Lincoln Galleria and Lincoln Medical Center have been lightly updated by current ownership with upgraded finishes. Both properties could be further updated to bring the interiors to the next level, while still maintaining a respectable rent gap with new construction. The pool areas and amenities could be modernized (or repurposed) to include new grilling areas, social gathering spaces, and package lockers, which could be offset by the introduction of an amenity fee.
Lincoln Galleria and Lincoln Medical Center are two, infill multi-housing communities totaling 424 units built from 1990 to 1991. Both non-commodity assets are positioned in top-performing Central Houston submarkets with light supply going forward, underscoring the rent growth potential available to new ownership. The communities are available below replacement cost, on an All Cash basis, and can be purchased together or separately.