Disrupt Equity is thrilled to announce the official closing of Porterwood Apartments, a 136 Unit apartment community located in northeast Houston, Texas! This acquisition marks our seventh acquisition in the Texas market.
Built in 1984, Porterwood Apartment is comprised of 136 one and two-bedroom units. The community’s amenities include a pool, playground, clubhouse, laundry facility, and an outdoor kitchen and entertainment area for residents. The one to two-bedroom apartments has walk-in closets, high ceilings, private patios, washer/dryer hookups in every unit, with 50% of units containing a premium technology package (Nest Thermostat, August Door Lock, USB ports).
Porterwood has been institutionally owned for the past 27 years resulting in a very well-maintained asset. Despite the pandemic, the asset has remained at a 93.4% occupancy.
Porterwood apartments is a stable asset with a true value-add component. To drive income, we will continue the upgrade plan that has proven out and introduce additional upgrades and amenities that are in demand in the property’s submarket.
The community is located at 24270 FM 1314, Porter, TX, neighboring some of Houstons largest suburbs. Within a 2-mile radius of the property, the average household annual income is $108,536 with a median home value of $223,253. Valley Ranch Town Center is located less than 5 minutes away from the apartment community. Valley Ranch is a 240-acre mixed-use development that boasts retail, dining, and entertainment options with 120,000 SF of proposed office space, a 16,000-seat amphitheater, and a planned Fitness Facility.
Major nearby economic drivers such as IAH airport the top-rated airport in the country employs over 190,000 individuals. Porterwood also lies 17 miles north of Generational park, one of the world’s largest privately-owned commercial developments, and 15 miles east from Springwoods Village, one of the fast-growing hubs in Houston including Hewlett Packard Enterprise (HPE) and ExxonMobil who have chosen to locate their headquarters to Spingwoods bringing thousands of new jobs to the area.
Disrupt is incredibly thankful to our team, partners in the industry, and investors for making this multifamily acquisition possible. We are looking forward to another successful multifamily investment!