Grove at Pinemont
7200 Pinemont Drive, Houston TX
- 411
- 1977
Midfield is considering acquiring the asset at a purchase price of $32,797,338 which reflects a 6.50% capitalization rate, based on trailing financials. Upon acquisition, the group intends on commencing on an 18-month renovation program, which totals over $2.85M in improvements which will be based in completing the $8M renovation completed by the seller, with premiums in-place and supported by the surrounding submarket.
- 15%+
- Low/Moderate
Core-Plus/Stable Growth
The Grove at Pinemont is a partial renovated 411-unit multifamily community located in the Fairbanks-Northwest Crossing submarket of Houston, TX. The property was originally built in 2 phases, 1977 and 1978. It was renovated in 2018 and is comprised of 39 two-story apartment buildings of wood frame construction with hardie plank siding. Spacious one- and two-bedroom floor plans are offered that range from 550 to 1217 square feet. Amenities vary by unit and include fully equipped kitchens with tile backsplashes, hardwood-style flooring, and washer and dryer connections. The grounds are well-manicured and span 20.9 acres. Common areas include two resort-style swimming pools, a fitness center, and laundry facilities.
Top 5 Reasons To Invest
- Favourable market timing, purchase price 27% below peak of market.
- Prime location, proximity to major amenities, and convenient access to key employment centers.
- Attractive Rent Comparables: Current Rent: $1.28 sqft , Average comp achievable $1.52.
- Large cap ex injected (8MM) minimizing deferred maintenance costs with substantial upside potential in rents through continued interior upgrades.
- Best in Class Community Culture: Community of the Year -2022- Houston Apartment Association
1 BR Units
2 BR Units
Average
