Briar Court has an enviable location nestled between the Westchase District and the Energy Corridor in West Houston with easy access to the major transportation corridors and Houston’s largest empl0yment districts.
Lone Star initially bid off-market on Briar Court, but seller listed the deal seeking a higher price. We tracked the process and were able to “hang around the hoop.” The seller had a loan coming due, adding urgency and lending weight to our track record / local footprint in awarding the deal. The deal was secured for a $5k/u discount vs. whisper pricing–a 4.1% adjusted cap rate with value-add upside.
Briar Court’s 64% / 36% 2/3-bed to 1-bed unit mix is well suited to more established renters and families. To better serve this target market and keep pace with premium product in the area, Lone Star will renovate all units to luxury finishes with granite counters, backsplash, and stainless appliances as needed.
Previous ownership cured exterior deferred maintenance, remediated older electrical systems, and performed modest upgrades.
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