3101 Place is a 200 unit, Class A apartment community that is located in Rosenberg, Texas. The property is directly adjacent to Brazos Town Center and US 59 Freeway and is in the desirable Lamar CISD. Rosenberg is a city within Houston MSA and Fort Bend County, which has been one of the fastest growing areas in the nation.
The property was previously acquired out of foreclosure and was partially renovated. Exterior and common areas were not rehabilitated and the property was not fully stabilized. Since acquisition, the Principals of AHV has overseen exterior and community amenity renovations that significantly improved the consumer appeal and use of the overall community. Renovations included a full fitness center renovation with new equipment, flooring and paint, landscape enhancements throughout the property, conversion of an outdoor basketball court to a pavilion with a barbeque area, clubhouse and business center upgrades, window replacements, fence and roof repairs, entry gate replacement and pool renovation and upgrades. The average in-place rent has increased over 10% since acquisition and has exceeded in preliminary value and growth from projections.
- Acquired in 2013 – Off Market
- Oversaw and managed exterior and common area renovations
- Stabilized occupancy and increased NOI growth