Northbrook, Ill.-based Prime Property Investors (PPI) today announced that it has completed its first phase of unit renovations at Estates at Fountain Lake, a 13.6-acre luxury rental community near Houston’s Sugar Land submarket consisting of 14 three-story garden-style buildings with a total of 306 units.
Since acquiring the property in May 2014, PPI has focused on executing a “value-add” strategy to enhance the property and meet increasing demand for upgraded luxury apartments in the area. To date PPI has renovated 100 apartments with high-end finishes and upgrades.
“Historically speaking, Estates at Fountain Lake is a relatively young community as it was built in 1998,” said Barbara J. Gaffen, co-CEO of PPI. “It is an exceptionally well-constructed and maintained property, and because of its prime location and amenities, the community has established long-time residents. Renovating the common areas and units allows us to evolve and grow with the needs of our existing residents and offer a desirable option for renters looking at more expensive new-construction apartments in the area.
“Our goal is to ensure that the amenities and finishes at Estates at Fountain Lake match, if not exceed, the rising supply of high-end apartments currently being built, but at a more affordable price for tenants,” added Gaffen.
Located in Stafford on Fountain Lake Drive, just east of South Dairy Ashford Road, Estates at Fountain Lake consists of 198 one-bedroom, one-bath apartments and 108 two-bedroom, two-bath units. It is currently 97 percent occupied with average rents around $1,300 per month. Pricing for newly renovated units are $165 to $190 more per month.
Apartment renovations showcase wide vinyl plank flooring and custom designer paint colors throughout the home, as well as new kitchens with Galaxy White quartz countertops and undermount sinks, tile backsplashes and new cabinets. New stainless steel appliances further complement the kitchen upgrades, providing an overall updated and sleek finish. The renovated models also feature modern bathrooms with vinyl plank flooring, updated cabinets and quartz vanity countertops with designer faucets.
All units at Estates at Fountain Lake have private balconies or patios and feature nine-foot ceilings with double crown molding. The community also includes 391 recently repaved surface parking spaces, 36 covered spaces and 69 enclosed private parking garages.
“Renovations are being done in phases as leases come up for renewal, with a goal to complete all renovations by summer 2016,” said Gaffen.
Some of the common areas are also being enhanced. For example, PPI recently added an outdoor grilling area by the pool and has enhanced the grounds and landscaping.
“The convenience of living in a luxury apartment community has made renting versus buying a growing trend for people who live in Houston or who are moving to Houston,” said Gaffen. “And as one of the fastest growing areas in the nation, due to population and job growth, Houston in particular has a high demand for upscale multifamily housing. We are very pleased with our return on investment in the Houston market.”
For more information on Estates at Fountain Lake, visit www.estatesatfountainlake.com/.
About Prime Property Investors
Prime Property Investors (PPI) is a real estate investment firm with a national portfolio of Class A suburban garden-style apartment communities, as well as student housing properties on major college campuses. Barbara J. Gaffen and Michael H. Zaransky, co-CEOs of PPI, founded the company in 1993, and today oversee $230 million in properties. For more information on Prime Property Investors, visit www.primepropertyinvestors.com.
Apartment renovations at Estates at Fountain Lake showcase wide vinyl plank flooring and custom designer paint colors throughout the home, as well as updated kitchens and bathrooms with high-end finishes.