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