The Reserve at Windmill Lakes | Houston, TX
Acquired: April 2012 | Sold: July 2015 | No. of Units: 392 | Year Built: 1983 | Status: Realized
Located in the southeast submarket of Houston, TX, The Reserve at Windmill Lakes is an attractive 392-unit, low density, garden style community in the Windmill Lakes subdivision. Built in 1983, the property is situated near major transportation arteries such as Interstate 45 and Beltway 8.
The institutional seller was disposing of underperforming assets in their portfolio. Barvin Group’s ability to assume an existing loan, and purchase the entity instead of the property, helped secure the transaction and Barvin acquired the property in April 2012.
Upon acquisition, Barvin began a comprehensive operational and capital improvement program to fully reposition the property. Barvin captured incremental revenue through tighter expense controls and better on-site management, and began renovations to the exterior and common areas. Completed in August 2013, this first phase included a redesign of the leasing office and business center, upgrades to the fitness center, new exterior painting, and two resort style pools. The second phase of the capital improvement plan began in fall 2013, targeting unit interiors, with upgrades to meet this submarket’s improving demographic.
With the completion of Barvin’s business strategy, The Reserve at Windmill Lakes was brought to market in the first quarter of 2015 and sold in July 2015.