Objektbeschreibung
Jones Lang LaSalle (”JLL”) is pleased to present Costa Mesa, a 152-unit garden-style apartment community located in the Inwood/Hwy 249 Submarket. The Property is located on Tomball Parkway just south of the highly traveled Sam Houston Tollway. Proximate to many employment centers, there are over 157k employees within a 5-mile radius of Costa Mesa. Costa Mesa provides investors a chance to acquire an asset that has significant value-add potential through renovations and rent growth on 151 units to achieve the highest premium. Nearby competing properties are achieving an average of 11% higher rents allowing for notable rent growth. Additionally, The Property is family friendly with 57% of the units having 2 beds, a fenced in swimming pool and a playground. Costa Mesa is also adjacent to the local Pre-K and Elementary schools, making it convenient for young families.
Eigenschaften
Medien
Investment-Highlights
- 6.0% T1 Cap Rate
- $3.5 MM of CapEx invested in the past 5 years
- Value Add Potential: 57% Classic/Partial Units
- Average Rents are $90 (9.3%) below max effective rents
- 57% 2 Beds; adjacent to local Pre-K and Elementary Schools
- Booming Employment from the Northwest Industrial Supply Surge
- Proximate to Outstanding Retail Demand Drivers: Willowchase Center, Willowbrook Center, Commons at Willowbrook, Willowbrook Mall
- Agency Loan assumption or new debt
Makler kontaktieren
