401 S. Bender Ave
Humble, Texas 

300 Units 

Purchase Date: December 2013
Sale Date: Holding

Projected ROE: >100%


A 300-unit Class C property in a very good location just off of Highway 69 in the supply-constrained community of Humble, just north of the George Bush Intercontinental Airport.  The previous owners invested heavily in the exteriors and infrastructure of the property.   The highly occupied asset was purchased at a very favorable cap rate as a result of a low-leverage assumable loan and has enjoyed high unlevered returns from day one.  The plan is to make moderate investments to upgrade the interiors over time and bring rents in line with peers in the sub-market.