Broadstone

Broadstone Briar Forest, a 342-unit, class B multifamily value-add investment opportunity in West Houston, Texas.

Key Points:

• Deal Story: Lone Star first saw Broadstone in Fall 2021 in a closely shopped process that did not result in a transaction. Through “hanging around the hoop” and our strong local relationships, we were able to secure the deal off-market at a 4.4% cap rate, avoiding full marketing and a costly bidding war.
• Location: The property sits in a highly desirable residential area, just around the corner from Ray Daily Elementary School and across the street from the Village School, a $33k /yr IB boarding school ranked #2 in Texas by Niche.com.
• Business Plan: The previous owner, a local operator, has maintained the property to a high standard and renovated half of the units; Lone Star is completing unit renovations on the other half the units for rent increases matching existing premiums and implement amenity and operational improvements to build resident appeal.