RESERVE AT GARDEN OAKS
The Reserve at Garden Oaks was the successful renovation of a condemned multifamily property located in the Garden Oaks area of Houston Texas. The 166 unit property was purchased for approximately $2,700,000 and underwent a more than $5,700,000 renovation that took it back to the studs; effectively turning a class C project into a class A+ multifamily property. During lease up the Reserve achieved substantial rents of more than $1.60 per square foot and was ultimately sold in early 2014 for more than $21,000,000. The property was also awarded the most successful “Out of the Box” renovation in 2014 by the Houston Apartment Association.
Houston has not evolved into Texas’ biggest City (and the largest in the South) by accident. Known as the Bayou City for its waterway system, Houston thrives because it is a great place to work and a great place to live. For business and fun, for living and visiting, Houston is one of the dynamic frontiers on the world stage. With its proximity to the Southern Hemisphere and having the infrastructure to accommodate the growing needs of numerous global interests, Houston has become an international destination and one of the world’s great cities. As a major corporate center. Houston is home to 23 Fortune 500 companies.
The Port of Houston, one of the region’s greatest assets, ranks as the nation’s largest port in international tonnage and second in total tonnage. Houston’s infrastructure is also strengthened by three airports, which form the sixth-largest airport system in the world, and a massive trucking and rail system that links the southern, south central, midwestern and western United States. More than 600 trucking firms operate in Houston, and two major rail systems operate 14 mainline tracks radiating from Houston.
Houston’s employment base has become increasingly diverse. In 1981, the economic base was dominated by energy-related businesses with nearly 85 percent of all jobs in those sectors. Today nearly half of all jobs are in non-energy fields, such as business services, technology, aerospace, medicine and manufacturing.