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268 Unit Multi-Family Syndication - $115M+ AUM photo 1

Northside Upgrade

Growth
Houston, TX
Target Return
21.50%
Minimum
$100,000
Hold Period
5 Years
Track Record AssetsSponsored by Track Record Assets · $115M AUM
Overview

Northside Upgrade is a 268-unit value-add multifamily acquisition located in the Champions East submarket of Houston, Texas, one of the fastest-growing metropolitan areas in the United States. The property is being acquired at an attractive basis of $66,388 per unit, more than 2x below the submarket's recent sales comparable average of $147,700 per unit, creating a clear spread between purchase price and underlying market value. The sponsor, Track Record Assets, has owned and operated 770+ units in the same submarket, generating $17M in investor profit on prior exits.

Why This Opportunity

  • Attractive basis: Acquired at $66,388/unit vs. submarket sales comp average of $147,700/unit, representing a significant discount to underlying asset value

  • Defined value-add plan: Only 54% of units have been lightly upgraded and the property is overdue for exterior rehab, leaving substantial upside through interior renovations, exterior improvements, and operational repositioning

  • Proven submarket experience: Track Record Assets has owned 770 units in the same Champions East submarket, previously acquiring at $35M and exiting at $52M for $17M in investor profit

  • Limited competing supply: The Champions East submarket accounted for only 2% of new construction in the Houston MSA since 2022, with zero units currently under construction, providing tailwinds for occupancy and rent growth

  • Sunbelt demand fundamentals: Houston is the nation's 5th largest MSA at 7.8M residents, with #1 projected population growth and #2 projected net migration among U.S. metros for 2025-2029

  • Long-term agency financing: 10-year fixed-rate agency debt through CBRE/Freddie Mac with 5 years of interest-only payments, providing capital stability during the renovation program

  • Projected returns: 21.5% average annual return and 2.08x equity multiple over a 5-year hold, with quarterly distributions

Deal Structure

  • Total project cost: ~$23.01M ($85,858 per unit)

  • Purchase price: $17.79M ($66,388 per unit)

  • Rehab budget: $3.10M ($11,558 per unit) with 10% contingency

  • Debt: $13.34M at 5.50% fixed (estimated), 10-year term, 5 years interest-only, 56% LTC

  • Equity raise: ~$10.62M

  • Minimum investment: $100,000

  • LP/GP split: 90/10

  • Distributions: Quarterly, with investor reporting through the InvestNext portal

  • Offering: 506(c) Reg D, accredited investors only

Value-Add Business Plan

  • Interior unit renovations: 123 Classic units upgraded on turnover with new appliances, cabinets, countertops, flooring, fixtures, and lighting. 145 Seller-Renovated units receive targeted upgrades as needed

  • Exterior & common area improvements: Roof replacement, new signage, landscaping, exterior paint, new playground, driveway and sidewalk repairs, and full rebranding

  • Security & safety enhancements: Additional exterior lighting, security staffing, and repair of railings, balconies, and trip hazards to create a "safe haven" in the submarket

  • Operational repositioning: Improved management, enforced lease standards, renewals and referrals program, and incremental rent growth over the hold period

  • Rent growth path: Current average rent of $925/unit underwritten to grow to $1,187/unit by Year 5, with comp set average already at $1,166/unit

Property Overview

  • 268 units (188 one-bedroom, 80 two-bedroom)

  • Built in 1983

  • 197,956 net rentable square feet, 739 SF average unit size

  • 20 two-story residential buildings plus clubhouse and clothes care facility

  • Resort-style pool, on-site bus stop, pet-friendly community

  • Located at 14403 Ella Boulevard, Houston, TX 77014

Proven Track Record in the Submarket

Track Record Assets previously executed a nearly identical value-add playbook on La Monterra Apartments, located in the same Houston submarket and built in 1980 (3 years older than Northside Upgrade). La Monterra was acquired for $27.05M and sold in 2021 for $41.5M, generating $14.45M in value created on a single asset. The business plan on Northside Upgrade mirrors the La Monterra playbook: interior renovations, exterior rehab, safe-haven positioning, rebranding, and a renewals and referrals program.

How Allocation Works
$10,600,000
Offering Size
÷
$100,000
Minimum
=
106
Investor Limit
106 is the investor limit if everyone invests the minimum. Since many invest more, the offering typically fills with fewer.
Project Your Returns
The Market

Houston, TX

Northside Upgrade is located in the Champions East submarket of north Houston, within one of the strongest population and employment growth stories in the United States.

Houston MSA Fundamentals

  • 5th largest metropolitan area in the U.S. with 7.8 million residents

  • #2 highest population growth among U.S. metros since the start of the decade (645,000 new residents)

  • #1 projected population growth and #2 projected net migration among U.S. metros for 2025-2029 (Moody's)

  • Projected to add 408,000 new residents from 2025 to 2029, 60K more than any other U.S. metro

  • City of Houston added 91K new residents since 2020, ranked #1 in the U.S.

  • Projected to surpass Chicago as the 3rd largest U.S. city by 2037

  • Diversified economic base spanning energy, healthcare, logistics, manufacturing, and aerospace

  • 63K jobs added for the year ending July 2025, 3rd among U.S. metros

  • 625K jobs added post-pandemic, recovering 170% of pandemic job losses

Champions East Submarket

  • Only 2% of new Houston MSA supply delivered in the submarket since 2022

  • Zero units currently under construction, limiting future competition

  • Supported by major employment drivers nearby including HP, ExxonMobil North American HQ, Southwestern Energy, and Farouk Systems

  • Pinto Business Park and the North Houston District support 70,000+ jobs

  • George Bush Intercontinental Airport generates $1.6B in local economic impact and supports 69,000 jobs

  • Major healthcare anchors nearby including Houston Methodist Willowbrook, Texas Children's Hospital, Houston Northwest Medical Center, and Kelsey-Seybold Clinic

  • Willowbrook Mall (1.5M SF, 160+ stores), Cypress Pointe, Vintage Park, and Champions Village provide extensive retail and dining

  • Lone Star College nearby, the largest higher education institution in Houston, serving 2.1M+ residents with $3.1B annual economic impact

Sponsor Overview

Track Record Assets is a Houston-based multifamily investment firm with approximately $115M in assets under management, focused on acquiring, repositioning, and operating value-add apartment communities in high-growth Texas markets. The firm specializes in identifying stabilized assets with operational upside and executing renovation and management strategies designed to increase net operating income and long-term asset value.

Platform Overview

  • 5,913 multifamily units owned and operated across the firm's history

  • $144M+ in value added across prior investments

  • 21 successful multifamily real estate exits

  • Vertically aligned operating platform integrating acquisitions, asset management, direct property management, financing, and disposition strategy

  • Deep submarket concentration in Houston, including 770+ units previously owned in the same Champions East submarket as Northside Upgrade

Leadership

  • Trey Stone, Co-Founder & CEO: 26-year multifamily veteran and syndicator. Former President of the Houston Apartment Association (the youngest president in HAA history) and 3-time "Owner of the Year" award winner at the city (Houston), state (Texas), and national (National Apartment Association) levels. Finance degree from the University of Texas at Austin. Leads acquisitions, asset management, direct property management, and dispositions

  • Ian Stapleton (SSundee), Co-Founder & CMO: YouTube creator and entrepreneur with 25M+ subscribers and 12+ years as a top content creator. Brings digital reach and visibility to the firm's investor platform

  • Jared Spain, Chief Investment Officer

  • Nick Shaffer, Chief Syndication Officer

  • Brandon Fulep, VP of Investor Relations

  • Ana Lewis, Regional VP of Operations

  • Joe Reynaga, VP of Construction

  • Patty Garcia, Controller

Proven Houston Submarket Track Record

Track Record Assets has executed value-add multifamily plays across Houston for nearly two decades, with notable realized outcomes including La Monterra Apartments (acquired $27.05M, sold $41.5M, $14.45M value created), La Plaza (acquired $11.21M, sold $36M), Central Park (acquired $18M, sold $24M), and Plaza del Sol (acquired $5.38M, sold $12.92M). Current portfolio holdings include Casa Agave (488 units, $59.1M appraised value) and Apollo Palms (124 units).

Common Questions

Relli is a private real estate marketplace that connects investors directly with institutional sponsors. We source opportunities that typically move through private networks and closed investor circles, vet each deal and sponsor, and list them in one accessible marketplace. When you find a deal that fits, express your interest and we connect you directly with the sponsor. No commissions, no middleman fees.

Experienced real estate operators and fund managers with proven track records. Every sponsor is vetted for operational history, assets under management, and prior performance before any deal is listed.

No. Relli is free for investors. You invest directly with the sponsor with no platform fees, no commissions, and no extra charges.

Property visits are not currently available. Each investment page includes detailed property information, photos, financial projections, and sponsor materials so you can evaluate every deal before expressing interest.

Sponsors provide regular updates on property performance, distributions, and key developments. The frequency varies by deal but you can expect quarterly updates at minimum through your Relli dashboard.

Within 24 hours, our team reaches out to confirm fit and introduces you directly to the sponsor. You have a one-on-one conversation to ask questions, review terms, and evaluate the deal. If it is right for you, you invest directly with the sponsor. No middleman, no extra fees.

Target Return
21.50%
Equity Multiple
2.08x
0 Views
106 Investor Limit

Initial Investment ($)

$100,000$100,000$1M

Assuming your selected investment, after 5 years you could expect a return of:

Projected Return (5 yrs at 21.5% IRR)
$207,500
Irvine, CA 92612

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