Makaan Investment Group Acquires Two-Assets Under One, Unique Property Deal Valued at $64MM
Makaan Investment Group adds Legacy at Westchase and Providence at Heights to its Houston Portfolio in a unique syndication deal named Houston Portfolio I LLC. The 64M deal brings in a total of 520 apartment units from Westpark Drive and Hackett Drive, which are great options for homes close to the Houston CBD.
“We have high hopes for this deal. The properties are strategically located in two prime Houston submarkets and have tremendous value-add and repositioning upside. Acquiring Legacy at Westchase and Providence at Heights gives our investors a taste of syndication with just one investment and takes Makaan Investment Group further down on our journey from Zero to a Billion-Dollar Company in our first two years,” shares Makaan Investment Group CEO Madina Shaik.
Since the deal’s closing in December 2021, the property has delivered a stable occupancy, upwards of 95%. Rehabilitation and community activities have also helped maintain a steady stream of residents for both properties. The team’s projections place the IRR at around 25%, with a 2.69x combined Equity Multiple and cash-on-cash return at 11.00% on a holding period of 5 years.
Apartment Havens in the City
Legacy at Westchase and Providence at Heights share many similarities. Both were built in the 1970s. Both feature garden-style buildings and resort-style amenities. However, the most striking similarity of these properties is their proximity to the city center and its network of businesses, schools, and lifestyle options. Located near I-610 and I-69, respectively, these communities allow residents to easily reach Houston CBD from their homes near the city. This gives them access to a myriad of opportunities available in the country’s fourth most populous city.
Even more, residents can embrace the advantages of city living while having their very own urban oasis. They can take a quick dip in the pool, enjoy the outdoors, stay active in their fitness center, or enjoy the warmth of the community in the clubhouse. Amenities in both locations carve out serene spaces where they can relish their time away from the city’s hustle and bustle.
In a review, a resident shared, “ Legacy is one of the best choices we have made in our life. [It’s] close to my job, next to the school and we love our [property] management team. I enjoy living at Legacy.”
A resident from Providence at Heights also had high praises for the property. His review reads, “I have lived here at Providence at Heights for roughly three years, and my experience has been wonderful. The location is top-notch, the residents are friendly, and the staff really goes above and beyond.”
The properties offer renters an irresistible deal: comfort, convenience, customer service and a great place to call home. For more information on these properties, see the details below.
10070 Westpark Drive Houston, Texas 77042
2400 Hackett Drive| Houston, TX 77008
Are you interested in investing in similar properties?
Contact Makaan Investment Group by calling/texting us at 281-500-8554.