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|Number of units||512|
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.
- 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