HOUSTON — Sunstone Two Tree has purchased The Villas Del Paseo, a 384-unit asset in Houston, from Comunidad Partners for $28.9 million. Mark Saunders with Newmark represented the seller. The Villas Del Paseo was originally built in 1978. Sunstone Two Tree plans to spend $10.5 million on renovations to the community.
The new owner will update all units with new flooring, lighting fixtures and cabinetry, as well as hard-surface counters and stainless steel appliances. Exterior renovations will include new paint, a full roof replacement, improved landscaping and signage, additional exterior lighting and repairs to the balconies and parking lot. Sunstone Two Tree has already begun renovations and plans to complete the project in 2025.