Recent Acquisitions

Execution: Value Add | Deal Source: Relationship based (fully marketed)

• Leveraged local market knowledge, in-house construction management team and previous success in West Houston to acquire a well located, recently renovated (2019) asset
• The previous owner completed a very deep and comprehensive renovation of all 136 units where the scope included taking the units “down to the studs” which positions the asset very similar to the acquisition of “new construction” below current replacement cost
• Our renovation program is limited to enhancing the common areas as well as other revenue-generating amenities
• We plan to replace existing management with an experienced operator to better manage leasing operations and close the gap between in-place rents and comparable Class A assets
• This asset will provide immediate current yield to balance against the future acquisition of assets that require heavy value-add early in the hold period