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51Ten Townhomes

Class: B+
Year: 1984
Style: Garden Style

Acquired Date: June 2022
Address: 5110 Azalea Parkway, Houston, TX  77066
Property URL:  51TENTownhomes.com

The Hamilton

Investment Summary

The Hamilton, Houston’s downtown boutique mid-rise apartments, was designed to provide tenants with the ultimate comfort and convenience.  Within walking distance from downtown restaurants, nightlife, Toyota Center, Discovery Green, Minute Maid Park and George R. Brown convention center, The Hamilton is an urban gem where you will enjoy the vibrant downtown Houston lifestyle.

The boutique-styled 1 & 2 bedroom apartments, feature upscale floor plans, high ceilings, oversized custom closets, and the finest high-end finishes to meet your needs and lifestyle.  Residents will enjoy many luxurious amenities including a resort-style pool with tanning decks and cabanas, grills with lounges on every floor, a state-of-the-art fitness facility with a separate Pilates studio, conference room, and lounge for resident events.

Common area amenities

  • Sparkling Pool with Waterfall
  • Lounging pool side deck
  • Fitness Center
  • Laundry Facilities
  • Gated, Controlled Access
  • Pet Park

Interior Amenities

  • In-Unit Washer & Dryer Connections
  • High Speed Internet Access
  • Ceiling Fans
  • Vaulted Ceiling
  • Walk-In Closets
  • Balcony
  • Private Patio and Backyards
  • Loft Style 
  • Stainless Appliances*
  • Vinyl Wood Plank Style Floors*
* In Select Units

Business Plan

The strategy for this asset is to:

  • The property will undergo an extensive rehab to include modernizing and updating 150 units, along with adding private yards for a monthly premium

  • The exterior will receive new paint and landscaping

  • The property was rebranded and received a full new sign package, updated branding, and new color pallet.

  • Repurpose unutilized green space into new amenities
  • Implement vertically integrated management to control expenses

  • Add additional improvements and amenities to common areas and unit interiors
  • Add new income through VIP Parking, amenity fees, package lockers, and increased RUBs and Pet Fees
  • Sell or refinance within 3-5 years

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