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

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2004
Building Area
Land Area ()
Number of units 318

Property Description

Marquette at Piney Point is a highly accessible, close-in Class A multi-housing asset primed for value-creation. Completed in 2004 by Trammell Crow Residential, 90% of its interiors are available to upgrade to current market standards.


It is a hybrid community with three-story garden-style buildings and a four-story mid-rise building on ten acres in West Houston. The institutional-quality asset offers excellent product, floor plan, and parking diversity with broad-based appeal to today’s renters. Marquette at Piney Point is available below replacement cost on an all cash basis.

Investment Highlights

  • Available at an attractive basis to replacement cost
  • Signature address, frontage, and valuable visibility to 62,853 cars daily on Westheimer Road
  • Controlled ingress and egress, including a traffic light at its intersection with Westheimer Road
  • 2.9M SF of retail within 1-mile radius and WalkScore of 64 (compared to Houston avg of 48)
  • Within 5 minutes of Aldi, Target, Randalls, and Walmart
  • Centrally located between the Galleria (83K+ jobs) and West Houston employment districts (200K+ jobs)
  • $86,919 avg household income and $658,650 avg housing value within 3-mile radius
  • Limited housing inventory, no shadow rental market, and zero new supply multi-housing submarket
  • Rent comparables are averaging 11% higher rents
  • Axiometrics projects 4.7% average annual rent growth in 2022 and 2023
  • 32 units (10%) have been fully renovated and are averaging 13% rent premiums
  • 63% of 3B units, the most occupied unit type at the property with the highest rents, will roll under new ownership with majority available to be renovated
  • Potential 37.5% increase in rental income in first year of hold
Last Updated Date: 29 Oct 2020
Chris Curry
Chris Curry
Senior Managing Director, Capital Markets
License details
TX-0566750
Todd Marix
Todd Marix
Senior Managing Director, Capital Markets
License details
TX-390880

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Last Updated Date: 29 Oct 2020

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