Asset Overview

  • 88 Unit apartment Complex

  • Houston, Texas
  • Value Add
  • Core Plus

Asset Details

CalTier Fund 1 invested in Lakewood, an 88-unit garden-style value-add multi-family asset located just outside Houston, Texas in March 2021.

Our real estate partner and the on-site team have worked extremely hard to execute on the business plan, surpassing the original 4-year projections after just 12 months.

Lakewood has garnered quite a reputation and achieved one of the highest rent growth and occupancy in the entire Texas City submarket.
In 2022, Net Rental Income increased 10% as we saw 13% new lease and 7% renewal growth.

Currently, occupancy is at 94.32% and pre-leases at 95.45%

Renovations on the 88 units are complete, including updating each unit with stainless steel appliances, repainted cabinets, sprayed laminate countertops, wood-style flooring, modern lighting and upgraded hardware and plumbing fixtures. These upgraded units are garnering a 16.4% average rent increase per unit.

Overall, rents for workforce housing, like Lakewood, in the job-rich submarket have increased by 44% over the past decade compared to 36% in the Houston metro market and in general, the greater Houston area ranks in the Top 10 in the U.S. for projected migration from 2021-2023.*

To date, based on the monies invested in Lakewood, the CalTier Fund has received a 23.4% return on its investment.

View Our Other Investments

“Everyone should have access to the best commercial real estate investments. Not just the 1%.”

CalTier CEO & Founder
Matt Belcher

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