HOUSTON, Aug. 21, 2017 /PRNewswire/ -- NOIPM (NOI Property Management, LLC) is pleased to announce its management assignment of The Hamptons and Las Brisas on El Dorado, a 549-unit class C multifamily portfolio located in the Clear Lake submarket in southeast Houston.
The Hamptons, built in 1974/76, consists of 347 units and offers one, two, and three-bedroom floor plans, with a large average unit size of 947 sf. Las Brisas, built in 1979, is located approximately 1 mile northwest from The Hamptons and consists of similar amenities and floorplan sizes. Residents at both properties enjoy convenient access to numerous retail, employment centers, entertainment, and the nearby University of Houston- Clear Lake campus.
Clear Lake is one of Houston's premier outlying regions, consisting of prime employment, exemplary schools, and innumerable outdoor and water-based recreational opportunities, bordered on the east by Galveston Bay and on the west by Interstate 45. The multifamily industry in particular has benefited from this stable economy, as it continues to be one of the strongest submarkets in the Houston area.
NOIPM will implement an extensive renovation plan of both interior and exterior features of the properties, including improvements to existing social amenities and creating new amenities. All unit interiors will receive a full upgrade package, including new flooring, appliances, cabinets, countertops, window treatments, fixtures, and kitchen backsplash. Planned exterior enhancements include new patio fence enclosures, full exterior paint, façade treatments, landscaping redesign, and addressing deferred maintenance items.
"We remain optimistic in the Class C to B value-add multifamily space in Houston, especially in historically strong submarkets such as Clear Lake," said Jim Marfuggi, CEO of NOIPM. "The attractive going-in basis provides strong cash yields upon acquisition, with robust returns to our investors post-renovation. These assets have good floorplans, footprints, visibility, and location, but their physical attributes have fallen behind their nearby peers, which is largely contributing to their current performance. We believe these properties are primed for a full re-positioning program through our targeted capital improvements and through the execution of strong management practices."
NOIPM (NOI Property Management LLC) is a Texas based multifamily management services company. NOIPM officers have operated over $3.5 billion in multifamily assets over the past 25 years in primary and tertiary markets across the United States.
NOIPM is best described as a high impact management services company for both clients and residents alike. Adhering to best practices to exceed market performance, NOIPM focuses on operating basics, or what we refer to as "Performance Fundamentals." We maximize the resident experience, emphasize product presentation, educate our team in financial metrics and therefore raise the performance expectation.
NOIPM offers clients a proven track record of success across multiple operating disciplines: conventional management, turnaround management, value add management, construction services management and new development lease-ups.
NOIPM manages a combined real estate portfolio of over $350 million in Texas and are committed to managing an additional ~$150 million in future development pipeline, as well new acquisitive opportunities through its affiliate ClearWorth Capital, LLC.
SOURCE NOIPM, LLC