Windwater at Windmill Lakes

Houston, TX
150 units

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Risk Profile

Value Add


The Bascom Group

Date Aquired

April 2022

Total Equity


Speak with our Investor Relations Team at
$25,000 minimum investment
Certain details on this page have been supplied by the investment sponsor and/or sourced from third party sources. Please review the investment memorandum for specific sourcing information.


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

  • Booming Houston Apartment Market: Over the second half of 2021, Houston MSA experienced a surge in apartment leasing unmatched in previous periods. Concessions disappeared and submarkets experienced ~1.20% to ~18.08% annualized rent growth in Q4 2021. Compared to other Texas’ core metros, Houston’s apartment fundamentals demonstrated greater resiliency through the pandemic and continue to indicate solid expansion potential ahead.
  • Strong and Diverse Houston MSA Economy and Job Market: Houston’s $488bn GDP in 2020 makes it the 7th largest economy in the U.S. and is expected to more than double between 2020 and 2045, according to Greater Houston Partnership. A total of 70 economic development projects came to Houston between 2016 and 2019, creating nearly 24,000 new jobs in the city and generating more than $9.7 billion in capital investment.
  • Access to Major Employment Centers: Windwater’s location provides residents with easy access to the metro's major employment centers, including Uptown/Galleria (84,000 employees), Downtown/CBD (166,000 employees), Texas Medical Center (106,000 employees), Port of Houston (67,000 employees), Hobby Airport (52,000 employees) and NASA Johnson Space Center (11,000 employees). The average commute time to all these employment centers is less than 30 minutes.

Business Plan

The business plan calls for investing $3.0mm in total capital expenditures, including $2.5mm in interior and exterior renovations and accretive capital to capture identified demand at an attractive return on investment. The sponsor is also reserving $0.5mm for deferred maintenance.


About the Opportunity

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About the investment process

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Windwater at Windmill Lakes

Purchase Price


Total Equity


Underwritten Hold Period

5 years

Deal Details
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