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 1980
Building Area
Land Area ()
Number of units 268

Property Description

Normandy Woods is a 1980s vintage, workforce housing community located 11 miles east of Downtown Houston and 4 miles north of the Port of Houston. The 268-unit, garden-style community is well-maintained, has stable cash flows, and offers multiple avenues to increase income under new ownership, including unit interior updates. Normandy Woods is available on an all cash basis.


Investment Highlights

Primed for New Ownership

  • Consistent cash flow asset with 92% avg occupancy for the last decade
  • Little to no deferred maintenance to address

Value-Add Potential

  • Value-add opportunity in 258 units (96%)
  • 10 units (4%) were upgraded with $85 - $100/month increases achieved
  • 72 units (27%) have washer/dryer connections
  • Only 2 of 72 units with connections collect $25/month for machine rental

Market Support for Value-Add

  • Renovated workforce product nearby avg $100+/month higher rents
  • Renovated Class A product nearby avg $400+/month higher rents
  • 3% T12 rent growth in submarket, ranked #9 in Houston metro

Accessible, Convenient Location

  • Close-in location 11 miles east of Downtown Houston
  • 1 mile north of Interstate 10 and 4 miles north of Port of Houston
  • 62 Walk Score compared to Houston metro average of 49
  • Walking distance of Kroger-anchored shopping center
  • Zoned to North Shore High School, #10 in Houston metro for athletics
Last Updated Date: 26 Feb 2021
Matt Kafka
Matt Kafka
Senior Managing Director, Houston Office Co-Head
License details
TX-0474117
Dustin Selzer
Dustin Selzer
Director, Capital Markets
License details
TX-728983

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Last Updated Date: 26 Feb 2021

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