CHICAGO--Northbrook, Ill.-based Prime Property Investors (PPI) has designated Greystar Real Estate Partners to oversee leasing and property management at Estates at Fountain Lake, a 13.6-acre luxury rental community southwest of Houston that consists of 14 three-story garden-style buildings with a total of 306 units. 

Located on Fountain Lake Drive, just east of South Dairy Ashford Road, the community is in Fort Bend county. PPI acquired the property from Dallas-based Trammell Crow Residential (TCR) earlier this year and is in the process of executing a “value-add” strategy to further enhance the property to meet the increasing demand for upgraded luxury apartments in the area.

According to Barbara J. Gaffen, co-CEO of PPI, hiring Greystar was step one in elevating the community to one of the most exclusive luxury rental properties in the area.

“Creating a high-end living environment for residents is more than upgrading units and common areas, it's also providing an unprecedented level of service,” says Gaffen. “Given Greystar's world-class expertise with multifamily housing in Houston, we are confident they will provide the highest level of service to everyone living at Estates at Fountain Lake.”

The property consists of 198 one-bedroom, one-bath apartments and 108 two-bedroom, two-bath units. It is currently 98 percent pre-leased and more than 96 percent physically occupied. Average rents are approximately $1,300 per month.

Units 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.

“Estates at Fountain Lake was built in 1998 and is an exceptionally well-constructed and maintained property that we think has great potential for becoming one of the top luxury living communities in the area, especially with Greystar on board,” says Gaffen.

PPI is overseeing renovations with the help and coordination of a Greystar renovation team. Renovations to the property are being done in phases as leases come up for renewal, with a goal to complete unit renovations over the next three years. Unit updates will consist of new stainless-steel appliances, fabricated wood flooring throughout the main living area and kitchen, quartz countertops and new cabinets in the kitchen and baths, custom designer paint colors and all new lighting fixtures and custom window treatments. PPI also plans to add fenced-in private yards to select first-floor apartments.

Renovations to the common areas at Estates at Fountain Lake will include enhancing the pool area with a new sun deck, cabanas and outdoor grilling area; upgrading the fitness center; redecorating and renovating the management office and clubhouse; and enriching the ground's landscape and signage.

Estates at Fountain Lake is the second Houston property that PPI owns, marking the company's continued expansion into the Houston multifamily market. PPI's initial foray into the market was a joint venture with TCR to develop a new-construction 346-unit luxury garden-style apartment community in the Woodlands submarket named Alexan Auburn Lakes, which delivered first move-ins this August.

“Office construction and job growth in the Houston submarket continues to create high demand for upscale multifamily housing in the area. Due to Houston's affordability and low cost of living, the city should continue to be one of the top places to live and work,” says Gaffen. “We foresee more great opportunities here for PPI in the near future.”