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51TEN Townhomes

Class: B+
Year: 1984
Style: Garden Style

Acquired Date: June 2022
Address: 5110 Azalea Parkway, Houston, TX  77066
Property URL:  51TENTownhomes.com

The Hamilton

Investment Summary

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. 

Original Bedroom Upgraded bedroom

Bedroom

Original Kitchen Upgraded Kitchen

Kitchen

Original Dining Room After Dining Room

Dining Room

Original Living Room Upgraded Living Room

Living Room

Original Bathroom Upgraded Bathroom

Bathroom

Community Features

Common area amenities

  • Sparkling Pool with Waterfall
  • Lounging pool side deck
  • Fitness Center
  • Laundry Facilities
  • Gated, Controlled Access
  • Pet Park

Interior Features

  • In-Unit Washer & Dryer Connections
  • Two-Story
  • Ceiling Fans
  • Vaulted Ceiling
  • Walk-In Closets
  • Private, Fenced Patio
  • Loft Style 
  • Stainless Appliances*
  • Vinyl Wood Plank Style Floors*
* In Select Units

Business Plan

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 

Original Photo of Pool
Original Photo of Pool
Original Photo of Property
Original Photo of Dining Room
Original Photo of Bedroom
Original Photo of Kitchen
Original Photo of Living Room
Original Photo of Bathroom
Original Photo of Kitchen
Original Photo of Front Door
Original Photo of Pool Original Photo of Pool Original Photo of Property Original Photo of Dining Room Original Photo of Bedroom Original Photo of Kitchen Original Photo of Living Room Original Photo of Bathroom Original Photo of Kitchen Original Photo of Front Door

Upgraded 51Ten Photos

51Ten Entrance
51Ten Leasing Office
51Ten Leasing Office
51Ten Entrance
51Ten Clubhouse
51Ten Clubhouse
51Ten Clubhouse
51Ten Clubhouse
51Ten Clubhouse
51Ten Property Photo
51Ten Front of Unit
51Ten Living Room
51Ten Living Room
51Ten Dining Room
51Ten Living Room
51Ten Living Room
51Ten Dining Room
51Ten Dining Room
51Ten Kitchen
51Ten Kitchen
51Ten Kitchen
51Ten Utilities Closet
51Ten Kitchen
51Ten Living Room
51Ten Bathroom
51Ten Bedroom
5110 Azalea Trace-36
51Ten Bedroom
51Ten Bathroom
51Ten Bathroom
51Ten Closet
51Ten Townhomes_Pool Drone_need shadows removed
51Ten Townhomes_Dog Park
51Ten Townhomes_Dog Park2
51Ten Townhomes_Drone 2
51Ten Townhomes_Drone 3
51Ten Townhomes_Drone of front of leasing office
51Ten Townhomes_Drone of front of leasing office3
51Ten Townhomes_Drone
51Ten Townhomes_Drone Side of building
51Ten Townhomes_Ground Pool
51Ten Townhomes_Gym
51Ten Townhomes_Gym2
51Ten Townhomes_Gym3
51Ten Townhomes_Side Pool Entrance
51Ten Townhomes_Pool Drone_need shadows removed
51Ten Townhomes_Pool ground level
51Ten Townhomes_Pool Drone
51Ten Townhomes_Soccer Field_
51Ten Entrance 51Ten Leasing Office 51Ten Leasing Office 51Ten Entrance 51Ten Clubhouse 51Ten Clubhouse 51Ten Clubhouse 51Ten Clubhouse 51Ten Clubhouse 51Ten Property Photo 51Ten Front of Unit 51Ten Living Room 51Ten Living Room 51Ten Dining Room 51Ten Living Room 51Ten Living Room 51Ten Dining Room 51Ten Dining Room 51Ten Kitchen 51Ten Kitchen 51Ten Kitchen 51Ten Utilities Closet 51Ten Kitchen 51Ten Living Room 51Ten Bathroom 51Ten Bedroom 5110 Azalea Trace-36 51Ten Bedroom 51Ten Bathroom 51Ten Bathroom 51Ten Closet 51Ten Townhomes_Pool Drone_need shadows removed 51Ten Townhomes_Dog Park 51Ten Townhomes_Dog Park2 51Ten Townhomes_Drone 2 51Ten Townhomes_Drone 3 51Ten Townhomes_Drone of front of leasing office 51Ten Townhomes_Drone of front of leasing office3 51Ten Townhomes_Drone 51Ten Townhomes_Drone Side of building 51Ten Townhomes_Ground Pool 51Ten Townhomes_Gym 51Ten Townhomes_Gym2 51Ten Townhomes_Gym3 51Ten Townhomes_Side Pool Entrance 51Ten Townhomes_Pool Drone_need shadows removed 51Ten Townhomes_Pool ground level 51Ten Townhomes_Pool Drone 51Ten Townhomes_Soccer Field_

Upgraded 51Ten Video

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