The PPA Group is excited about its latest acquisition; Cypress Ridge Apartments in Houston, Texas. This excellent location is close to major employers such as Houston Northwest Medical Center, HD Supply Facilities Maintenance, Red Bull, Cambria, Cisco, Alfa Laval, and Grocers Supply Co. ExxonMobil’s new state-of-the-art world headquarters is under 10 miles from Cypress Ridge.
The PPA Group partnered with Wealth Migrate, a premier global fintech company based out of South Africa, to acquire Cypress Ridge Apartments. This is the first project together for the two companies.
The previous Cypress Ridge owners had made a number of capital improvements to the exterior but there is still a strong value-add opportunity for The PPA Group to take advantage of. All the apartments will be upgraded with new appliances, paint and flooring, plumbing lighting and fixtures, hardware, cabinet and counter resurfacing. Even more exciting is the soccer field that will be added to the property.
“We’ve done our work to understand who our residents and prospective residents are. We want to give them amenities that they will love and use so we’re so excited to give them something as unique as a soccer field,” says Jessica Lee-Wen, Marketing Director.
The expected soccer field will be located on the southwest side of the property near Bammel Village Dr. Additional amenities The PPA Group plan on developing are an additional play structure and a fitness center.
Cypress Ridge is the first major purchase for The PPA Group in Houston and there is interest to acquire more.
“We like the diversity of the economy in Houston and think it is a great time to invest there,” says CIO John A. Latham. “It’s an under-appreciated market. Lots of national investors are shying away from Houston because of the downturn in the oil industry which creates a great opportunity for us. We have great, supportive equity partners who have allocated significant funds to us and we are going to continue to look at Houston to build a great portfolio.”
CLEAR Property Management, a subsidiary of The PPA Group, will be managing the property.