Jones Lang LaSalle (”JLL”) is pleased to present Spring Hill Village, a 77-unit garden-style apartment community located in the Northeast Houston/Crosby submarket. Spring Hill Village is located within the Newport master-planned community which allows tenants to enjoy walking and biking trails, parks, and a discounted membership rate at the country club with a golf course and swimming pool. Spring Hill Village is zoned to Crosby ISD, one of Harris County’s top school districts with a Niche.com A- rating. The Property benefits from being in a supply-constrained location - there are no comparable assets in the area and the demographic supports additional rent growth. This also contributes to the high levels of resident retention at the Property - some of the tenants have been on-site for 20 years. Originally constructed in 1984, Spring Hill Village has been very well-maintained and provides investors a chance to acquire an asset that has significant value-add potential. There is also an accretive mark-to-market opportunity through an upcoming Land Use Restriction Agreement (LURA) expiration. Additionally, the Property is family-friendly with 65% of the units having 2 bedrooms and also features a fenced in swimming pool.
- In-Place High 5% Cap Rate, Tax and Insurance Adjusted
- Small Equity Check Size
- Affordability Component on 1/3 of the Units with Ability to Mark Rent to Market Upon Expiration
- Material Value-Add Potential Through Existing Program or Additional Income Programs
- Located Within Newport, a Master-Planned Community with Crosby’s only Country Club
- Impressive Submarket Performance: 10% Rent Growth in T-12
- Zero Upcoming Supply and Limited Comparable Assets