Sponsorship team

Impex Capital Group is pleased to present to potential investors the opportunity to invest in Parkside Place Apartments, a 321-unit, 1969-built, Class B garden-style community located in the thriving Houston submarket of Pasadena. The location of the property is close in proximity to high quality retail and community services, as well as Beltway 8 and Interstate 45 which provides residents quick access to Houston’s major employment centers. Adjacent to the property is the 50-acre Strawberry Park, which serves as the community’s recreational hub and features a water park, recreation center, sports fields, walking trails, playground, exercise stations, picnic tables and other park amenities.

Amenities at Parkside Place include two swimming pools, club house, business center, fitness center, as well as others. Prior ownership invested ~$1MM into the property by installing new roof, solar screens, HVAC, plumbing and electrical improvements, and other upgrades. They also upgraded the interiors of individual units by adding new floors, updated lighting, appliances, granite countertops, and other improvements in approximately 50% of the property. Artisan’s plan is to make strategic improvements to the property as well as upgrade the additional units to increase rents on all units not capped at rent restrictions.

Parkside Place offers a strong risk-adjusted investment opportunity with substantial appreciation potential due to constrained submarket supply of rental housing, proximity to major employment centers with wage appreciation, desirable Pasadena school district, and next-door access to irreplaceable Strawberry Park amenity.

Unique aspects of this opportunity include sourcing the deal “off-market” at an attractive basis as well as a Property Tax Abatement structure. The team was able to put the asset under contract through its strong broker relationships as well as securing a partnership with the Southeast Texas Housing Finance Corporation to put the tax-exempt structure in place.