The Claridge

10027 Spice Lane 
Houston, Texas 

173 Units 

Purchase Date: April 2015
Sale Date: Holding
ROE: 100%

 

A 173-unit Class B property in an excellent location on the feeder road of Sam Houston Parkway (Beltway 8) in a densely populated area near the expanding Houston’s Chinatown.  The highly occupied (96%) asset was acquired with an assumable Fannie Mae mortgage, but because of the slightly higher than the market interest rate, the property traded at a premium to market cap rates at the time of purchase.  The property is a Harold Farb built property that is in good physical condition but offers good upside potential through the implementation of the moderate interior upgrade program.   The plan is to stabilize the asset, refinance it and enjoy the strong cash flow over a longer-term hold.