- For Sale Contact for pricing
- Property Type Other
- Units 411
- Additional Rent Contact for pricing
- Year Built 1977
- Date Updated Nov 4, 2024
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.
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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.
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Contacts
Location
Getting Around
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Walk Score ®
28/100
Car-Dependent
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Transit Score ®
22/100
Minimal Transit
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Bike Score ®
47/100
Somewhat Bikeable
- City Houston, TX
- Neighborhood Fairbanks - Northwest Crossing
- Zip Code 77040
- Market Houston
Points of Interest
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Northline Transit Center/HCC
7.18 miles
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Melbourne/North Lindale
7.66 miles
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Lindale Park
7.84 miles
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Cavalcade
8.03 miles
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Moody Park
8.33 miles
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Quitman/Near Northside
8.85 miles
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Fulton/North Central
8.87 miles
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Theater District (eastbound)
9.37 miles
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Theater District (westbound)
9.43 miles
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UH-Downtown
9.62 miles
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Shell
0.42 miles
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Chevron
0.46 miles
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Citgo
0.62 miles
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Valero
0.65 miles
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Exxon
0.82 miles
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Mobil
0.89 miles
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Houston, TX - Northwest Freeway Supercharger
3.23 miles
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Blink
3.95 miles
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Siemens
5.76 miles
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ChargePoint
6.50 miles
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West Little York Park & Ride
4.02 miles
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Village Towers Parking Garage
4.41 miles
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Northwest Transit Center Parking
4.56 miles
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Memorial City Mall Overflow Parking
4.97 miles
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Memorial City Plaza Parking Garage
5.12 miles
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North Shepherd Park & Ride
5.54 miles
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West Sports Complex Parking Lot
5.62 miles
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East Sports Complex Parking Lot
5.78 miles
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Omni Houston Hotel Parking Garage
5.79 miles
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DoubleTree by Hilton
0.27 miles
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Regency Inn & Suites
0.32 miles
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Hampton Inn
0.36 miles
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Crestwood Suites of NW Houston
0.40 miles
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TownePlace Suites
0.42 miles
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Red Roof Inn
0.44 miles
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Prestige Inn
0.46 miles
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Sleep Inn & Suites
0.46 miles
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Baymont
0.52 miles
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Platinum Inn and Suites
0.54 miles
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Twin Peaks
0.36 miles
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Jimmy John's
0.37 miles
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Denny's
0.38 miles
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Dunkin'
0.39 miles
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Pappas Bar-B-Q
0.39 miles
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Cali HTX
0.43 miles
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The Juicy Crab
0.44 miles
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Wendy's
0.45 miles
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Shipley Do-Nuts
0.47 miles
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Logan's Roadhouse
0.49 miles
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Panda Path School
0.76 miles
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Houston Barber School
0.89 miles
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Clifton Middle School
1.05 miles
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Hollibrook Elementary School
1.11 miles
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Benbrook Elementary School
1.16 miles
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Holbrook Elementary School
1.32 miles
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Edgewood Elementary School
1.51 miles
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Saint Jerome School
1.54 miles
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Scarborough High School
1.65 miles
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YES Prep White Oak Campus
1.65 miles
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KinderCare Learning Center
3.29 miles
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Super Kids Academy
3.36 miles
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Laugh N' Discover
3.54 miles
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Fairbanks KinderCare
3.99 miles
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Early Learning Campus of the Awty International School
4.29 miles
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KinderCare
4.53 miles
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La Petite Academy
4.58 miles
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The Little Learning Place
4.58 miles
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The Kenworthy School
5.21 miles
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The Goddard School of Houston
5.46 miles
Frequently Asked Questions
How much does The Grove at Pinemont cost?
The sale price for The Grove at Pinemont is available upon request. Contact the listing broker for more information.
What is the total square footage of The Grove at Pinemont?
The Grove at Pinemont totals 318,772 square feet.
When was this property built?
The Grove at Pinemont was built in 1977.
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