The Beverly at Shadow Lake
624 Unit Multifamily | Houston TX
12.21
Acquisition Date
624
Multifamily Units
874
Avg SqFt.
4 Years
Target Hold Period
OUR PORTFOLIO
Recent Acquisitions
Description
The Beverly at Shadow Lake is a 624-unit multifamily community primed for both interior and amenity value-add located in the high-growth Westchase District and within a ten-minute drive of the Energy Corridor in West Houston. The asset was built in two phases in 1998 and 1999 and spans an impressive 27.93-acre site. Each phase is wholly contained with full amenities including gated access, various grill/picnic areas, and 2 of each resort-style pool, clubhouse/event center, fitness center, business center and picturesque lakes.
Location
2920 Shadowbriar Drive
Houston, TX 77082
Opportunity + Execution
Execution: Value Add | Deal Source: Off-market
- Based on surety of execution, experience in the Westchase District and a long-standing relationship with the seller, Palladius was able to close the acquisition “off-market” at a significant discount to an otherwise fully marketed value
- The Seller bought this asset 5-years ago and completed a light value-add to 55 units, generating meaningful rent growth and proving the demand for a more premium product
- Our renovation program is targeting 50% of the units in a 3-year span in addition to re-amenitizing common areas and enhancing building exteriors, leaving a sizeable value-add opportunity at disposition for the next buyer
- A rebranding as “The Beverly Shadow Lake” will accompany the renovation program and will showcase a modern color palette as well as fresh interior and exterior design elements