Cranbrook Forest

Cranbrook Forest is located in the desirable Spring ISD school district in northwest Houston with convenient access to I-45, Beltway 8, George Bush Intercontinental Airport, shopping, dining and public transportation.

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Cranbrook Forest was a true off-market, deep value-add asset acquired by Lone Star Capital in July 2018. The previous owner, a large global investment fund, had acquired it out of bankruptcy as a small piece of a large portfolio. While some basic maintenance had been kept up, this group allowed Cranbrook to slip through the cracks operationally.

Cranbrook Forest was a challenging property that was mismanaged, mostly unrenovated, and had high vacancy, leaving significant value-add opportunities from an operations and capex perspective.

The seller purchased this asset out of bankruptcy and brought this property closer to stabilization. Improvements were made in the common area, units and in the operations of the property. This allowed LSC to refinance and generate an impressive profit.

Menlo Atherton Capital Partners secured attractive bridge lending, which helped implement the business plan efficiently.