The property sits in a highly desirable residential area, just around the corner from Ray Daily Elementary School and across the street from the Village School, a $33k /yr IB boarding school ranked #2 in Texas by Niche.com.
Lone Star first saw Broadstone in Fall 2021 in a closely shopped process that did not result in a transaction. Through “hanging around the hoop” and our strong local relationships, we were able to secure the deal off-market at a 4.4% cap rate, avoiding full marketing and a costly bidding war.
The previous owner, a local operator, has maintained the property to a high standard and renovated half of the units; Lone Star is completing unit renovations on the other half the units for rent increases matching existing premiums and implement amenity and operational improvements to build resident appeal.
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