Lakes at 610
Lakes at 610, 344-unit, 2003-built apartment complex in the Med Center submarket of Houston.
Location
Lakes at 610 offers excellent connectivity to Central Houston’s employment with 326,000 jobs within a five-mile radius and 983,000 jobs within a 10- mile radius. Less than 10 minutes away, the Texas Medical Center (TMC) is the largest life sciences destination in the world with 106,000 employees. Given that most of the land is occupied by TMC institutions, there is limited available land for development, mitigating the threat of new supply.
Background
Beginning in September 2023, LSC started tracking this deal and made four offers at various times but was unwilling to meet the seller’s pricing expectations. Pressure from equity led to the seller’s capitulation. LSC became the buyer of choice due to a successful closing with the same seller in May of 2024 and $130M+ in transaction history with the Berkadia Texas Investment Sales team.
Business Plan
Since 2018, Lakes at 610 has completed ~$7M of major renovations, leading to substantial rental increases and 94% average occupancy over the past 24 months.
Lakes at 610 received the 2023 Kingsley Excellence Award for resident satisfaction. LSC and its investors have taken over a turnkey community with stable returns and minimal concern about major capital projects in the future.
