Downturn Creates Opportunities for Investors

Cypress Ridge Apartments is in close proximity to major employers such as the Medical Center.

HOUSTON—The previous owners of Cypress Ridge Apartments located at 2331 Bammelwood Dr. made a number of capital improvements to the exterior of the complex, indicating to investors that the property was one for possible consideration. Indeed, with a decrease of 0.9% in the median asking price per unit for multifamily properties compared to the prior three months, value-add properties are finding new ownership. According to LoopNet, this is an overall increase of a staggering 58.4% compared to last year’s prices. And, the current median price is $75,763 per unit for multifamily properties in the metro, GlobeSt.com learns.

The new owner, The PPA Group, has plans to delve into unit interiors for upgrading. All of the apartments will get new appliances, paint, flooring, lighting, fixtures, hardware, and cabinet and counter resurfacing.