240 Units In Houston TX

Meritage,

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240-unit, 2008-built apartment complex in Southwest Houston’s Meyerland submarket.

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Location

Meyerland is an affluent single-family residential area with six-figure median incomes. Meritage itself is conveniently located inside the loop, just off I-610 at Braeswood Boulevard, in a quiet upper workforce pocket with two nearby apartment buildings amidst Meyerland’s single-family neighborhoods.

Background

H Squared Capital forged a strategic alliance with one of our key partners to successfully acquire Meritage. The impressive track record of our partners in previous transactions with the brokerage group played a pivotal role in instilling confidence in the seller and ultimately sealing the deal. This opportunity has been on their radar since Q3 2022. Despite a prolonged acquisition process, their commitment persisted, and the collaboration with our strategic partner proved instrumental in navigating the complexities of the transaction and bringing it to fruition.

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Business Plan

The Houston HFC Portfolio comprises three multifamily properties: Beckley (1999), Highland (1994), and Meritage (2008), with 210, 216, and 240 units, respectively. All three assets will be placed in tax-exempt Housing Finance Corporations (“HFC”)in partnership with the Houston Housing Authority. This will exempt 100% of property tax, resulting in an outstanding risk-reward trade-off. NOI increases immediately due to the tax exemption with minimal operational risk.