Disrupt Equity has acquired Hollister Place, a 260 Unit Class A apartment complex in the Brookhollow Northwest Crossing submarket of Houston, TX. Hollister Place Apartments was purchased for $30,540,584 and marks Disrupt Equity’s 7th multifamily acquisition of 2022.
Hollister Place was built in 1997 and has units spread throughout 15 two and three-story buildings. The Property includes one, two, and three-bedroom units that range from 860 to 1,315 square feet and offer large closets, built-in bookshelves, fireplaces in select units, and private patios. The community amenities include a pool, courtyard, outdoor barbecue area, fitness center, and a clubhouse with a business center for residents to enjoy.
Hollister Place Apartments has been a well-kept, stabilized Property with an accessible path for Disrupt Equity to boost NOI through strategic value-add upgrades by renovating classic units (64), finishing out upgrading partially renovated units (96) to a premium level, and upgrading strategic amenities throughout the Property, improving the rental value of units and keeping in-line with comparable assets in the submarket.
The apartment community also sits within an ideal location in Northwest Houston, less than a mile from the recently expanded U.S. Route 290, 4 miles from Beltway 8/Sam Houston Tollway, providing residents convenient access to Houston’s top employers (75k+) jobs, and numerous recreation centers. In the past 24 months, rent growth in the Brookhollow Northwest Crossing submarket has beaten the national average by 3.5X. Multifamily occupancy has averaged 91% over the same period. There is no new multifamily construction within 5.5 miles of the Property. Thus, strong occupancy and rent growth in the submarket appear likely. In addition, the Property boasts strong surrounding demographics with an average household income of $84K+ within a 3-mile radius.
“Hollister Place is a well-maintained asset positioned in a high-growth submarket of Houston, TX, where our management company, Disrupt Management, has a ton of experience; we are thankful to our investors for their trust and partnership with Disrupt Equity on this acquisition,” said Ben Suttles, Managing Partner of Disrupt Equity.”
As Disrupt Equity’s 7th asset of 2022 comes to a close, as is the case with every acquisition, Disrupt Equity has contributed 25% of its asset management fee to go towards Disrupt Gives; its nonprofit organization focused on providing rental relief and financial education to struggling families across the nation.
The Disrupt Equity team looks forward to building a strong community, providing exceptional service, and making this another successful investment for their investors.