DLP Capital announces the purchase of The Proper, a 235-unit Houston apartment complex, located at 4971 Martin Luther King Jr Blvd, Houston, TX 77021. The property will be renamed DLP Proper, signifying DLP Capital’s continued commitment of bringing workforce housing to the city of Houston.
Built in 2017, DLP Proper is just a five-minute drive from the campus at the University of Houston. Prior to DLP’s purchase, the apartment complex served as a student-housing property with 700 beds. DLP Proper will convert some of the units into traditional apartments, creating a mix of student and workforce housing.
The property features twelve different floor plans comprised of one, two, three, and four bedroom apartments. Residents have access to the 24-hour fitness center, private outdoor pool, sand volleyball court, dog park, computer lounge, outdoor fire pit, and grilling areas. DLP Proper also offers residents a private, exclusive shuttle service to and from all classrooms on the campus.
DLP’s acquisition of the apartment complex is the latest move in its ongoing plans to provide natural, affordable workforce housing to the diligent working members and students of the Houston community.
“A key focus of our investment strategies is the housing market in Texas,” said DLP Capital President and CEO, Don Wenner. “As our Houston portfolio continues to grow, so does our investment in the community. We plan to position additional capital over the coming years into debt and equity investments, and Houston will be high on our priority list. Our mission is to provide housing solutions that are clean and affordable for students and local working families, and this purchase is a perfect opportunity to do both.”