Renovation Underway at Houston-Area Estates at Fountain Lake
- Oct 01, 2014
Houston—Northbrook, Ill.-based Prime Property Investors (PPI) has tapped Greystar Real Estate Partners to oversee leasing and property management at Estates at Fountain Lake, a 13.6-acre rental property in metro Houston that’s being upgraded. PPI is overseeing renovations with the help of Greystar, with the renovations done in phases as leases come up for renewal, with a goal to complete unit renovations over the next three years.
PPI acquired the property, which is on Fountain Lake Dr. in Fort Bend County, from Dallas-based Trammell Crow Residential earlier this year, and says it’s in the process of executing a value-add strategy. According to Barbara J. Gaffen, co-CEO of PPI, Fort Bend County is growing rapidly, with increasing demand for luxury properties.
The 306-unit community consists of 14 three-story garden-style buildings with 198 one-bedroom, one-bath apartments and 108 two-bedroom, two-bath units. It’s currently more than 96 percent occupied, according to PPI, with average rents of about $1,300 per month. The property also includes 391 recently repaved surface parking spaces, 36 covered spaces and 69 enclosed private parking garages.
Unit updates will consist of new stainless steel appliances, fabricated wood flooring throughout the main living area and kitchen, quartz countertops and new cabinets in the kitchen and baths, custom designer paint colors and new lighting fixtures. PPI also plans to add fenced-in private yards to some of the first-floor apartments.
Renovations to the common areas at Estates at Fountain Lake will include enhancing the pool area with a new sun deck, cabanas and outdoor grilling area and upgrading the fitness center. The management office and clubhouse will also be renovation, as will ground’s landscape and signage.