506 South

180 Unit Apartment Complex | Houston, Texas

Asset Overview

  • 180 Unit Apartment Complex

  • Houston, Texas

  • Value Add

  • Core Plus

Asset Details

CalTier Fund 1 invested in 506 South Apartments, located in Houston, Texas, investment, in December 2021 with our real estate partner, Cloud Capital.

Cloud Capital recently gave us this update on the market:

There is serious demand for clean and affordable apartments in Clear Lake/Webster submarkets next to NASA. In fact, one of the comps to 506 South sold for $126K/unit, which is $27K/unit higher than our purchase price for 506 South. That’s a $4.8M delta!!!!

The Property Manager is already receiving positive feedback since taking over. This has led to the residents having a much more positive experience with upgraded living spaces, quick maintenance response times, and responsive management, among other feedback from the residents.

Many of the Deferred Maintenance/CapEx projects are complete, including the following:

  • Refresh of Laundry Rooms 1&2
  • Mail Room Refresh
  • Landscaping Refresh
  • Removal of Tree Stump
  • Gutter Cleanout
  • Carport Repair
  • Tree Trimming
  • Staircase Welding and Repair
  • Balcony Repairs
  • Replacing Support Beams
  • Replacing Boilers 1&2
  • Replacing Sewer Line in Building 11
  • Installing new LED exterior lighting
  • Removing all Rotten Fencing
  • Installation of new security cameras
  • Power washing
  • Painting the Exterior
  • Repairing the Sidewalks
  • Remodeling the Leasing Office
  • Refreshing the Amenities and Pool

Currently, 506 South is 86.67% occupied and 92.22% pre-leased. New leases are increasing by 19.28% year on year and renewals are increasing by 6.65%.

Updates About This Asset

Great updates from our 506 South Investment

We love seeing the results from the investments we make. Our partner, Cloud capital has been busy delivering on the business plan for the 506 South investment. These updates show how your investments work hard to improve living conditions for people living in the assets we invest into. It also shows how the 'value add' process works. Work has begun and you can see some progress below: View The 3D Walkthrough Click the image below to view:

Read More

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