLC has bought three office buildings in Houston totaling more than half a million square feet.
CapRidge acquired the buildings at 1616 S. Voss Road, 7500 San Felipe St. and 6363 Woodway Drive near the Houston Country Club, on the Bayou City’s west side, from a partnership led by California-based Unilev Capital Corp., according to an April 5 announcement from real estate firm HFF Inc.
HFF’s Houston office represented both CapRide and the sellers.
The deal was financed by New York Life Real Estate Investors on behalf of New York Life Insurance Co.
The purchase price was not disclosed but the properties — including land and buildings — were appraised at $22.35 million, $20.35 million and $22.58 million, respectively, for 2019, per Harris County Appraisal District.
CapRidge Partners plans to spend $15 million to renovate and reposition the three buildings, according to the announcement. Plans include “significant upgrades to building systems, comprehensive common area improvements and innovative tenant-centric amenities.”
CapRidge owns two other Houston properties at 12012 Wickchester Lane and 1300 W. Sam Houston Parkway.
Olivia Pulsinelli with Houston Business Journal contributed reporting for this story.
This story has been updated with more current information about CapRidge Partner’s Houston portfolio.