Modera Spring Town CenterHouston, Texas
Asset – 396 class-A garden-style apartments
Total Development Budget – Approximately $46 million
Acquisition Date – Dec. 20, 2013
Market – Located in Spring, Texas, a suburb of Houston, this market has experienced unemployment rates below the national average since January 2012 1
CNL Growth Properties owns a 95 percent interest through a joint venture with MCRT Spring Town LLC.
1 U.S. Department of Labor – Bureau of Labor Statistics. December 2013.