Sunstone Two Tree acquired a 384-unit multifamily apartment property in Houston, with plans to fully renovate the community. The company purchased the property on Elmside Dr. in the Westchase neighborhood of Houston, for $28.9 million and will spend $10.5 million on upgrades. The Villas Del Paseo community was built in 1978 and has received few improvements over the years. Sunstone Two Tree will manage a top-to-bottom upgrade of the asset.
Sunstone Two Tree is handling the construction, which has already started, with an anticipated completion date in 2025. Sunstone Two Tree purchased Villas Del Paseo from Comunidad Partners.
Sunstone’s Scott Maddux adds, “Houston continues to experience strong job and population growth as evidenced by ranking fifth in the nation in terms of relocations from other cities. Despite construction in recent years, demand has kept vacancies below ten percent in the market.”
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.