Property Type: Multifamily
Sold in Q2 of 2018, The Lodge at Baybrook is a 322-unit apartment community located in Friendswood, TX (Houston MSA). First Capital Advisors Multi-Family Real Estate Fund, LP owned a 90% interest in the investment, which was sponsored by Adams LaSalle Realty. This was a value-add investment; shortly after acquisition, various clubhouse and common area upgrades were completed to improve the property’s competitive position. In addition, 230 units (71% of the property) received cosmetic upgrades (kitchen cabinet and countertop improvements, new flooring, new blinds, updated lighting fixtures, etc.). The $1.40M of capital improvements completed during our hold period helped boost the property’s rental income and value substantially.