Style: Garden Style
Acquired Date: June 2022
Address: 5110 Azalea Parkway, Houston, TX 77066
Property URL: 51TENTownhomes.com
51TEN Townhomes, formerly known as Smoketree Townhomes, is a garden-style multifamily community in the Willowbrook/Champions submarket of Houston. The community is comprised entirely of one-bedroom, two-story, loft-style townhomes. The spacious units feature vaulted ceilings, decorative wood beams in the living rooms, fenced in private patios, and all include Washer and Dryer Connections.
All of the units are available to upgrade, with many still featuring the classic original cabinetry, hardware, fixtures, and lighting. The business plan includes updating the units with new lights, fixtures, flooring, appliances, counters, cabinets, and paint. REEP will also extensively update the exterior with fresh paint, landscaping, new fencing, and new sign package.
51Ten was purchased in June of 2022. By September, our REEP Residential team had already worked their magic – transforming the model dramatically and continuing that process on to additional units.
Common area amenities
- Sparkling Pool with Waterfall
- Lounging pool side deck
- Fitness Center
- Laundry Facilities
- Gated, Controlled Access
- Pet Park
- In-Unit Washer & Dryer Connections
- Ceiling Fans
- Vaulted Ceiling
- Walk-In Closets
- Private, Fenced Patio
- Loft Style
- Stainless Appliances*
- Vinyl Wood Plank Style Floors*
The strategy for this asset is to:
The property will undergo an extensive $2,500,000 rehab to modernize and update the units to include Stainless Steel appliances, granite counters, new faucets, lighting enhancements, paint, flooring, blinds, cabinet fronts, under-mount sinks, and smart home technology.
The exterior will receive package lockers, a pool area refresh, new patio enclosures, an outdoor sports court, and a dog park.
The property was rebranded and received a full new sign package, updated branding, and a new color pallet.
Implement vertically integrated management to control expenses
Add additional improvements and amenities to common areas and unit interiors
Add new income through VIP Parking, amenity fees, package lockers, and increased RUBs and Pet Fees
Sell or refinance within 3-5 years
Original 51Ten Photos
Upgraded 51Ten Photos
Upgraded 51Ten Video
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