Madison at Bear Creek, a 180-unit, 1982-built multifamily property in Northwest Houston’s Bear Creek submarket.
- Deal Story: Lone Star has previously transacted with this brokerage group, and we already own in Bear Creek, key factors in reassuring the seller and securing the deal. We currently manages 300 units right next door (Timberwalk Apartments). Our local knowledge and hands-on attention will support execution of the business plan.
- Location: Bear Creek is a quality mid–upper workforce area, with extensive single family residential as well as national retail on Addicks-SalsumaRoad (TX-6) / nearby Copperfield. It is conveniently located to Houston’s major employment centers, with access via Northwest Freeway, I-10 / Katy Freeway, and the job-rich FM-1960 corridor.
- Business Plan: Units are 13% / 56% / 31% mix of studio, 1-bed and 2/3-bed floor plans, with average size of 769 square feet at $1,015 monthly rent. Current ownership acquired the property over a decade ago. They have maintained the asset, but the 100% true “classic” interiors have fallen behind the market.