Buyer plans value-add interior improvements to property
PHOENIX, AZ – Houston investor Hazel Equity has purchased Cranbrook Forest, a northwest Houston apartment community located at 13875 Ella Boulevard. The buyer plans significant interior improvements for the property as part of its value-add strategy for the investment.
“Cranbrook Forest is a value-add opportunity located in the stable northwest submarket of Houston,” says Bob Heard of Colliers in Houston. “The buyer was provided the rare opportunity to renovate all 261 unit interiors, which will generate higher rent premiums. The transaction, even though it was a loan assumption, went smoothly and professionally with Hazel Equity. It was great to work with Lone Star Capital, who also maintained professionalism throughout the entire process. Both buyer and seller were considerably easy to work with.”
Heard, Teresa Lowery, Todd Stewart and Chip Nash of Colliers in Houston worked with Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers in Arizona on the sale transaction. Hashem Holdings, LLC c/o HAZEL Equity, LLC purchased the property from Cranbrook Forest, LLC, c/o Lone Star Capital Group of New York, NY.
Cranbrook Forest, built in 1983, contains 261 apartment units. The five different one- and two-bedroom floorplans average 829 square feet and the property was approximately 92 percent occupied at the time of the sale. During the past three-to-five years, the seller invested in excess of $3M for capital improvements, primarily focused on the exterior of the community. Cranbrook Forest features desirable community amenities, including an upgraded leasing center, separate room with computer stations, fitness center, coffee bar area, resort-style pool and children’s playground.
The buyer now has the opportunity to renovate the unit interiors with a combination of upgraded appliances, flooring, paint and cabinetry, which will generate notable revenue increases.
Located just to the west of Interstate 45, Cranbrook Forest is conveniently located with access to the entire Houston metropolitan area.
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