Changes coming to Port Arthur apartment complex with new management
Published 12:40 am Tuesday, October 4, 2022
A longstanding Port Arthur apartment complex is under new management, which has plans to add a number of upgrades for residents and to the site.
Pineapple Asset Management, which primarily focuses on properties in the Midwest, acquired Paradise Apartments. Soon to be renamed Palm Harbor Apartments, the facility is the company’s first multi-family property in Texas.
“We’re really community oriented,” said Smita Lal, managing partner. “We have a game plan for the next year, and it’s very exciting. Our goal is to make some nice changes — everything from landscaping to some things on the inside.”
The most significant change, said owner Kit Mixon, is the installation of solar panels.
“One of the main things we want to upgrade is the energy efficiency of the building,” Mixon said, adding the change requires roof work as well as upgrades to the existing electrical system.
The existing complex, which is located on Memorial Boulevard near the intersection of Texas 73, was built in approximately 1969 and has 75 units.
An expansion could be in the future.
“We’re looking at one to three additional units that could be added to the property,” Mixon said. “But we’re still doing the analysis on it.”
Mixon, who lives in Houston, said the upcoming industrial boom in Port Arthur was a driving decision behind acquiring the apartment complex.
“I used to work in the oil and gas industry,” he said. “That’s one of the things I’m excited about is the LNG expansions that are happening in Port Arthur.”
Mixon also said he plans on reaching out to the plants and refineries in the area to make them aware of the change in management and to ensure they know there is affordable housing located nearby.
Paradise Apartments accepts Section 8 housing, or federal funding to assist low-income families with shelter.
Lal said they do not intend to eliminate what is already withstanding, but they will not be expanding the program.
According to information from the company, Pineapple Asset Management focuses on “apartments in up-and-coming areas that are underperforming due to poor management.”
Managing Partner Chetna Lal said a ribbon cutting will soon be announced.
Paradise Apartments offers units up to three bedrooms, laundry facilities, a clubhouse, a multi-use room and a pool.
Leases are available at a six-month level, which Mixon said Pineapple Asset Management intends to continue offering.