Fifth Corner continues to successfully execute the time and cycle-tested investment strategy with the acquisition of the Plazas @ Midtown. The Plazas @ Midtown are located at the hard corners of Louisiana and McGowen, as well as Bagby and McGowen in the Midtown submarket of Houston, TX. The Plazas @ Midtown encompass a total of 26,956 square feet and are situated on 2.01 acres of land with multiple ingress and egress points at traffic-lit intersections within one of the fastest-growing submarkets in Houston. Additionally, the properties enjoy an average annual household income of $ 105,000 within a 1-mile radius and boast an additional 200,000 people within a 3-mile radius. Consequently, the properties host a daytime population (employment) in excess of 400,000.
The properties currently house 14 unique tenants, including Midtown Dental, On the Kirb, Doghouse Tavern, Lazy Bagel, Tiff’s Treats, Poke Burri, as well as other service and experiential tenants that are woven into the fabric of the local community.
“We are excited to grow our footprint in Midtown,” he says Chad Braun, Co-Founder and Managing Partner at Fifth Corner. “This opportunity to lease up the current vacancy and take advantage of the growing market rents should provide good cash flow and long-term value for investors.”
“We have tracked these properties for years and have known the seller for more than 25 years,” he said Tenel Tayar, Co-Founder and Managing Partner at Fifth Corner. “These property locations hit the bullseye for our investment framework. We believe that we can drive considerable value and cash flow to our investors as a result of this very dynamic market.”
The Plazas @ Midtown were financed with fixed-rate mortgage financing from First Horizon Bank.
Fifth Corner Property Fund I, LP was fully invested as of April 2021into eight (8) different real estate projects and realized its first property sale in May 2021when the company sold Sugarland Plaza, resulting in a 2X equity multiple on the property in three years.
For its current investment vehicle, Fifth Corner has now closed on three (3) properties with a fourth under contract within one of the Fifth Corner target markets.
ABOUT FIFTH CORNER
Fifth Corner is a Houston-based real estate company investing in and creating value on community-focused Irreplaceable Corners ™ and is located within one of the fastest-growing metros. The real estate strategy and culture are time-tested and refined with over 30 years of industry expertise that delivers value for the properties, investors, and communities.
For more information, please visit their website at www.fifthcorner.com or contact Chad Braun at [email protected].
Certain information contained in this material constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “objective , “” strategy, “” plan, “” project, “” estimate, “” intend, “” continue, “” believe, “or the negatives of those terms, variations of them, or by comparable terminology. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements.
FOR MORE INFORMATION CONTACT:
Chad Braun: 281-251-5550
SOURCE Fifth Corner