Lakewood Apartments, Houston Texas
1.87X Multiple Return
7.62% Average cash-on-cash
LAKEWOOD Apartments is a 88 unit value-add apartment complex that is right in the middle of an explosion growth corridor within 40 minutes of the Houston MSA with Median Household Incomes of $50,343. Texas City is capturing migration and growth progress as they have revitalized their historic downtown business district into a regional entertainment destination.
The asset is a manageable size (88 units) and has great location to several major employment centers in Houston such as NASA Space Center, Landry's HQ, Valero, Moody's Bank, University Of Texas Medical branch and more. The asset is a short drive to both downtown Houston, upscale retail and dining such as The Tanger Outlets and Topgolf and is within minutes of William P. Hobby International Airport.
The current owner has already spent a significant amount of capital renovating certain parts of the asset starting the process of taking it from a C to B asset.
Texas City is also situated within one of the strongest regions in the United States, the Houston-Galveston region, expected to continue to experience remarkable growth in the coming decades. The growth in this region is driven by several factors, which include the booming domestic energy sector, an unmatched medical center, and major ports.