Sunstone Two Tree Invests in Houston’s Growth with $28.9M Multifamily Acquisition and Renovation Plan
In a powerful stride towards enhancing the multifamily apartment landscape, Sunstone Two Tree has solidified its presence in Houston’s thriving real estate market by acquiring a promising 384-unit multifamily property. Nestled in the dynamic Westchase neighborhood on Elmside Dr., this $28.9M investment is poised to receive a substantial $10.5 million overhaul, tailored to meet the burgeoning demand for high-caliber workforce rental housing.
Houston, a city beaming with economic vibrance, is undoubtedly a hotspot for job and population growth, ranking an impressive fifth nationwide for inbound relocations. “Houston continues to experience strong job and population growth as evidenced by ranking fifth in the nation in terms of relocations from other cities. Despite construction in recent years, demand has kept vacancies below ten percent in the market,” stated Scott Maddux, President of Sunstone Two Tree. Maddux’s measured observation underscores the resilient nature of the city’s rental market, which remains robust and underserved—a pertinent factor that Sunstone Two Tree is strategically capitalizing on.
The renovations are a refreshing commitment to excellence; the aging Villas Del Paseo community built in 1978 is set to undergo an extensive transformation. Spearheaded by Sunstone Two Tree, the renovation will invigorate the interiors with modern amenities such as sleek stainless steel appliances, aesthetic cabinetry, and durable high-quality flooring. Simultaneously, the exterior will see vast improvements including fresh paint, thorough roofing, and enhancements to lighting, landscape, and structural elements like balconies and parking facilities. A reimagined clubhouse, pool, and added recreational spaces like dog parks and barbecue areas signify a community-centered approach to upscale living.
Strategically phased, the revamp will initially breathe new life into the 144 units on the east side of Elmside Drive, with the remainder set for subsequent renewal. Villas Del Paseo’s prime locality within Westchase positions it as a highly accessible domicile, close to Downtown Houston, major airports, and an array of employment hubs—further cementing its offering as an epitome of convenience.
Sunstone Two Tree’s latest acquisition from Comunidad Partners, represented by Matt Saunders of Newmark in the transaction, is not an isolated endeavor. Touting a track record of success, the company has previously proven its strategic prowess with Commons at Westchase and Village at Westchase, portending a promising future for its latest project.
With this acquisition, Sunstone Two Tree continues to demonstrate its aptitude for recognizing and fulfilling community needs through superior amenities, strategic positioning, and thoughtful development. Hence, this endeavor not only enhances their portfolio but contributes significantly to the evolution of the multifamily market, amplifying the potential for quality living and satisfaction among Houston’s thriving workforce populace.