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Rise at Elmside
Class: B
Year: 1994
Style: Midrise Style
Acquired Date: December 2020
Address: 2727 Elmside Dr. Houston, TX 77042
Property URL: riseatelmside.com

Investment Summary

Rise at Elmside is a 171 unit four-story midrise-style apartment community with a multi-level parking garage constructed in 1994 in the highly desirable and centrally located Westchase area of Houston.  Located near Sam Houston Tollway (Beltway 8), Westpark Tollway (IH-69), IH-10 and IH-610 and Westheimer Rd, residents enjoy convenient access to over 300,000 jobs.  The property was built in 1994 as a four-story construction with pitched roofs, stucco exterior, and 171 units with an average size of 914 square feet.  The unit mix consists of 44% one-bedrooms and 56% two-bedrooms. 

Residences 2727 is a rare offering with the following favorable attributes:

  • Elegant mid-rise four-story construction with a multi-level parking garage, interior hallways with storage units, trash chutes and an elevator for residents
  • Significant value to be captured through a more enhanced upgrade to unit interiors
  • Current amenities have not been improved which allows new ownership to capture the value of enhancing the resident experience
  • Impossible to duplicate in today’s market(purchasing below replacement cost)
  • Not located in a Flood Zone nor has it flooded
  • Institutional grade submarket
  • Light value-add conception 58% of units
  • Opportunity to offer smart home packages and washer/dryer rentals
  • Located near our 3 Houston properties – Candleridge Park, ChartwellCourt, and SavoyManor – allowing for economies of scale and a growing presence in the Houston Market
residence 2727
Model Bed 2
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residence 2727 Model Bed 2 Lounge Model Bedroom BusinessCenter Model Living bg-multifamily Fitness Center

Common area amenities

  • Swimming pool & spa
  • Multi-level parking garage
  • Resident Lounge & Coffee Bar
  • Elevator
  • 24-Hour Fitness Center
  • Interior hallways
  • Interior mail center
  • Interior rentable storage units
  • Trash chutes
  • Add package lockers
  • Add pet park
  • Add business center
  • Add Executive meeting rooms

Interior Amenities

  • Fully Equipped Kitchens
  • Walk in Closets
  • Sprinklered for fire safety
  • 100% Washer/Dryer Connections
  • 10-foot ceilings and crown molding
  • Fireplaces*
  • Pantries
  • Separate dining area
  • Private patios/balconies
* In Select Units

Business Plan

The current business plan contemplates a 5-year investment horizon to align with the growth in the Westchase submarket within West Houston over the next several years.  The Capital Budget is allocated to improve the overall community exteriors, amenities, and unit interiors.

With REEP Management, we will:

  • Implement vertically integrated management to control expenses
  • Renovate Unit Interiors and enhance common area amenities
  • Improve other income such as RUBs, pet fees/rent, application/admin fees, reserved parking, storage unit rentals, valet trash, washer/dryer rentals and smart home packages.

Additional Properties in Houston

Candleridge Park

Candleridge Park

Class B | 1984
128 Unit Garden-Style
Acquired August 2019
Flint at 290

Flint at 290

Class B | 1985
192 Unit Garden-Style
Acquired March 2021
Chartwell Court

Chartwell Court

Class A | 1995
243 Unit Garden-Style
Acquired December 2020

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