Transactions


Sandridge – Multifamily
Sandridge class “B” garden-style apartment communities consisting of 504 units located outside of Houston in Pasadena, Texas. Originally constructed in 1981, the low-density community offers value-add opportunities in a strengthening supply constrained market.

Approximately 75% of the units have been partially renovated prior to purchase. These units will receive:

  • Updated plumbing/lighting fixtures
  • Subway tile backsplash
  • Vinyl plank flooring

For the remaining 25% (131 units), a full renovation will include (in addition to those above):

  • Stainless steel appliances
  • Granite countertops
  • Painted cabinets

Exterior renovations will include:

  • Exterior paint
  • Landscaping
  • Sport court, office/clubhouse
  • Roofs, parking lot, erosion, and stairwell repairs

Additional Revenue Sources:

  • Washer/Dryer Revenue
  • Purchasing 200 washer/dryers and leasing to tenants for $30/month
  • Carport Revenue
  • Adding 100 carports to the property and leasing to tenants for $35/month