Amazing Investment! 708 units Reserve at Westwood, Houston, TX

Brief Description

Reserve at Westwood is 708-unit community is located at 10225 Bissonnet St, Houston, TX. Built in 1978, this low-density asset offers an affordable value-add opportunity in a strong performing submarket. The property also features large floor plans as well as townhome-style units.

Rare opportunity with extensively renovated, strong performing asset (2nd largest multifamily property) in the Sharpstown/Westwood submarket of the Houston MSA

• Completely renovated, immaculate asset:
  Interior renovations include: New cabinets, granite countertops, new appliances, new flooring, and new
  plumbing/lighting fixtures
• Exterior renovations: New roofs, siding, flatwork, HVAC and perimeter gates
• Exceptional location and visibility at the intersection of two of Houston’s busiest thoroughfares, Bissonnet St. and the Sam Houston Tollway (Beltway 8)
• The Sharpstown/ Westwood submarket has experienced strong annualized rental rate growth of
  7.7% over the last 3 months
• 12% growth in households (from 2010 – 2021) within a 1-mile radius of which over 88% are renter-occupied
• Within a 3-mile drive to the Westchase District – home to more than 93,000 employees & 1,500 businesses
  and within 9 miles to the Galleria / Uptown District (over 82,000 employees / 2,000+ businesses)

Business Plan

• Current subject market rents averaging $1.14 per SF are well below the rent comparables average of $1.26
• Plentiful revenue enhancement opportunities such as adding washer/dryer appliances (full-size washer /
  dryer connections in over 55% of the units), valet trash, pet rent and cable fees