Disrupt Equity is thrilled to announce the official closing of The Point at Cypress Woods Apartments, which has recently been renamed to Estates at Cypress. Estates at Cypress is a 530 Unit, class B apartment community located in northwest Houston, Texas!
This property was acquired in partnership with Open Door Capital, a Brandon Turner Company. Open Door Capital has a strong track record in Mobile Home Parks and has chosen the Disrupt Equity team as its partner to grow further into the multifamily real estate space. From the combined partnership, over $22 million of equity was raised to complete the acquisition.
Estates at Cypress was built in 1983 and comprised of 530 one, two, and three-bedroom units. Previous ownership has spent $40 million on recent renovations to all units, including new HVAC systems (both inside and outside) and new double pane windows and upgrading approximately 58% of the units, including all first-floor units and townhomes.
These upgraded units achieve rent premiums of $115 – $350 per month above the property’s “classic” units. Management plans to continue this proven, value-add strategy with an estimated rehab budget of $2,675,000 for both exterior and interior improvements.
Property amenities include a fitness center, splash pad, two swimming pools, a renovated clubhouse with a kitchen & coffee bar, amazon hub lockers, an onsite playground with a green belt area, and a covered picnic area with barbecue grills.
In terms of the location, Estates at Cypress is positioned within a thriving suburb of Houston with an average household income of $132,612 and a median home value of $323,000 in the immediate submarket.
The family-friendly community is zoned to one of Texas’s most reputable school districts, Cypress Fairbanks ISD that ranks #2 for the Best School District in Harris County for 2021 and is 2 miles away from Lone Star College-University Park, the largest higher education institution in the Houston area, and is one of the fastest-growing community colleges in the nation.
Being two miles west of Highway 249 and six miles north of the Sam Houston Parkway/Beltway 8 provides Estates at Cypress residents easy access to the largest employers in the Cypress area, as well as short commutes to Pinto Business Park, The Energy Corridor, Springwoods Village, The Woodlands, Uptown/Galleria, George Bush Intercontinental Airport and Downtown Houston.
Given the superb location and incredibly strong returns even with conservative underwriting, the general partners from Disrupt Equity and Open Door Capital believe very strongly in the asset. They have personally invested approximately $2,000,000 into the asset alongside investors.
Disrupt Equity is incredibly thankful to our team, partners, and investors for making this multifamily acquisition possible. Disrupt Equity has many more multifamily opportunities in the pipeline and is excited looks forward to launching more deals to investors over the coming months.