Miramar Townhomes

2380 Bering Dr, Houston, TX 77057

Investment Details

Location Houston Galleria, TX
Asset Class B+
Acquired Date December 2021
Number of Units 48
Purchase Price $18,500,000

Location

www.miramartownhomestx.com

Miramar Townhomes is a Class B+ asset located in a prime, Class A location just minutes from the Houston Galleria. This unique property offers spacious 2- and 3-bedroom townhomes at an affordable price, creating an exceptional investment opportunity. Since acquisition, Nord Group has successfully increased rents on more than 50% of the units by $700 to $1,000, capitalizing on the asset’s inherent potential.

These rent increases were achieved through a comprehensive redesign of the townhomes, including opening up the arc-style walls to create a more open living space, upgrading countertops to granite, and replacing all kitchen and bathroom cabinets with modern designs. The bathrooms were fully remodeled from their outdated 1990s style to a sleek, contemporary 2020 look. Additionally, we revamped flooring, replaced all faucets, ceiling fans, and lighting throughout, and eliminated carpeting to enhance the overall aesthetic and appeal of the units.

Miramar Townhomes is now a stabilized asset with 95% occupancy. The remaining two vacant units are temporarily used by Nord Group’s corporate staff during travel in the Houston area, further enhancing operational flexibility.