Summary
Domain at Morgan’s Landing is a 350-unit, luxury garden style community in La Porte, TX, just 25 minutes East of Downtown Houston. Only nine conventional multifamily properties have been built in the submarket since 2000 due to strict zoning restrictions. Median household income in the area is $75K, which is 77% higher than Houston metro. Elevate Commercial Investment Group purchased Domain at Morgan’s Landing from the original developer shortly after construction completion.
PROPERTY OVERVIEW
– 350 Units
– Purchase Price: $72.9MM
– Year of Construction: 2021
– Class A+ Property
BUSINESS PLAN
– Gradually bring rents up to market.
– Add smart locks and thermostats to every unit.
– Restripe the parking lot, repaint metal fences, and address minor exterior needs.