Ridge Point (NRG Portfolio)

 

Story

We acquired this property in a large $80M+ portfolio transaction. The seller had built the property in the 1980s and had not performed any renovations to maximize income. Naturally, this resulted in units staying outdated and unable to attract a more sophisticated tenant base willing to pay higher rents. Given the proximity to the medical center and NRG stadium, there was an easy opportunity for us to modernize the units and improve management.

 

Execution

The prior staff was underpaid by almost 30-40%! This, along with terrible ownership, resulted in a downward spiral of this property. We came in and immediately started modernizing the property. It received a complete facelift with modern signage, lighting, security, paint, etc. The interiors were also modernized to match what tenants in that area expected. As a result of this hard work, we were able to sell this property in just a little over 2 years for a nice win!

 

Location
Houston, TX
Total Units
168
Acquired
March 2020
Sold
May 2022