Upside Avenue has announced the addition of 737 new multifamily units to its REIT portfolio in Houston, Texas.
The Quinn at Westchase is located in one of Houston’s most prominent neighborhoods, the Westchase district. Located west of uptown and just south of the energy corridor, the neighborhood has great access to many of the city’s top employers, retail, and entertainment.
Rents at The Quinn are among the most competitive in Westchase. Poor management has made it impossible for the property to command rents on par with peers. With the right team in place, rents will be marked to market over time to match those of its comp set.
With 329 units renovated to date, the remaining 55% of the interior unit’s classic will be left as meat on the bone for the next buyer. A light value-add plan will be implemented which includes adding other income items like washer/dryer sets in 100 units. There are currently seven tennis courts on the west side in the center of the property which are dilapidated and unusable and is in desperate need of renovating/repurposing. The business plan includes completing the conversion of these tennis courts into a crown jewel outdoor amenity space that will include a running track, soccer field, exterior workout area, outdoor kitchen, covered and uncovered lounge areas, a tree garden, shuffleboard area, shaded tables, and a pool pergola.
