The Avenue Apartments

www.theavenuetexas.com

The Avenue Apartments represented a prime value-add opportunity, with 30% of its units already renovated at acquisition, generating a $150 rent increase. Strategically located near the rapidly growing Houston Heights market, the property was positioned to attract new residents working at the emerging businesses in the area.

Since acquiring the asset, Nord Group has successfully renovated over 65% of the units, achieving an average rent increase of $200 per unit. We also made significant improvements to the exterior amenities, including new BBQ grills, an upgraded playground, a dog park, and a fully modernized gym. Along with lease renewals averaging a 5-6% increase, translating to an additional $50-75 in rent per unit, these efforts have driven significant NOI growth.

As a result, The Avenue Apartments is currently generating over a 12% cash-on-cash return, solidifying its place as a high-performing investment within our portfolio.