Three Corners Portfolio
3 Asset - 1,103 Unit Multifamily | Houston TX
04.15
Acquisition Date
3.3 Years
Hold Period
$82.4M
Total Capitalization
$16.0M
Equity
OUR PORTFOLIO
Case Studies
Description
The “Three Corners Portfolio” is comprised of 3 adjacent multifamily assets (Three Corners North, West, East) totaling 1,103 units located in the Spring Branch neighborhood in Northwest Houston inside the beltway, north of I-10 and just 3.5 miles north of the City Center, a residential/retail/hospitality mixed-use project. The portfolio assets offer a balanced blend of urban and suburban surroundings. Each asset provides a convenient set of community amenities including gated access, 2 swimming pools, a playground, grill/picnic area, dog park, fitness center, and business center.
Location
9999, 10010, 10105 Kempwood Drive
Houston, TX 77080
Opportunity + Execution
Execution: Value Add | Deal Source: Relationship based (fully marketed)
- Opportunistically acquired 3 adjacent assets from an institutional seller at a price well below replacement cost during a temporary market decline after short-term drop in oil prices
- Designed and executed capital improvement plan focused on unit interiors and exterior/infrastructure rehabilitation producing outsized ROI on invested CAPEX
- Implemented an aggressive shadow property management initiative resulting in entirely re-staffing the property and overhauling the leasing & maintenance protocols
- Sold the portfolio into a recovered market 3.3 years, achieving above market average annual cash on cash yield over the life of the hold.