Parc is situated in the desirable Champions submarket of Northwest Houston. The area has benefited strongly from Houston’s outward population growth. Area rents rose 11% in the past year; relative affordability and convenience underpin future rent upside.
The previous owner has owned Parc since 2014. While occupancy has been strong, the property is not achieving its full potential relative to similar nearby comps (Emile, Northgate Oaks). The 2000-vintage product is well-maintained, but interiors have fallen behind the market.
Over the past 15 years, more than 80% of Harris County’s population growth has occurred in unincorporated Harris County, which contains Northwest Houston and the Champions submarket. Built in 2000, the property benefits from a lush, expansive green at its center, immediately welcoming residents home as they step on the grounds.
Lone Star’s interior upgrades and refreshing of the property with premium finishes and tech-forward amenities will deliver an institutional-quality asset that competes in today’s market, ideal for professional buyers seeking quality assets. Underwriting is based on a 3-year hold. Lone Star will pursue a sale or a refinance within 18 to 36 months of acquisition.
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