US - Jacksonville, FL
Jones Lang LaSalle (”JLL”) is pleased to exclusively present the opportunity to acquire The Verandah at Lake Pointe, a 208-unit, 3-story walk-up garden-style community located in the Lake Houston/Kingwood submarket of Houston. The Property is situated on FM 1960 East, in Houston’s Atascocita neighborhood, and is just steps away from beautiful Lake Houston. The Property offers residents a recently renovated state-of-the-art fitness center, resort-style pool and unparalleled access to parks, Lake Houston, and various golf courses. All units feature full-size washer-dryers, oversized balconies with storage closets, 9-foot ceilings, and the unit mix is excellently positioned for families as 46% of units are 2 bedrooms-2 baths. The Property is in Humble ISD, one of Harris County’s top school district with a Niche.com A- rating. Originally constructed in 1998, The Verandah at Lake Pointe has been excellently maintained by current ownership for almost 25 years and offers current investors a near ‘blank slate’ opportunity to execute an interior renovation program to compete with newer properties. Paired with the value-add opportunity is the opportunity to take in-place leases to current market levels achieved at comparable properties by implementing revenue management systems – within a 3-mile radius, competing properties are averaging over 20% higher rents than The Verandah at Lake Pointe.