The property is in the Cypress Station area of Northwest Houston. This area has easy access to major employment centers via main highways including SH-99, I-45, and US 290.
Built in 2008, 5 Oaks is a very clean asset with contemporary amenities, high ceilings, and stone accents. Units are 66% / 34% mix of 1-bed and 2-bed floor plans, with average size of 716 square feet at $1,148 monthly rent.
The deal was initially awarded to another group at a higher price. Lone Star secured 5 Oaks for a discount of $500k+ by “hanging around the hoop” as the transaction stalled. Our reputation in the market and strong relationship with the sales brokerage group, proven over multiple purchase and financing transactions totaling over $100M, were key influences on the seller’s decision to go with us.
Currently, 59 units are renovated to quartz / stainless finish level, leaving classic cabinets and with bathrooms upgraded to white laminate countertop and basic mirrors. We will build upon existing ownership’s renovation program, bringing the 59 partial renovations and 169 classic units to a luxury quartz / premium finish level, capturing existing premiums plus an additional premium due to our more comprehensive renovation scope while still maintaining affordability relative to similar product in the area.
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