Hollister
Hollister Apartments, 156-unit, class B- multifamily property built in 1976 and located in Dickinson, Texas.
Location
Just off Gulf Freeway (I-45), Hollister is situated in the City of Dickinson - a suburb of Houston centrally located between job-rich Clear Lake and Galveston beaches. The location is in a leafy residential neighborhood, yet near shopping and transport along I-45, with easy access to employment in Clear Lake one exit up.
Background
Since Hollister flooded in Harvey, previous ownership installed an improved on-site drainage system. The City of Dickinson is currently deploying $49M of State / Federal funds in Hollister’s immediate vicinity to build new storm sewers and redirect stormwater.
The property is also covered by flood insurance.
Business Plan
Renter-by-necessity / Workforce housing demographics ensure consistent rents across market conditions, as seen in the recent covid crisis.
In order to further enhance income, Lone Star will do light value-add with exterior improvements, in-unit washer/dryers, and smart home in-unit. Amenities include 2 swimming pools, laundry room, bus stop (each phase) and dog park. Lone Star will build on these with a new fitness center, package lockers, lighting improvements, and more.
