Highland is in the Rosslyn submarket of Northwest Houston, conveniently near the recently expanded U.S Route 290 as well as Beltway 8. This location offers easy access to Houston’s major employment centers. Beckley is zoned to the highly acclaimed Cypress-Fairbanks Independent School District, the #2 rated best school district in Harris County (Niche.com).
Highland was originally marketed as part of a four-property portfolio that stalled as the market cooled late in 2022. Lone Star continued to track the deal, positioning us to move on the opportunity as pricing softened more recently. In addition, our previous transaction history with both this broker and the HFC program helped to reassure the seller and secure the deal.
Highland has been be placed in a tax-exempt Housing Finance Corporation (“HFC”) partnership with the Houston Housing Authority. This presents an outstanding risk-reward trade-off with immediate NOI increase of due to the tax exemption with minimal operational risk.
Lone Star Capital has placed Highland into a portfolio of a total of three properties, with Beckley and Meritage.
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