Waterford Grove Apartments Listing Details & Market Data

3125 Crestdale Drive, Houston, TX 77080

  • For Sale Subject To Offer
  • Property Type Multi-Family
  • Property Size 706,436 SF
  • Units 584
  • Year Built 1973
  • Date Updated Feb 21, 2024
Houston, TXAvison Young’s U.S. Multifamily Team, as the exclusive advisor to the current owner (“Current Owner”), is pleased to present the opportunity to acquire the Waterford Grove Apartments (“the Property”), located at 3125 Crestdale Drive in the Spring Branch submarket of northwest Houston, Texas. The Property was constructed in 1973 and originally comprised of 552 units spread across 100 buildings with 574 surface parking spaces and 79 covered parking spaces. The Current Owner purchased the property in 2021 as a Co-GP and provided GP equity and balance sheet support to the Operating GP. The Property underwent a renovation and unit conversion plan that increased the number of units to 584 and experienced strong lease-up post completion. In early 2023, the Owner/Seller discovered Issues with the existing property management company resulting in tenants without proper background checks and poor credit which led to higher-than-expected delinquency. The Current Owner stepped in and took control of the Property from the Operating GP, replaced the property management company, cleaned-up the rent roll, and returned the Property on its path to stabilization. Waterford Grove is an opportunity to acquire an asset with excellent leasing momentum that is quickly approaching stabilization. Since May 2023, the Property has signed 192 new leases (avg. 34 move-ins per month) and monthly rental income has increased by $79,000.

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Attachments

Highlights

  • - Houston is one of the top five “live, work, play” cities in the U.S.
  • - The diverse local economy generated 70,000 new jobs in 2023
  • - A pro-business environment and no income tax draws 100 net new residents/day
  • - 33.5 units / month leasing rate (Sept. – Dec. 2023)
  • - In-Place rents are currently 19.7% below the top rents in the competitive set
  • - A supply constrained market against surging multifamily demand will maintain upward pressure on occupancy and rents

Contacts

broker

Brandon Bean

Avison Young - US - TX - Houston

(713) 993-7163

Location

Getting Around

  • Walk Score ®

    Somewhat Walkable (50)

  • Transit Score ®

    Some Transit (34)

  • Bike Score ®

    Bikeable (52)
Powered by Walk Score ®
  • City Houston, TX
  • Neighborhood Spring Shadows
  • Zip Code 77080
  • Market Houston

Points of Interest

  • Northline Transit Center/HCC

    9.34 miles

  • Melbourne/North Lindale

    9.63 miles

  • Lindale Park

    9.72 miles

  • Cavalcade

    9.84 miles

  • Murphy USA

    0.84 miles

  • Chevron

    0.86 miles

  • H-E-B Fuel

    0.90 miles

  • Phillips 66

    0.98 miles

  • Coastal

    1.09 miles

  • Valero

    1.23 miles

  • Chevron

    1.82 miles

  • Chevron

    2.08 miles

  • Shell

    2.11 miles

  • Texaco

    2.28 miles

  • Memorial City Mall Overflow Parking

    2.93 miles

  • Memorial City Plaza Parking Garage

    3.04 miles

  • West Little York Park & Ride

    3.65 miles

  • Shell Woodcreek Garage 1

    4.85 miles

  • WFT parking

    5.18 miles

  • Northwest Transit Center Parking

    5.28 miles

  • Omni Houston Hotel Parking Garage

    5.94 miles

  • Schlumberger Parking Garage

    6.57 miles

  • Addicks Park and Ride

    6.79 miles

  • Northwest Station Park & Ride

    6.79 miles

  • Tai Kee

    0.25 miles

  • Dairy Queen

    0.34 miles

  • Mytiburger

    0.49 miles

  • D Wok Express

    0.51 miles

  • Subway

    0.75 miles

  • La Pupusa Loca

    0.79 miles

  • KFC

    0.89 miles

  • Whataburger

    0.94 miles

  • McDonald's

    0.94 miles

  • Thai Jin

    0.94 miles

  • Spring Shadows Elementary School

    0.13 miles

  • Northbrook High School

    0.15 miles

  • Buffalo Creek Elementary School

    0.43 miles

  • The Monarch School

    0.49 miles

  • Northbrook Middle School

    0.51 miles

  • Spring Woods Middle School

    0.80 miles

  • Pine Shadows Elementary School

    0.97 miles

  • Terrace Elementary School

    1.14 miles

  • Spring Woods High School

    1.20 miles

  • Saint Christopher School

    1.21 miles

  • KinderCare Learning Center

    0.81 miles

  • Laugh N' Discover

    4.41 miles

  • Fairbanks KinderCare

    4.90 miles

  • Early Learning Campus of the Awty International School

    5.05 miles

  • Super Kids Academy

    5.13 miles

  • Kolbe Kids’ Early Childhood Program

    6.58 miles

  • Westlake Child Development Center

    6.66 miles

  • Childtime

    6.79 miles

  • The Kenworthy School

    7.01 miles

  • Saint Elizabeth Educational Day-Out Services

    7.01 miles

Contact Listing Broker

broker

Brandon Bean

Avison Young - US - TX - Houston

(713) 993-7163