Terazza West

TerazzaWest3

Investment Rationale

  • Highly visible location at the confluence of Interstate 69 and the Sam Houston Toll way near Houston’s Energy Corridor.
  • Asset is located within the Alief School District and offers good access to schools, commercial and employment centers.
  • At acquisition, asset was being grossly mismanaged at 6% effective occupancy, with large deferred maintenance needs and inspector-noted code deficiencies.
  • Dense 3-story design, as well as close proximity to sister property, Las Varandas del Sur, allows for lower per unit operating costs. Property was better performing.
  • High vacancy allowed for more rapid rehabilitation/repositioning and releasing the asset at higher rental rates.
  • Asset’s good mix of units and unit size as well as attractive in-place amenities make the post-rehabilitation asset a more intrinsically livable property.

Current Status

  • Asset is cash flow positive, in good repair, operating and performing well.
  • All rents are approaching market rates.
  • View Before & After photos.

Location