Project type: Investment, Workforce Housing
Project value: > $65mm
Project size: 412,344 square feet
Located in Houston just 10 miles from George Bush Intercontinental Airport and several other logistics and distribution employment centers, The Life at Spring Estates is a desirable multifamily complex that boasted large units and below-market rents. Because floorplans were 20% larger than comparable units and the area boasted strong rental growth, the property was well-suited for reconfigurations including additional bedrooms and amenities improvements that would generate greater returns.
Capital Growth Buchalter invested to help aggressively improve and reposition the property to achieve above-market average rents and an array of sought-after features. Amenities and recreation now abound with business center, barbeque and picnic areas, state-of-the-art fitness center, swimming, yoga studio, walking trails all on site along with 9’ ceilings, in-unit laundry and more. Together with the multi-family value-add acquirer, CGB was able to help deliver best-in-class service to underserved tenant bases while also yielding compelling gross deal returns.
Highlights
- 372 1- to 2- bedroom apartments located on 17 acres of land, allowing residents a plethora of space for various activities
- Addition of storage units to unused acreage on the property will drive returns further as tenants will be find this nearby service an attractive option for storing personal items close to home
