After recently purchasing Haven at Liberty Hills, a Class A community in Houston, American Landmark and its debt and equity partner, Electra America, have acquired Hilltops Apartments, a 208-unit asset located 40 miles north of downtown Houston, in the city of Conroe.
Located at 2200 N. Loop 336 W., Hilltops Apartments is close to Interstate 45, Conroe Regional Medical Center, Lake Conroe and several grocery stores and other retailers.
The company is set to invest approximately $800,000 in capital improvements, including washers/dryers in all units, USB ports/outlets, valet trash service and a package delivery locker system for residents.
Completed in 2017, the asset comprises one- and two-bedroom units averaging 881 square feet in three-story garden-style buildings. Common-area amenities include a resort-style swimming pool with deck and grill, business center, carports and detached garages, game and media room, resident clubroom, fitness center and a laundry facility. The property was 92 percent leased at the time of sale, with average in-place effective rents of $1,059.
“Economic growth from Houston continues to spill over into the suburbs, and that’s turned Conroe into the fastest-growing city in the country, with over 7.8 percent population growth last year. Demand for rental housing in Conroe is robust, and will remain so for the foreseeable future with more businesses moving into the area,” Christine DeFilippis, CIO of American Landmark, said in a prepared statement.
Image courtesy of American Landmark