Pine Lake Village in Houston, TX
Vision & Beyond’s construction subsidiary is tackling a massive improvement initiative involving more than 400 multifamily units in Houston, Texas.
The firm is renovating three assets it acquired in the Lone Star State in 2022: the 96-unit Pine Lake Village, 168-unit Ridge Point, and 196-unit Green Tree Place. Renovations involve bringing unit finishes and amenities to the standard Vision & Beyond offers across its entire portfolio of assets in Ohio, Kentucky, and Indiana. The assets were all Class B & C multifamily at the time of acquisition, an asset type that Vision & Beyond pursues to make elevated improvements that more appropriately reflect tenant preferences.
The multifamily investor typically offers premium finishes including granite countertops, top appliances, and premium amenities. This aligns with trends that show renters-by-choice are pursuing a luxury experience without the commitment of home ownership and the headaches of chores like mowing the lawn.
Vision & Beyond began researching multifamily opportunities in the Houston market in 2020. Experts say the Houston multifamily market is expected to hold strong in 2024 after a robust performance last year. Houston has been experiencing a trend of positive rental growth, with growing rental rates to match that demand.
The Houston metro’s multifamily market is thriving in large part because of the region’s population growth and strong employment opportunities. Historically reliant on the oil and gas sector, Houston has significantly diversified its economy over the past few decades. Today, the city is a booming hub for healthcare, technology, and manufacturing industries. This diversification not only stabilizes the economy but also attracts a workforce from various sectors, sustaining high demand for rental properties. Houston’s Texas Medical Center, the largest medical complex in the world, alone employs over 106,000 people, many of whom seek nearby housing.
Despite widespread rental rate decline across half of major metros in the United States, Houston’s rental rate is expected to grow by more than 2 percent.
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