Midfield InvestmentsMidfield InvestmentsMidfield Investments
North York, Ontario M3J 3E5
(647) 895-0939
Midfield InvestmentsMidfield InvestmentsMidfield Investments

Core-plus/Stable Growth


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
  1. Favourable market timing, purchase price 27% below peak of market.
  2. Prime location, proximity to major amenities, and convenient access to key employment centers.
  3. Attractive Rent Comparables:  Current Rent: $1.28 sqft , Average comp achievable $1.52.
  4. Large cap ex injected (8MM) minimizing deferred maintenance costs with substantial upside potential in rents through continued interior upgrades.
  5. Best in Class Community Culture: Community of the Year -2022- Houston Apartment Association
1 BR Units
676 square feet
2 BR Units
971 square feet
1 SF
unit size


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