Apartment purchase and improvement in Houston, TX
- Number of Units 236
- Year Built 1980
- Structure Preferred Equity
- Projected Holding Period 2 years
- Projected Annual Dividend 7.0%
- Projected Annual Total Return 14.0%
The Highland Cross property has received some exterior upgrades and while it shows well on the outside, unit interiors have received little attention leaving plenty of opportunity to drive value and appreciation. All 236 units will be upgraded with new plumbing fixtures, lightingfixtures, cabinet hardware, cabinet resurfacing, countertops, faux wood flooring, paint, window treatments, and black appliances. There are some exterior amenities to improve such as landscaping, addition of a dog park, improved soccer field, addition of a small outdoor kitchen, and replacing the monument sign to give the property more curb appeal. The property is located in the Willowbrook/Champions/Ella submarket in northwest Houston. It is offInterstate 45 and Highland Crossing just north of Hwy 1960. Interstate 45 sees an average of 217,000 vehicles per day, is the primary freeway connecting Dallas and Houston, and is near several other employment centers. Houston has a diversified economy with a strong transportation industry (the Port of Houston is the 6th largest port in the world), world class medical facilities (MD Anderson et al.), significant biomedical research, strong aerospace sector(NASA), and a thriving downstream energy industry.