The Grove at Pinemont Apartments
Houston TX
Property Overview
Summary
- OFFER PRICE $33,500,000 ($81,500 PER UNIT)
- FIXED INTEREST RATE 4.99%
- TOTAL NUMBER OF UNITS 411
- YOC 1977/2018
- AVERAGE UNIT SIZE SF 776
- TOTAL RENTABLE SF 318,772
Investment Summary
The Grove at Pinemont is a renovated 411-unit multifamily community located in the Fairbanks-Northwest Crossing submarket of Houston, TX. The property was originally built in 2 phases, 1977 and 1978. It was renovated in 2018, and is comprised of 39 two-story apartment buildings of wood frame construction with hardie plank siding. Six spacious one- and two-bedroom floor plans are offered that range from 550 to 1217 square feet. Amenities may vary by unit and include fully equipped kitchens with tile backsplashes, hardwood-style flooring, and washer and dryer connections. The grounds are well-manicured and span 20.9 acres. Common areas include two resort-style swimming pools, a fitness center, and laundry facilities.
Investment Highlights
▻ Attractive assumable loan at 4.99% due in Nov 2030. Alternatively, Buyer may attain new financing.
▻ Community of the Year - 2022 - Houston Apartment Association
▻ Central location in northwest Houston along the U.S. 290 corridor between the 610 Loop and Beltway 8, providing convenient access to Houston’s major hubs for employment, dining and entertainment. Close proximity to established Spring Branch, Oak Forest and Garden Oaks neighborhoods.
▻ Substantial upside potential in rents through continued interior upgrades. 57 units have been fully remodeled; ~327 units have been partially upgraded and the remaining ~27 units are “classic”. Collectively, the average rental rates appear to be $150-$200 lower than fully renovated peers.
▻ Washer/Dryer connections in all 2-bedroom floor plans, which consist of 144 units. New owner could add W/D connections to the remaining 267 units for an additional $50/ month rent increase. In-suite machines are not currently provided, which is an amenity that could increase Other Income further as well as incorporating valet trash service.
▻ Clean, well-maintained community. Seller has completed over $8MM in renovations since 2016.
▻ 8 non-revenue units are currently used for the following: 4 employee units; 2 model units and 2 units for a Kid’s Club.
Copyright © 2024 The Grove at Pinemont. All rights reserved. Powered by SharpLaunch