The Standard at Eastpoint
The Standard at Eastpoint is a 283-unit, 2016 vintage, Class-A garden-style property located in Baytown, Texas. The Standard represented an opportunity for ApexOne to acquire an asset below replacement cost, in a recovering submarket with high barriers to entry. It is one of 10 Class-A properties within the Baytown submarket, and there are currently no additional properties under construction or planned. As a vintage 2016 asset, The Standard offers the latest trend among Class-A multifamily properties, including high-end interiors and amenity packages.
It is strategically located off Interstate 10, just 4.5 miles east of the Houston Ship Channel which leads directly into the Port of Houston. The Port of Houston is the busiest port in the United States in terms of foreign tonnage, second busiest in terms of overall tonnage, and the 16th busiest in the world. The Port supports over 67,000 local jobs and generates $339 billion in economic value for Texas annually. The City of Houston has recently approved the widening and deepening of the Ship Channel to expand capacity to increase trade with Asia. Phase one of the project is scheduled to start in 2021 and should generate thousands of jobs. Baytown, Texas is home to eighteen refineries of which nine are located within seven miles of the property including Monument Chemical, five different Exxon-Mobil plants, SGS North America-OGC Baytown, Eco Services, and the Baytown Refinery. As of 2019, of the estimated 34,000 people in the Baytown area workforce, 31% or 10,540 were employed in the oil/gas extraction and manufacturing industries with median salaries of $63,113 and $61,953 respectively. In 2018 the outbound production in Texas of fuel oils, crude petroleum, and gasoline accounted for 34.8% or $974 billion of the total $2.8 trillion in production. In addition to the petrochemical industry, Baytown has major warehouse and distribution centers for Home Depot and Walmart. As of 2020, within a five-mile radius of the property, the total population is 90,708 with a median household income of $58,910 and by 2025 the population is expected to grow 8% to 97,903