The Grove at Pinemont

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 Houstons 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.
• Clean, well-maintained community. Seller has completed over $8MM in renovations since 2016.
• 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.
• 8 non-revenue units are currently used for the following: 4 employee units; 2 model units and 2 units for a Kids Club.
• Expiring Laundry Contract (Aug 2025), providing opportunity for a new owner to negotiate a new contract at substantially more favorable terms.
• 8 buildings were successfully removed from the Flood Zone in July 2024. Existing lender is not requiring Flood Insurance on these 8 buildings moving forward, which will be an estimated $30,000 reduction to the Flood Insurance Premium.

Location

Getting Around

• Walk Score ®

  28/100 Car-Dependent

• Transit Score ®

  22/100 Minimal Transit

• Bike Score ®

  47/100 Somewhat Bikeable

Points of Interest