Acquisition of The Hudson at Westchase

United States

Deal value: $48,000,000

Acquisition of a 260-unit, 1980s-vintage garden-style apartment community in Houston, TX, with a value-add renovation plan.

The acquisition targets a stabilized, garden-style apartment community in Houston's growing Westchase submarket, offering value-add potential through unit renovations and operational improvements. The 1980s-vintage asset presents an opportunity to modernize finishes, enhance amenities, and capture rental growth in a supply-constrained Houston market. At $48M for 260 units (~$185K per unit), the entry price reflects below-market replacement cost, providing margin of safety. The investment thesis likely assumes 3-5% annual rent growth driven by Houston's population inflow and limited new supply in the immediate area.