Broadstone Briar Forest
Broadstone Briar Forest, 342-unit, class B- multifamily property built in 1983 and located in West Houston, Texas.
Location
Broadstone Briar Forest sits in a highly desirable residential area, ideally located off Westheimer. Convenient to Houston’s major job hubs and Downtown, while balancing affordability with a family-friendly, sheltered neighborhood, the property is attractive to a family lifestyle.
Background
The previous owner, a local operator, has maintained the property to a high standard and renovated half of the units since 2006.
Business Plan
Lone Star is completing the existing ownership’s renovation program, renovating the remaining 277 units for the proven $100 premium plus an additional $50 lift. In addition to the existing high-quality granite / stainless finishes, we will provide tile backsplash and smart home features to enhance resident quality of life.
Amenity upgrades include restoring both pools and hot tub (currently offline) to service, upgrading dog park with wash station and pet spa, second outdoor kitchen on Phase 2, exterior paint and light deferred.
The result will be a premium product at a competitive price relative to newer construction in the area ($300+ gap).
