
The Oaks at Grand West
10415 Lancaster Frst Ln, Houston, TX, 77051, US
147 units
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Peppertree Apartments (“the Property”), a 1987 vintage, 194-unit property located in Winchester, Virginia. Peppertree Apartments presents a comprehensive renovation strategy to capture immense achievable value-add upside through in-unit, common area, and amenity renovations. The investment opportunity is highlighted by the Property’s continued strong performance and a unit mix comprised of 75% two-bedroom and three-bedroom units. Due to a lack of competitive housing supply, Winchester fundamentals regularly outperform, and strong third-party research projects ~4% annual rent growth through 2028, highlighting the inherent growth at Peppertree Apartments. The Property also boasts area-leading Winchester demographics including $108K average household incomes and estimated 19% growth in home values over the next 5-years.
PREMIER VALUE-ADD OPPORTUNITY IN A COMPELLING VIRGINIA SUBMARKET
Ability to renovate 100% of the unit mix and achieve outsized returns
COMPELLING IN-PLACE CASH FLOW AND STRONG PROPERTY-LEVEL PERFORMANCE
Continued desirable property-level fundamentals and historical vacancy below 5%
ATTRACTIVE IN-PLACE FINANCING LIMITS INTEREST RATE VOLATILITY CONCERNS
$30MM loan, 5.53% fixed interest rate, interest only through 2029
EXCEPTIONAL WINCHESTER GROWTH STORY
3.95% average annual rent growth projected through 2028 with minimal current and future supply projected
DIRECT PROXIMITY TO PROMINENT EMPLOYMENT BASE & DEMAND DRIVERS
Adjacent to I-81, Shenandoah University, the Winchester Medical Center and historic Downtown Winchester
STRONG EMPLOYMENT AND RETAIL-CENTRIC LOCATION
4.2MM SF of retail and 1.1MM SF of office within a 2-mile radius of the property
EXCEPTIONAL RENTER DEMOGRAPHICS
$456,822 Average Home Value, 19% estimated 5-year home value growth, $107,968 Average Household Income, 16% estimated 5-year HHI growth, and 3.5% unemployment rate