In September 2022, the CalTier Fund 1 invested into Sabine Lofts, a 198-unit unique loft-style multi-family community located on the Buffalo Bayou, just minutes from Downtown Houston.
Sabine Lofts is a “one-of-a-kind” property, being the only multi-family property with direct access to the Buffalo Bayou Park immediately west of Downtown Houston. The property boasts of city views and each unit includes granite countertops, 10-foot ceilings, stained concrete and wood flooring, a built-in desk, a patio or balcony, full-sized washer and dryer, built-in wine racks, and large islands with a breakfast bar. As such, Sabine Lofts has historically had high occupancy rates and is currently 95% occupied.
The property was originally built in 2001 with limited unit renovations since, providing an opportunity to add value through in-unit renovations. Our real estate partner, Midway, has worked with the city of Houston to receive a full property tax abatement for converting a portion of the units into workforce housing, which is another value-add component to the deal. Other value-add plans include improvements to the common areas, unit remodels, and a new roof.