In late 2013 and mid-2015, we purchased what today are approximately 2,550 apartments located on 80 acres along two major roadways which are the closest multi-family apartments to Houston Hobby Airport’s front door. We completed approximately $16 million plus capital program to update these workforce housing apartments consistent with our strategy to be a rental rate leader for workforce housing in the sub-market.
Our investment strategy is a long-term hold for yield and potential for partial site redevelopment over the next two to three investment cycles. The Hobby Airport neighborhood is fully established with limited vacant land for development. Our 80 acres includes five (5) acres of raw land located closest to roadway ramps which serve Hobby Airport. We self-manage 100% of our Hobby Airport area apartments.
