Performance Properties, LLC entered the Houston multifamily market with its purchase of the 300-unit Timberwalk Apartment Homes.
The Dallas-based investment group is pursuing a value-add strategy for the property, and plans to invest $1.2 million to renovate it. Located in the Bear Creek/Copperfield/Fairfield submarket, the complex is 93% occupied.
“We believe Houston is just hitting the bottom of the cycle,” says David McQuaid, principal of Performance Properties.
This year, Performance Properties hopes to add 1,500 units in Greater Houston to its existing portfolio of more than 2,000 units in central and north Texas. The firm’s long-term goal is to own properties in all major Texas cities, according to principal Todd White.
Performance Properties’ White and David McQuaid represented the partnership in-house. Russell Jones, Matt Saunders and Zach Springer of ARA Newmark represented the seller, Mosaic Residential Inc.