Verandas at Bear Creek

Verandas is five miles away from the “Energy Corridor” which employs 91,000 people. According to an Apartment Data Services’ report in 2018, the Bear Creek/Copperfield/Fairfield submarket ranked 1st of 42 total submarkets in their list of “Houston’s Hottest Performing Submarkets” with annualized growth rates of 6.7% in occupancy, 5.7% in rental rates and 1.17% in absorption over the prior 3 months. Additionally, there are no new or proposed apartment communities in a 3 mile radius.

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This property is just one of 23 properties bought by the Seller in a bulk portfolio purchase out of bankruptcy in 2016.  The prior owners abandoned their asset portfolio, were malfeasant and had various criminal concerns.

The Seller injected substantial capital to preserve the asset and renovate the exteriors, including installing new roofs and painting the entire exterior.

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Approximately, 79% of the asset is unrenovated leaving significant room for revenue accretion while existing renovations mitigate risk by proving the market is willing to pay a premium. Furthermore, Lone Star will implement a streamlined unit upgrade plan that will include washer/dryers in every unit.  This will set Cranbrook Forest apart from other properties in the area and attract a stronger tenant profile.