Hollister Apartments is a 156-unit, class B- multifamily property in Dickinson, Texas, a suburb of Houston centrally located between job-rich Clear Lake and Galveston beaches. Due to the strong continued growth in the Dickinson / Clear Lake area and Lone Star’s value-add business plan, total returns are projected to be 15.1% net IRR to investors.
- Deal Story: Post-Harvey, the owner rebuilt the property from the studs with premium interiors.
- Location: Just off Gulf Freeway (I-45), Hollister is situated in the City of Dickinson, in a leafy residential neighborhood, yet near shopping and transport along I-45, with easy access to employment in Clear Lake one exit up.
- Business Plan: In order to further enhance income, Lone Star will do light value-add with exterior improvements, in-unit washer/dryers, and smart home in-unit. Amenities include 2 swimming pools, laundry room, bus stop (each phase) and dog park. Lone Star will build on these with a new fitness center, package lockers, lighting improvements, and more.