Multi-Family Portfolio
Since 1997 to present, Claremont Property Co. has purchased numerous multi-family apartment buildings, ranging from 29 to 422 units. Claremont has focused resources on “value add” projects that through renovations and lease up value is created which increases its return on dollars invested. All of the properties were purchased in varied states of disrepair from closed down and posted for demolition by the City of Houston Dangerous Buildings Department to quickly on the road to that point. Each project has been completely refurbished, with varying scopes of work required. Renovations included new electrical wiring/metering, chilled water/electric meter conversions, interiors including framing, appliances, air conditioning systems, balconies, stairs/railings, roofs, exterior siding, windows, pools, parking, and asbestos abatement. Claremont is actively seeking additional “value add” projects in and around Houston, Dallas and Austin.
Residences at Cinco Ranch, 20900 FM 1093 Richmond, TX
Phone: (281) 398-1201Lush landscaping, beauty at every turn and a location that caters to your every need while maintaining the comfort and relaxation of hometown living.
Ample walk-in closets, master bath double vanities, ceramic tile entries and kitchens, and crown moulding are just some of the luxurious finishing touches you will enjoy every day at Residences at Cinco Ranch.
Leisure time amenities ideal for entertaining include a signature sparkling pool, picnic area with barbeque grills, park-like common areas, billiards and big screen TV areas. A multitude of unique floor plans are certain to accommodate any lifestyle need.
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Redwood Garden Apartments, 910 Redwood, Houston, TX (212 units)
Purchased: 2001 | Renovations: $1.4 millionProject Overview: Claremont purchased this property in February 2001 and completed over $1,400,000 in renovations over the next two years. Renovations included new roofs, A/C system, electrical wiring, exterior siding, windows, interiors, and balconies. When purchased, this property was completely vacant. Currently we operate this property, which is 98% occupied.
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Azalea Place Apartments, 5900 Bissonnet, Houston, TX (290 units)
Purchased: 2002 | Renovations: $5.2 millionProject Overview: Claremont purchased this property in February 2001 and completed over $5,200,000 in renovations over the next two years. Renovations included new A/C system, electric wiring and metering, parking, stairs and railings, interiors, pools, interior framing, and roofs. The previous owner was a less than reputable landlord who had allowed the property to severely deteriorate. The property was vacant at time of purchase and was on the City of Houston’s list of dangerous buildings, awaiting a condemnation order. We negotiated with city officials to allow us to save the building from demolition. Currently we own and operate this property and enjoy stable occupancy and cash flow.
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West Point Village Apartments, 3633 S. Shaver, Pasadena, Texas, TX (422 units)
Purchased: 2005 | Renovations: $5.1 million | Phone: (713) 946-5491Project Overview: Claremont purchased this property in February 2001 and completed over $5,100,000 in renovations over the next two years. Renovations included converting the master metered electric and air condition system to individual electric metering and individual air conditioners, stairs and railings, interiors, pools, interior framing, and roofs. The property was less than 50% occupied at the time of purchase and had a laundry list of violations from the City of Pasadena Building Department. We negotiated with city officials to allow us to time to renovate the buildings, correct the code violations and get the required certificates of occupancy. We currently operate this property and it is 88% occupied and continuing to increase. We plan to market the property for sale in the $13,500,000 range.
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