Why we Invested
- Renovations in 2014
- Updated leasing office
- Partial renovation to 82 interior units
- Updated furniture and decor in the model unit
- Landscape improvements around the clubhouse and common areas
- Deferred maintenance items around the complex were addressed
- Roof is good for another 10+ years.
- The siding replaced in 2015 has a 30+ year lifespan.
- Demographics: C+ Property in a B- Area and situated in the southwest corner of Houston, Texas MSA and close to Sugarland. Population projections over the next 5 years show a 12.1% growth for the immediate 1-mile area around the complex. The Houston MSA has seen an increase of 18.8% since 2020 and is the 4th largest metropolitan area in the United States.
- Local Job Growth: There are more than 55 key employers within 5 miles of the complex including USPS, NOV Inc, Mundy Co., and Sterling Mc Call Toyota. For the last year, the Houston market has seen a 6.6% job gain.
- Not in Flood Zone: Property did NOT flood during Harvey.
- Value-Add Play: Built in 1983, the Property remains well-positioned to capture additional revenue through interior upgrades. Unit interior upgrades to include wood vinyl plank flooring, designer light packages, black or stainless steel appliances, resurfacing countertops (in kitchens and bathrooms), new cabinet hardware, cabinet faces, and faucets, (kitchen and bath) upgrading bathroom accessories, and adding new bathroom mirrors, and light fixtures. Improvements to the exterior include the addition of covered parking, new poolside furniture, new signage, and logo as well as painting the exterior and landscape beautification, capturing average projected rent premiums of $100-$115/unit per month.
