Cranbrook Forest
Cranbrook Forest is a 261-unit apartment complex built in 1983. The property features five floor plans consisting of one and two-bedrooms. The community features a swimming pool and a fitness center. Cranbrook Forest is located in the desirable Spring ISD school district in northwest Houston with convenient access to I-45, Beltway 8, George Bush Intercontinental Airport, shopping, dining and public transportation.
Location
Background
Cranbrook Forest was a true off-market, deep value-add asset acquired by Lone Star Capital in July 2018. The previous owner, a large global investment fund, had acquired it out of bankruptcy as a small piece of a large portfolio. While some basic maintenance had been kept up, this group allowed Cranbrook to slip through the cracks operationally. The result was a challenging property that was mismanaged, mostly unrenovated, and had high vacancy, leaving significant valueadd opportunities from an operations and capex perspective
Business Plan
