Meritage
Meritage, 240-unit, 2008-built apartment complex in the Southwest Houston’s Meyerland submarket.
Location
Meyerland is an affluent single-family residential area with six-figure median incomes. Meritage itself is conveniently located inside the loop, just off I-610 at Braeswood Boulevard, in a quiet upper workforce pocket with two nearby apartment buildings amidst Meyerland’s single family neighborhoods.
Background
Lone Star’s transaction history with this brokerage group helped reassure the seller and secure the dealer. We first saw Meritage in Q3 2022, and “hung around the hoop” as the marketing process stalled.
Business Plan
Lone Star Capital is pleased to present The Houston HFC Portfolio comprising 666 units across three multifamily properties: Beckley (1999), Highland (1994), and Meritage (2008) with 210, 216, and 240 units respectively. All three assets will be placed in tax-exempt Housing Finance Corporations (“HFC”)in partnership with the Houston Housing Authority. This will exempt 100% of property tax, resulting in an outstanding risk-reward trade-off. NOI increases immediately due to the tax exemption with minimal operational risk.
