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Montabella at Oak Forest

178 Unit Multifamily | Houston TX

10.21

Acquisition Date

178

Multifamily Units

1,112

Avg SqFt.

4 Years

Target Hold Period

Description

Montabella at Oak Forest is a 178-unit multifamily asset located in Oak Forest, an affluent and burgeoning submarket in the path of high-growth in West Houston. Oak Forest offers residents a walkable environment, new dining and entertainment amenities, proximity to Houston’s largest employment hubs, rapidly-increasing single home values and commercial redevelopment. The asset consists of 20 two-story garden style residential buildings, 1 club house and a diversified set of community amenities including gated access, resort-style pool, a playground, grill/picnic area, 2 dog parks, fitness center, and business center.

Location

4000 W 34^th Street
Houston, TX 77092

Opportunity + Execution

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 on 148 of the 178 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 targets the 30 remaining units in addition to enhancing the common areas 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
We believe this asset will provide a hybrid opportunity of immediate current yield and value add upside

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