Multi-Housing

Parc at 505

505 Cypress Station Dr Houston, Texas United States 77090
Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 1977
Building Area
Occupancy 86.0 %

Asset Description

Parc at 505 is a 484-unit, Class B multi-housing community with a convenient, easily accessible location in North Houston. The low-density, garden-style asset was originally constructed in 1977 and spans more than 25 acres one-half mile west of Interstate 45. The surrounding area includes prototypical demographics that support workforce, rental product. Parc at 505 offers the opportunity to improve unit interiors and increase occupancy to generate stable cash flow with outsized returns. It is available on an All Cash basis.

Investment Highlights

  • Ultra-low density, large site with abundant, park-like greenspace
  • Well-maintained with little to no deferred maintenance
  • Diversified unit mix that include lofts and townhome-style options
  • 53% 2B and 3B floor plans
  • Amenities include three swimming pools and standalone fitness center building
  • Operational upside by improving occupancy
  • 342 units (71%) are classic units with white appliances
  • 142 units (29%) have been renovated and are achieving $125 average rent premiums
  • Directly across street from popular Lents Family Park (34.5 acres)
  • 2 minute walk to METRO bus stop and 3 minute drive to Interstate 45
  • Within 5 minutes of HCA Houston Healthcare Northwest (600+ employees)
  • Within 10 minutes HEB, Kroger, and Randalls-anchored retail centers
  • Within 10 minutes of all zoned schools in Spring ISD
  • Within 20 minutes of major employment hubs – North Houston Industrial, The Woodlands, IAH Airport, North Houston District, and Willowbrook
Last Updated Date: 13 Aug 2020

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Last Updated Date: 13 Aug 2020

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