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Multifamily

Verandas at Bear Creek

5455 Timber Creek Pl Dr, Houston, TX 77084

Listing Price: Request For Offer

Number of Units
160
Occupancy
92.0%
Gross SF
112,274

Investment Overview

Institutional Property Advisors and Marcus & Millichap have been selected to exclusively market for sale the Verandas at Bear Creek in Houston, TX. Built in 1982, the 160-unit community is prominently located in Northwest Houston's thriving Bear Creek submarket, right on Highway 6 and just five miles north of Interstate 10. Verandas at Bear Creek is located within the Cypress-Fairbanks Independent School District, the largest recognized school district in the state, with 75 of 78 campuses receiving an "Exemplary" or "recognized" rating by the Texas Education Agency. Residents enjoy unique proximity and walkability to nearby retailers, restaurants, and family attractions. Additionally, the asset offers easy access to Houston's Energy Corridor, Uptown Houston and City Centre. In 2015, the property was extensively renovated with both interior and exterior upgrades, including exterior paint, new 30-year dimensional shingle roofing, plank vinyl floors, and all black kitchen appliances. Featuring studio, one-, and two-bedroom floorplans, Verandas At Bear Creek offers a host of unit amenities, including balconies and patios, ceiling fans, central air and heating, in-unit washers and dryers, vaulted ceilings, and wood-burning fireplaces in some units. Community amenities include guest parking, a shimmering swimming pool, on-call maintenance, and proximity to nearby public parks. Verandas at Bear Creek will provide new ownership in-place, stable cash flow with unique near-term upside. Multifamily asking rents within Bear Creek have increased 9.5% year-to-date, providing organic rent growth in one of Houston's most desirable submarkets. Increasing revenue generation and rent premium opportunities are available through further interior unit enhancements, including stainless steel appliances installation and granite counter tops in all units.

Investment Highlights

  • Recently Renovated 160-Unit Community in Houston's Thriving Bear Creek Submarket of Houston
  • Highly Desirable Community Amenities with Luxurious Unit Features, including Central Air and Heating, In-Unit Washers and Dryers, Vaulted Ceilings, and Wood-Burning Fireplaces in Some Units
  • Bear Creek is One of Houston's Most Attractive Submarkets, Seeing Year-To-Date Rent Growth of 9.5% and Increasing Market-Wide Occupancy
  • Unique Walkability to Nearby Retailers and Restaurants
  • Strong Metro Houston Demographic Profile, Where The Population Has Increased by 17% and Average Household Income by 24% Since 2010
  • Significant In-Place Cash Flow With Value-Add Opportunities Through Further Interior Unit Enhancements
  • Located Within Cypress-Fairbanks ISD, One of Houston's Largest and Highest Rated School Districts

Exclusively Listed By

Financing By

Multifamily

Verandas at Bear Creek

Listing Price: Request For Offer

Number of Units
160
Occupancy
92.0%
Gross SF
112,274

Investment Highlights

  • Recently Renovated 160-Unit Community in Houston's Thriving Bear Creek Submarket of Houston
  • Highly Desirable Community Amenities with Luxurious Unit Features, including Central Air and Heating, In-Unit Washers and Dryers, Vaulted Ceilings, and Wood-Burning Fireplaces in Some Units
  • Bear Creek is One of Houston's Most Attractive Submarkets, Seeing Year-To-Date Rent Growth of 9.5% and Increasing Market-Wide Occupancy
  • Unique Walkability to Nearby Retailers and Restaurants
  • Strong Metro Houston Demographic Profile, Where The Population Has Increased by 17% and Average Household Income by 24% Since 2010
  • Significant In-Place Cash Flow With Value-Add Opportunities Through Further Interior Unit Enhancements
  • Located Within Cypress-Fairbanks ISD, One of Houston's Largest and Highest Rated School Districts

Investment Overview

Institutional Property Advisors and Marcus & Millichap have been selected to exclusively market for sale the Verandas at Bear Creek in Houston, TX. Built in 1982, the 160-unit community is prominently located in Northwest Houston's thriving Bear Creek submarket, right on Highway 6 and just five miles north of Interstate 10. Verandas at Bear Creek is located within the Cypress-Fairbanks Independent School District, the largest recognized school district in the state, with 75 of 78 campuses receiving an "Exemplary" or "recognized" rating by the Texas Education Agency. Residents enjoy unique proximity and walkability to nearby retailers, restaurants, and family attractions. Additionally, the asset offers easy access to Houston's Energy Corridor, Uptown Houston and City Centre. In 2015, the property was extensively renovated with both interior and exterior upgrades, including exterior paint, new 30-year dimensional shingle roofing, plank vinyl floors, and all black kitchen appliances. Featuring studio, one-, and two-bedroom floorplans, Verandas At Bear Creek offers a host of unit amenities, including balconies and patios, ceiling fans, central air and heating, in-unit washers and dryers, vaulted ceilings, and wood-burning fireplaces in some units. Community amenities include guest parking, a shimmering swimming pool, on-call maintenance, and proximity to nearby public parks. Verandas at Bear Creek will provide new ownership in-place, stable cash flow with unique near-term upside. Multifamily asking rents within Bear Creek have increased 9.5% year-to-date, providing organic rent growth in one of Houston's most desirable submarkets. Increasing revenue generation and rent premium opportunities are available through further interior unit enhancements, including stainless steel appliances installation and granite counter tops in all units.

Exclusively Listed By

Financing By

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