Waterton has acquired a portfolio totaling 809 units in the Houston area, almost doubling the company’s presence in the metro. The portfolio consists of the 348-unit Reserve by the Lake in Houston, the 264-unit Madison on the Meadow in Stafford, Texas, and the 197-unit Summerwind in Pearland, Texas.
According to Yardi Matrix information, Hills Properties sold all three properties. Last October, the buyer spent $63 million for Aventine, a 147-unit luxury property in Hercules, Calif.
The assets will undergo capital improvement programs, focusing on interior and exterior renovations. All units will be fitted with stainless steel appliances, cabinet resurfacing and hardware, as well as receiving upgrades to the lighting and plumbing. Exterior improvements will comprise new paint and modernized clubhouses, pool areas and other common area amenities.
Reserve by the Lake is located at 18600 S. Parkview Drive alongside the shores of a catch and release lake, roughly a mile from Interstate 10 and almost 22 miles from downtown Houston. Completed in 2003, the community consists of one-, two- and three-bedroom apartments in 22 three-story buildings. Amenities include a volleyball court, media room and recreation room. The gated community was 97.1 percent occupied as of November, Yardi Matrix data shows.
Situated at 12660 Stafford Road, Madison on the Meadow is roughly 4 miles from The Fountains Shopping Center and 17 miles southwest of downtown Houston. Offering one-, two- and three-bedroom options, the asset was 93.2 percent occupied in November, per Yardi Matrix information. Built in 2004 on a 22.7-acre site, the 11 three-story buildings include common-area amenities such as fitness center, pool and barbeque with picnic area.
Summerwind is 17 miles south of downtown Houston, located at 2414 County Road 90 within walking distance of several retail and dining options. The asset consists of one-, two- and three-bedroom apartments in 14 two- and three-story buildings completed in 2004. Amenities include a media room, pool and carport parking. According to Yardi Matrix, the community was 93.4 percent occupied in November.
Houston’s economy has improved considerably, gaining almost 83,000 jobs in the 12 months ending in June 2019, a recent Yardi Matrix report found. The metro has diversified its employment base, with growth in the professional and business services, manufacturing, leisure/hospitality and construction sectors.