Renovations in Full Force at Estates at Fountain Lake in Houston
- Apr 15, 2015
Chicago—Northbrook, Ill.-based Prime Property Investors (PPI) has completed the first phase of unit renovations at Estates at Fountain Lake..
The 13.6-acre luxury rental community near Houston’s Sugar Land submarket is made up of 14 three-story garden-style buildings totaling 306 units.
PPI acquired the property in May 2014 and has since focused on fulfilling a “value-add” strategy to improve the property and meet increasing demand for upgraded luxury apartments in the area. So far, PPI has renovated a total of 100 apartments with high-end finishes and upgrades.
“Historically speaking, Estates at Fountain Lake is a relatively young community as it was built in 1998,” said Barbara J. Gaffen, co-CEO of PPI. “It is an exceptionally well-constructed and maintained property, and because of its prime location and amenities, the community has established long-time residents. Renovating the common areas and units allows us to evolve and grow with the needs of our existing residents and offer a desirable option for renters looking at more expensive new-construction apartments in the area.
Situated in Stafford on Fountain Lake Drive, just east of South Dairy Ashford Road, Estates at Fountain Lake consists of 198 one-bedroom, one-bath apartments and 108 two-bedroom, two-bath units. The property is currently 97 percent occupied with rents averaging around $1,300 per month. Newly renovated units are priced at $165 to $190 more per month.
Apartment renovations highlight wide vinyl plank flooring and custom designer paint colors throughout the home and new kitchens with Galaxy White quartz countertops and undermount sinks, tile backsplashes and new cabinets. Brand new stainless steel appliances further complement the kitchen upgrades, giving a fully updated and sleek finish. The renovated models also showcase modern bathrooms with vinyl plank flooring, modernized cabinets and quartz vanity countertops with designer faucets.
Every unit at Estates at Fountain Lake has either a private balcony or private patio and features nine-foot ceilings with double crown molding. The community offers 391 recently repaved surface parking spaces, 36 covered spaces and 69 enclosed private parking garages.
“Renovations are being done in phases as leases come up for renewal, with a goal to complete all renovations by summer 2016,” said Gaffen.
PPI is also working on developing some of the common areas, recently adding an outdoor grilling area by the pool and improving the grounds and landscaping.
“The convenience of living in a luxury apartment community has made renting versus buying a growing trend for people who live in Houston or who are moving to Houston,” said Gaffen. “And as one of the fastest growing areas in the nation, due to population and job growth, Houston in particular has a high demand for upscale multifamily housing. We are very pleased with our return on investment in the Houston market.”