Acquisition Announcement: Belle Spring Branch

Opportunity

Belle Spring Branch was the off-market acquisition of a fully-stabilized 258-unit, 5-story mid-rise apartment community in the rapidly developing submarket of Spring Branch East in Houston, TX. The property was developed by a local Houston developer, Dakota Enterprises, in 2021. BCP was able to acquire the property at a 26% discount to replacement cost and a 29% discount to comparable multifamily sales in the submarket thanks to accretive financing pre-approval from Fannie Mae (government loan agency) which gave the seller confidence in BCP’s ability to close the transaction.

“We have been in a long bull market, and track records will be challenged.” Buchanan said. “We have never lost investor principal or made additional capital calls, and do not foresee this changing.”

- Keith Buchanan

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BCP’s strategy at the property includes:

• Bringing in a high effective property management team to aggressively drive rents and keep operating costs to a minimum
• Introducing new amenities including a dog-wash station and a bike garage
• Xeriscaping the property’s amenity courtyard and landscaping to improve water usage and visual appeal 
• Upgrading existing amenity areas with Class-A consistent conveniences
• Restructuring and improving the reserved parking system

Interested in learning more about BCP? Please click here to reach out to one of team members.