Real Estate Deals
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536 UNITS, CARMEL CREEK, HOUSTON TEXAS
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536 UNITS, CARMEL CREEK, HOUSTON TEXAS
THE OPPORTUNITY
The sponsor is offering the opportunity to invest in the acquisition of Carmel Creek Apartments in Houston, Texas. The 536 units Multifamily property is located in the desirable area of Northwest Houston and is in walking distance to large number of employers, retail centers, restaurants and some of the best schools in the city. Approximately 25% of the units have been lightly upgraded and receives a premiums over the non renovated units. The offering presents a value-add opportunity to implement a complete renovation program for additional units to better compete with newer communities. This upgrade will also allow to capitalize on the future increased demand in the submarket. Axiometrics forecast 4.3% to 6.3% rent increase for 2021 and 2022 in Northwest Houston, which reflects a robust demand for that product in the following years.
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