Multifamily Investment Opportunity
Price
$37,000,000
Premier Investment Opportunity: Northwest Corners | 8520 Pitner | Houston, TX 77080
We are privileged to offer an unparalleled off-market acquisition opportunity with the presentation of Northwest Corners, a distinguished multifamily asset located in the vibrant Spring Branch Submarket of Houston. This property represents a strategic blend of historical integrity and modern sophistication, catering to investors aiming for a balanced portfolio addition.
Property Financials & OM: https://drive.google.com/drive/folders/1RqgeCmNhF5xPcNGgO7cN-lCFeUWD2WgN?usp=share_link
Property Highlights:
Name: Northwest Corners | 8520 Pitner | Houston, TX 77080
Units: A comprehensive collection of 466 units within a garden-style, two-story layout.
Financials: Achieving a stabilized NOI of $3,481,141, the property is marketed at $37,000,000. A testament to its financial resilience and growth potential.
Rental Dynamics: Average rent sits at $923 for an average unit size of 771 sq. ft., nestled within one of Houston’s top-performing rental markets.
Location & Market: Situated in the Spring Branch Submarket, Northwest Corners benefits from excellent access to major employment centers and is surrounded by Class A rated public schools, ensuring a steady demand and robust rental market.
Rehabilitation & Improvements: The property has received significant upgrades in 2021 and 2022, including a full exterior paint job, new gates, surveillance systems, roof replacements, and water conservation measures leading to substantial utility savings.
Amenities: Featuring high-speed internet access, in-unit washer and dryer hookups, air conditioning, ceiling fans, smoke-free units, cable readiness, and controlled access, among others.
Value-Add Potential: The "Classic" units present a remarkable upside through high-end rehabilitation, with the potential to increase rent by $300 per unit. Nearby properties indicate the strong rental increase potential.
Investment Strategy: Offered on an all-cash or new loan basis, with the owner covering a new cap on the existing floating rate debt, this asset is primed for strategic investment, promising both immediate returns and long-term capital growth.
Strategic Considerations:
Northwest Corners stands as a prime example of a high-quality, strategically located multifamily asset with a blend of historical charm and modern enhancements. The extensive capital expenditure projects completed and the high demand in the Spring Branch area underscore its investment appeal.
Investors are presented with a covered land play and a property that has been meticulously upgraded to enhance value and operational efficiency. The strong rental market, coupled with excellent access to employment centers and educational institutions, positions this asset as a compelling addition to any investment portfolio.
Acquisition and Offer Submission:
We invite interested parties to seize this unique investment opportunity. Detailed financials and property tours are available upon request, aligning with our commitment to transparency and due diligence support.
Submit All Offers Directly: Please direct all offers and inquiries to investments@promiselandrealtyllc.com. This exclusive off-market opportunity is available for a limited time, and we encourage swift action to explore the potential of Northwest Corners further.
Embrace the chance to elevate your investment portfolio with this exceptional multifamily asset. Contact us today for more information and to begin the acquisition conversation.
FINANCIALS
RENT COMPARABLES
Property Map
"YOUR #1 SOURCE FOR OFF MARKET INVESTMENT PROPERTIES, NATIONWIDE"
PROMISE LAND REALTY, LLC
Work: 864-762-2509
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors/Brokers add your fee on top.