Fifth Corner, founded by industry veterans Tenel Tayar, Chad Braun and Kerr Taylor, announces that it, through an affiliate, has acquired Ella Oaks Shopping Center.
Fifth Corner continues to execute the time-tested investment strategy with the acquisition of Ella Oaks Shopping Center. Ella Oaks is a 28,056 square foot shopping center located at the southwest corner of Ella Blvd. and 34th Street in the GOOF (Garden Oaks/Oak Forest) and Greater Heights submarket of Houston Texas. The property is located on 2.46 acres of land, has six different points of vehicular access and enjoys an average household income within a 1-mile radius of $131,000 with 126,000 people in a 3-mile radius.
The property is home to 15 different tenants, including BB's Café, Aladdin, Specialized Bikes, Oak Pointe Pediatric Dentistry, Sunday Press and other essential and experiential tenants that are woven into the fabric of the local community.
Garden Oaks and the Greater Heights is one of the most dynamic submarkets in Houston, When we land in the middle of the 5D's of our investment framework with the wind in the sails of the community, we usually find opportunities better than we expected…and I think Ella Oaks is just that!"
Tenel Tayar, Co-Founder and Managing Partner at Fifth Corner.
Fifth Corner focuses on 'creating value on community focused Irreplaceable CornerTM properties' within the major markets of Texas.
Our Irreplaceable CornerTM investment thesis has been honed over 30-years and proven through multiple economic and real estate cycles, We believe that our locational investment focus combined with our vertically integrated and dedicated operations team of professions will continue to create long term value for investors."
Chad Braun, Co-Founder and Managing Partner at Fifth Corner.
Fifth Corner Property Fund I, LP was fully invested as of April 2021 into eight different real estate projects, and realized its first monetization in May 2021 when it sold Sugarland Plaza, generating a 2X equity multiple and an 18% IRR on that property.
For its current investment vehicle, Fifth Corner has two additional properties under contract in Fifth Corner's target markets with an anticipated closing in early April 2022.
ABOUT FIFTH CORNER
Fifth Corner is a Houston-based real estate company investing in and creating value on community-focused Irreplaceable Corners™ located in the fastest growing metros. The real estate strategy and culture are time-tested and refined over 30 years to create value for the properties, investors, and communities.