About

<strong>The Grove at Renwick</strong>, formerly known as Enchanted Fountains Apartments, is a two story, garden-style, apartment community located in the Gulfton submarket of SW Houston, Texas.  The property is a tax credit property and has maintained occupancies in the low to mid 90’s for more than 3 years.  The asset was built in 1966.  Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets. Currently there are reportedly no leasing concessions.

The property is located in a targeted revitalization zone for the City of Houston to bring grants to accommodate upgrading and redevelopment.  One strategy would be to re-syndicate the tax credits.  The Gulfton area contains perhaps the greatest concentration of Class C apartments in Houston, with over 20,000 units  in  an area defined by US 59, Chimney Rock, Bissonnet and Hillcroft as the boundaries.

There is currently a LURA on the property which expired April 19,2023. The units were limited to 60% of AMI.  This asset is ideal to re-syndicate the tax credits or perhaps to get HOME funds from the City of Houston.  Located in an Opportunity Zone.  Starting May 1, 2023, Manager raised rents about $150/unit and is getting no pushback.