Kingwood, TX (Houston MSA)
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Vivo Investments, LLC
Targeted Hold Period:
75 Apartments Units
Jointly, the Co-Managers have acquired more than 20 projects together as part of an opportunistic strategy to acquire functionally obsolete hotels at an attractive all-in cost basis in undersupplied markets and convert them into competitively priced apartment units. Once the conversion is complete, the Co-Managers intend to refinance or sell the Property.
- Simple Construction Scope: Built in 2010, the Property rooms are already equipped with updated kitchenettes that feature a full-size refrigerator, two-burner stoves, as well as a sink and dishwasher.
- Attractive Amenity Package at a Discount: The Property will feature Class A amenities such as a large fitness center, a private courtyard with barbecue grills, a resort-style pool, and shared teleworking space. The Co-Managers have underwritten rents that they believe are 10%-19% below comparable properties in the surrounding area.1
- Well-Located Submarket: Kingwood is located in the Northeast Lake Houston submarket and is approximately 23 miles from Downtown Houston. As evidenced by ongoing population growth above the national average,2 outward expansion from Downtown Houston continues to be an ongoing trend, with the Lake Houston submarket benefitting from migration toward the suburbs.3 Additionally, the Co-Managers believe the Property can provide convenient workforce housing to employees of HCA Houston Healthcare Kingwood, a 457-bed acute care hospital serving NE Houston and located adjacent to the Property.4
1 CoStar Property Summary Reports, October 2022
2 ESRI Community Profile, October 2022
3 CoStar Analytics, Lake Houston Area Multi-Family Report, November 2022
4 HCA Houston Healthcare, Kingwood, October 2022