Villa Anita II


Investment Rationale

  • Located in the desirable Brookhollow section of northwest Houston, asset boasts Cy-Fair ISD Schools, close proximity to the 290 superhighway as well as shopping, commercial and employment centers.
  • Distressed asset acquired at a large discount through note purchase through special servicer and foreclosure on said note.
  • Asset located adjacent to sister property, Villa Anita 1 (190) units and both properties run utilizing economies of scale for management and maintenance.
  • Poorly operated asset with rents and occupancy being well below market rates, and undisciplined/unfocused maintenance and management spending.
  • Generally well-constructed asset allowed for rehabilitation dollars could be spent where they could improve property income through higher rental rates.

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.