5555 West Loop South, Suite 100, Bellaire, Texas 77401 (P) 713.661.0400 | (F) 713.661.0425

Multi-Family Success Stories

Houston apartments Oaks on Antoine

Oaks on Antoine, 5555 Antoine, Houston, TX (168 units)

Date Sold: 2005

Project Overview: Claremont purchased this property in February 2001 and completed over $3,400,000 in renovations over the next year. Renovations included but were not limited to new A/C systems, electric wiring and metering, parking, asbestos abatement, interiors, pools, roofs, and interior framing. 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. Upon completion of the renovations and stabilization of the project it was sold for $6,300,000.

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Allen Arms Apartments, 1000 Allen Genoa, South Houston, TX (188 units)

Date Sold: 2004

Project Overview: Claremont purchased this property in February 2002 and completed over $1,000,000 in renovations over the next two years. Renovations included new pools, electric meter conversion, roofs, parking area, interiors, and exterior siding. This property was purchased with a 60% occupancy rate and 40% delinquency rate. While the previous owner tried to keep the apartments occupied, he did not enforce lease requirements and had an extremely poor collections practice. When we purchased the property, we evicted 65 residents within the first two months due to lack of rental payment. The property turned around and sold for $2,850,000 and was 95% occupied at the time of the sale.

Hogue Street Apartments, 6524 Hogue Street, Houston, TX (29 units)

Date Sold: 2001

Project Overview:Claremont purchased this property in June 1995 and completed over $80,000 in renovations over the next year. Renovations to the property included a new parking lot, roofs, appliances, and interiors. It was purchased in 1995 from an elderly couple that had owned the property for several years. At the time of purchase, there were 14 residents. When we sold it, the property was at 100% occupancy, with a waiting list.

Casa Bella Apartments, 8363 Park Place, Houston, TX (30 units)

Date Sold: 2001

Project Overview: Claremont purchased this property in August 1995 and completed over $150,000 in renovations over the next year. Renovations to the property included new parking, roofs, interiors, exterior balconies, and electric service. This property was purchased from an out-of-state investor. At the time of purchase, only 20% of the units were rented, which increased to 100% occupancy by the time the property was sold, with a waiting list.

Bellestone Villa Apartments, 8271 Stone, Houston, TX (60 units)

Date Sold: 2003

Project Overview: Claremont purchased this property in January 2000 and completed over $370,000 in renovations over the next two years. Renovations to the property included a new roof, chilled water conversion, electric meter conversion, interiors, and exterior siding. When purchased, the property, which had an “All Bills Paid” lease, was 20% occupied. Part of the renovation process included the conversion to individual electric meters and A/C systems as opposed to the existing chilled water A/C system. This property was purchased directly from the owner pre-foreclosure and was sold for $865,000 and was 98% occupied at the time of sale.