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

Enter the "Deal room" for exclusive documents related to this property.

I accept the confidentiality agreement I accept the confidentiality agreement

Attributes

Year Built 1982
Building Area
Land Area
Number of units 512

Property Description

Crystal Bay (320 units) and Savoy Manor (192 units) are garden-style, multi-housing communities offering stable cash flow and proven interior value-add. Both communities increased net rental income in July, highlighting their impressive performance in a COVID-impacted market. They have strong locations with healthy industry anchors and demographics that support workforce housing. The communities are available together or separately and on an All Cash basis. 

Investment Highlights

  • 63% (Crystal Bay) and 52% (Savoy Manor) units have classic finishes, including white appliances
  • 'Gold' and 'Platinum' finishes in renovated units, with Platinum finishes achieving $297 (Crystal Bay) and $123 (Savoy Manor) average premiums
  • Increase other income with parking and valet trash fees and by adding washer/dryers to units with connections
  • Renovated comps in each submarket achieving higher rent levels
  • Limited Class A product in each submarket, allowing renovated B product to outperform market
  • 3% (Crystal Bay) and 5% (Savoy Manor) 2021 submarket rent growth projections, according to YardiMatrix
  • Close proximity to major highways, Interstate 45 (Crystal Bay) and Highway 290 (Savoy Manor)
  • Healthy local economies driven by health care (Crystal Bay) and industrial (Savoy Manor) markets
  • Zoned to #6 ranked Clear Creek ISD (Crystal Bay) and #8 ranked Cy-Fair ISD (Savoy Manor) out of 46 school districts in Houston MSA, according to Niche​ 
Last Updated Date: 14 Sep 2020
Christopher Young
Christopher Young
Senior Director, Capital Markets
License details
TX-630674
Joey Rippel
Joey Rippel
Senior Director, Capital Markets
License details
TX-654288

There was an error submitting your request. Please try again, or submit you inquiry here.

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.

+84869421324
Last Updated Date: 14 Sep 2020

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.