The Grove at Pinemont

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Address: 7200 Pinemont Dr, Houston, TX 77040, USA

Texas + Apartment Buildings

Created date: February 28, 2024

Date last updated: November 14, 2024

▻ Attractive assumable loan at 4.99% due in Nov 2030. Alternatively, Buyer may attain new financing.
▻ Community of the Year – 2022 – Houston Apartment Association
▻ Central location in northwest Houston along the U.S. 290 corridor between the 610 Loop and Beltway 8, providing convenient access to Houston’s major hubs for employment, dining and entertainment. Close proximity to established Spring Branch, Oak Forest and Garden Oaks neighborhoods.
▻ Substantial upside potential in rents through continued interior upgrades. 57 units have been fully remodeled; ~327 units have been partially upgraded and the remaining ~27 units are “classic”. Collectively, the average rental rates appear to be $150-$200 lower than fully renovated peers.
▻ Clean, well-maintained community. Seller has completed over $8MM in renovations since 2016.
▻ Washer/Dryer connections in all 2-bedroom floor plans, which consist of 144 units. New owner could add W/D connections to the remaining 267 units for an additional $50/ month rent increase. In-suite machines are not currently provided, which is an amenity that could increase Other Income further as well as incorporating valet trash service.
▻ 8 non-revenue units are currently used for the following: 4 employee units; 2 model units and 2 units for a Kid’s Club.
▻ Expiring Laundry Contract (Aug 2025), providing opportunity for a new owner to negotiate a new contract at substantially more favorable terms.
▻ 8 buildings were successfully removed from the Flood Zone in July 2024. Existing lender is not requiring Flood Insurance on these 8 buildings moving forward, which will be an estimated $30,000 reduction to the Flood Insurance Premium.

Property Description

The Grove at Pinemont is a 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. Six spacious one- and two-bedroom floor plans are offered that range from 550 to 1217 square feet. Amenities may 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.

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
No. of Units:	411
Year Built:	1977
Lot Size:	318,772.00 Sq ft
Opportunity Zone:	No
Property Website	Click Here