Triden Portfolio :

Total number of units: 1067

Meyer Park Apartments 9701 Meyer Forest Drive, Houston, Texas 77096 345 Units

Meyer Park Lakeside Apartments 9550 Meyer Forest Drive, Houston, Texas 77096 296 Units

The Seasons Apartments 6969 Hollister Street, Houston, Texas 77040 216 Units

Beverly Wilshire Apartments 7550 Wilshire Place, Houston, Texas 77040 210 Units

Property Description

The Triden Portfolio was a Class “B+” value-add portfolio comprised of four garden-style communities located in some of Houston’s most desirable submarkets near major regional and nationally recognized employers including the world’s largest medical center, the Texas Medical Center (TMC). The Portfolio consisted of 1,067 units built between 1993 and 2001. Only 11.36% of Houston’s multifamily inventory is 90’s-built product offering a rare opportunity to purchase highly sought after value-add 90’s vintage assets. The four well-maintained assets offered tremendous potential for rental rate growth through an interior value-add program by upgrading the common areas and interiors to match their location and setting.

Acquisition Process

Panther and Knightvest purchased the Triden Portfolio (the “Portfolio”) in November of 2016 which consisted of 4propertiestwo of which were located in the Meyerland area of southwest Houston and two properties in west Houston on Hollister Street (Highland and Beckley).This was Panther’s and Knightvest’s first portfolio purchase; however, each asset carried an individualized capital improvement plan, separate debt, and equity allocation. The plan was to improve each asset significantly with extensive exterior capital improvements and interior renovations including two-tone paint, faux wood flooring in wet areas, replace cabinet fronts, paint cabinets, add nickel hardware, granite countertops in kitchen and baths, add decorative backsplash in kitchens, and upgrade to stainless steel appliances.

Property History

The year after acquisition, Lakeside and Meyer Forest were directly affected by Hurricane Harvey on August 25th, 2017. Harvey was the first Category 4 storm to strike the United States since 2004, and the first to hit the Texas coast since Hurricane Celia in 1970—marking the beginning of one of the most devastating natural disasters in U.S. history. Lakeside’s entire first floor of units ~95 were flooded, repaired, and renovated with Knightvest’s highest level Quartz upgrades.

After the renovation of Meyer Park and Lakeside were completed, consistent distributions occurred over the remainder of the holding period, including 2 large distributions from business interruption insurance. Knightvest negotiated a refinance of the Lakeside property in March of 2020, securing fixed rate debt at 3.48% for 10 years with 5 years of interest-only payments. At the time, a one-time distribution in the amount equivalent to 11.7% of original equity was processed.

Beckley’s loan was refinanced in October of 2020funding a one-time distribution to limited partners (LP’s) equivalent to ~4.75% of original capital and allowing distributions to increase to an 8% annual coupon rate.

In January of 2022, Meyer Forest was sold which returned ~67% of LP’s original capital, leaving a capital balance of ~15% of their original investment. Post sale, LP’s had received a 1.34x multiple on invested capital (MOIC) to date.

Highland and Beckley were sold in a single transaction in October of 2023. This sale payment caught up all accrued, unpaid preferred return to date, paid the balance of remaining original capital investment in full, and profit-sharing splits were triggered. This left one property remaining in the original portfolio, Lakeside. The property continued to perform well operationally, with in-place rents increasing from $1,115 at acquisition to $1,453 while averaging 93% occupancy during the 9.0-year hold period.

Execution and Sale

Panther concluded the 4-property portfolio exit with the sale of the final property in the Triden portfolio, Lakeside Apartments in Houston, TX. A Dallas based commercial real estate firm, purchased the property, assumed the loan, and closed the transaction on October 15, 2025. Panther investors received a distribution equivalent to 12.8% of original investment. Panther LP’s previously received a 1.71x multiple on original invested capital (MOIC), bringing the total MOIC for this investment to 1.83x (0.128x + 1.707x) after the sale of Lakeside.

Panther LP’s received a distribution at sale equivalent to 12.8% of their original investment. Following the sale of Lakeside, Panther investors received an average annual return of 9.3% or a 1.83x multiple on invested capital (MOIC) to date. This compares to our original underwriting of a 16% average annual return or a 1.79x MOIC over a 5-year holding period.