Las Varandas Del Sur

las varandas2

Investment Rationale

  • Adjacent to sister property, Terazza West Apartments, Las Varandas is a highly visible location with access and visibility from Interstate 69 and the Sam Houston Tollway.
  • Located within the Alief ISD and offers good access to schools, commercial and employment centers.
  • Property acquired at a large discount to market through acquisition of note secured by property and negotiating “friendly” foreclosure with guarantor in default.
  • Effective property at acquisition was 10%, allowing for a rapid renovation, rebrand and release of asset, and maximizing rental rates at stabilization.
  • Property comprised of a good mix of unit types and sizes as well as good density and attractive in-place amenities, make the post-rehabilitation asset a more intrinsically livable property.

Current Status

  • Fully stabilized and performing in excess of pro-forma estimates.
  • Favorable permanent financing terms.
  • Asset is in good repair with all rents cycled to market rates.