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Multifamily

Pointe Plaza

2790 W T C Jester Blvd, Houston, TX 77018

Listing Price: Request For Offer

Number of Units
80
Gross SF
56,704

Investment Overview

Institutional Property Advisors | Marcus & Millichap has been selected to exclusively market for sale Pointe Plaza Apartments in Houston, Texas. Built in 1965, the 80-unit community is ideally located within Garden Oaks, one of Houston's hottest neighborhoods. Two blocks outside the loop at the intersection of I-610 and Highway 290, Pointe Plaza Apartments is just minutes away from the Galleria and Memorial Park while providing easy access to downtown Houston and the central business district, the Texas Medical Center, and the Heights. The property offers one- and two-bedroom floorplans that feature generous closet space, tile floors, updated kitchens (in select units), and ceiling fans. Community amenities include a recently resurfaced pool with an expanded deck area and new furniture, affordable on-site laundry, and a Houston Metro bus stop just outside the property. Pointe Plaza Apartments will provide new ownership in-place, stable cash flow with unique near-term upside and the ability to access and renovate vacant units immediately. The Garden Oaks submarket has seen nearly 8% rent growth, providing immediate managerial upside with the ability to increase the current below-market rents at the property and capitalize on increased cash flow through remaining lease-up. Marcus & Millichap | Institutional Property Advisors assumes that a new investor will implement a unit enhancement program on 100% of the units, at an estimated cost of $10,000 per unit, yielding $175 per unit average rent increases. Enhancements that will be implemented include granite countertops, stainless steel appliances, new cabinetry fronts, and interior & exterior paint. Pointe Plaza Apartments represents the ideal central northwest Houston multifamily offering, providing in-place cash flow with unique value-add upside. The property's excellent visibility to downtown Houston and easy access to all parts of the Houston metro will allow new ownership to capitalize on Garden Oaks' growing popularity and continued gentrification as one of Houston's hottest neighborhoods.

Investment Highlights

  • Excellent Proximity to Houston's Largest Entertainment and Employment Districts such as The Galleria, Central Business District, and The Heights
  • Sizable Value-Add Opportunity Available on 100% of the Units Through Interior Renovations
  • Prime Location within Garden Oaks Submarket of Houston, Currently Experiencing 8% Rent Growth, and 5% Positive Absorption.
  • Below-Market Rents and Occupancy Figures Yielding Significant Managerial Upside Opportunity
  • Extremely Strong Metro Houston Demographic Profile Where the Population has Increased by 17% and Average Household Income by 24% Since 2010

Exclusively Listed By

Financing By

Listing Price: Request For Offer

Number of Units
80
Gross SF
56,704

Investment Highlights

  • Excellent Proximity to Houston's Largest Entertainment and Employment Districts such as The Galleria, Central Business District, and The Heights
  • Sizable Value-Add Opportunity Available on 100% of the Units Through Interior Renovations
  • Prime Location within Garden Oaks Submarket of Houston, Currently Experiencing 8% Rent Growth, and 5% Positive Absorption.
  • Below-Market Rents and Occupancy Figures Yielding Significant Managerial Upside Opportunity
  • Extremely Strong Metro Houston Demographic Profile Where the Population has Increased by 17% and Average Household Income by 24% Since 2010

Investment Overview

Institutional Property Advisors | Marcus & Millichap has been selected to exclusively market for sale Pointe Plaza Apartments in Houston, Texas. Built in 1965, the 80-unit community is ideally located within Garden Oaks, one of Houston's hottest neighborhoods. Two blocks outside the loop at the intersection of I-610 and Highway 290, Pointe Plaza Apartments is just minutes away from the Galleria and Memorial Park while providing easy access to downtown Houston and the central business district, the Texas Medical Center, and the Heights. The property offers one- and two-bedroom floorplans that feature generous closet space, tile floors, updated kitchens (in select units), and ceiling fans. Community amenities include a recently resurfaced pool with an expanded deck area and new furniture, affordable on-site laundry, and a Houston Metro bus stop just outside the property. Pointe Plaza Apartments will provide new ownership in-place, stable cash flow with unique near-term upside and the ability to access and renovate vacant units immediately. The Garden Oaks submarket has seen nearly 8% rent growth, providing immediate managerial upside with the ability to increase the current below-market rents at the property and capitalize on increased cash flow through remaining lease-up. Marcus & Millichap | Institutional Property Advisors assumes that a new investor will implement a unit enhancement program on 100% of the units, at an estimated cost of $10,000 per unit, yielding $175 per unit average rent increases. Enhancements that will be implemented include granite countertops, stainless steel appliances, new cabinetry fronts, and interior & exterior paint. Pointe Plaza Apartments represents the ideal central northwest Houston multifamily offering, providing in-place cash flow with unique value-add upside. The property's excellent visibility to downtown Houston and easy access to all parts of the Houston metro will allow new ownership to capitalize on Garden Oaks' growing popularity and continued gentrification as one of Houston's hottest neighborhoods.

Exclusively Listed By

Financing By

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