Multi-Housing

Parc at 505

505 Cypress Station Dr Houston, Texas United States 77090

Asking Price Contact for pricing

NOI Net Operating Income N/A

Cap Rate N/A

Asking Price Contact for pricing

NOI Net Operating Income N/A

Cap Rate N/A

Documents

Confidentiality Agreement Teaser

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Attributes

Year Built	1977
Building Area
Occupancy	86.0 %

Property 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

Joey Rippel

Senior Director, Capital Markets

License details

TX-654288

+6531594021

Christopher Young

Senior Director, Capital Markets

License details

TX-630674

+6531594021

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Last Updated Date: 13 Aug 2020