Houston, TX 77056
Located in Houston’s Galleria District, the previous owner purchased the asset as a covered land play for eventual demolition and redevelopment. Chateaux was once one of Houston’s few remaining legendary and iconic multihousing communities, with a prime infill location in the thriving, job-rich Galleria District. Once the home of President George W. Bush, its storied past has been document in presidential biographies and national publications, such as The New York Times.
Due to the Great Recession and the steep decline of the U.S. economy, the previous owner dropped its plan to redevelop the property. It was during this time that Domain approached the owner with a plan to buy the 1964-built asset in an off-market transaction. With Domain’s opportunistic timing and vision, the property was purchased and substantially improved, deferred maintenance was cured, and rents were significantly increased. The property was sold after three years of ownership for what was then the highest price per unit of any Class B multifamily property in Houston.