Windwater at Windmill Lakes

Houston, TX
150 units
Risk Profile

Value Add


The Bascom Group

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$25,000 minimum investment


Windwater at Windmill Lakes is an opportunity to invest in a multifamily asset curated deal sourced through the Cadre network. This 150-unit asset is located in the booming Houston market and has a strong historical occupancy averaging over 95%. The Bascom Group is our institutional sponsor who has ranked among the top 50 multifamily owners in the United States.

Key Investment Highlights

Vintage Asset with Strong Occupancy and Value-add Opportunity

Windwater was acquired in 2012 and since closing the owner has been focused on maintaining higher occupancy and limiting disruption to tenants rather than executing any material value-add renovations. The Property is currently 95% occupied with a 5-year average occupancy rate of 95.3%. Coupled with 100% original interior finishes, this acquisition presents a tremendous opportunity to physically reposition the asset and drive in-place rents from $1,051 to $1428 post renovation. This represents a 10.8% mark-to-market and $264 renovation premium.

Best-in-Class Sponsorship

Our operating partner, The Bascom Group, is an Irvine based private equity firm specializing in multifamily, commercial, non-performing loans, and real estate related investments and operating companies. Bascom has completed over $20.6 billion in multifamily value-added transactions encompassing 349 multifamily properties and over 90,120 units Since 2005. Bascom has been very active in Texas, acquiring 40 properties totaling 14,569 units, including 9 properties and 3,093 units in Houston. Bascom has ranked among the top 50 multifamily owners in the U.S.

Reasonable Basis

Bascom is acquiring the property for $135k per unit. This represents a 12% and 33% discount to recent comparable trades and replacement cost, respectively.

See the investment memorandum for additional detail and sources.

Thriving Houston Market and Superior Location

Windwater at Windmill Lakes

Purchase Price


Underwritten Hold Period

5 years

Deal Details
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