Below is another solid update for the Lakewood apartments in Houston, Texas, which is part of the CalTier Fund 1 portfolio of participating investments.
At the end of last quarter, Lakewood was 90.9% occupied and 91.6% pre-leased. While these numbers are very good, the property had several unexpected and abrupt move-outs in Q4 last year. This, paired with the slower leasing of the season, resulted in lower occupancy numbers than would be ideal. However, in response, the team has increased its focus on occupancy and is now seeing positive trends in leasing traffic.
The property’s increase in income contributed to achieving the second-highest quarterly NOI in 2023, increasing 20.2% from Q3 to Q4. This growth helped the property push close to proforma, although there is still 13% to go.
The Lakewood team has successfully executed the business plan but is starting to see some resistance to rate increases, which has been a contributing factor to the decrease in occupancy. The team has adjusted to be more competitive within the market and attract new leases. Combined with the utility billback program, these efforts position the property well moving forward.
Overall, Lakewood is a very solid performing asset, and we look forward to seeing how it performs in 2024.
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