The Opportunity

The Grayson at Baybrook has an extraordinary location at the epicenter of the largest retail corridor in Southeast Houston, creating an incomparable amenity-rich, walkable environment. Originally built in 1999 by The Hanover Company, The Grayson at Baybrook is a low-density, garden-style multifamily community with surface parking offering premium rents in a highly differentiated location, rare suburban walkability, and proven value-add.

The community is well-positioned in one of Houston’s healthiest and most economically diverse job markets with high-paying aerospace, engineering, health care, and petrochemical companies that are in expansion mode locally. Abundant employment is complimented by excellent schools, strong demographics, high-quality lifestyle amenities, and limited Class A competition in the submarket. This unique combination of institutional-quality construction, walkability, and durable economic drivers establishes The Grayson at Baybrook as a best-in-class investment opportunity poised to deliver rent growth, revenue expansion, and increasing investor returns in one of Houston’s most livable suburbs.

investment summary

19100 Glenwest Dr | Friendswood, TX 77546
  • PriceMarket
  • TermsAll Cash
  • Year Built1999
  • Total Acreage13.31
  • Total Units322
  • Total SF283,477
  • Avg Unit SF880
  • Avg Rent/Unit$1,449
  • Avg Rent/SF$1.65
  • Occupied92%

Investment Highlights

Cash Flowing, Strong Performing Asset

  • Low-density, garden-style community with 3-story buildings and surface parking, originally built by The Hanover Company
  • All units have 9’ ceilings, washers and dryers included, and most units have built-in desks
  • 93% average occupancy over the past decade

  • Currently operating with low delinquency (<1%), high retention (~55%), and a strong online reputation (4 stars out of 5)

Revenue Growth Potential For New Ownership

  • 161 units (50% of unit mix) can be upgraded to meet fully renovated level
  • 100% of units can be updated with modern tech packages
  • Can add private yards to select first floor units
  • Can increase parking income in highly occupied carports and garages

Market Support for Higher Rents

  • $163 average premiums achieved on renovated units over classic units
  • $271 rent gap with 2022 constructed mid-rise next door
  • 15% average higher rents on rent comparables
  • Limited A product in submarket, allowing older vintage product to outperform
  • No units in lease-up in Friendswood and Clear Lake submarkets
  • 2.7% to 3.0% projected rent growth in submarket from 2027 to 2028 by RealPage

Demand Drivers for Value Appreciation

  • Incomparable walkability with 4.4 million square feet of retail within one mile
  • Walking distance of LifeTime Fitness (255K SF) and Baybrook Mall (1.8M SF, 180+ restaurants and retailers)
  • Baybrook Mall includes a 550K SF, open-air lifestyle center, is nearly 100% occupied, and is one of Houston’s most popular and profitable malls
  • Less than five minutes from Interstate 45, providing convenient accessibility to Houston and Galveston
  • 241K jobs within 10 miles, including NASA and regional health care hub in adjacent city of Webster
  • Webster is the “Aerospace Capital of the United States”, anchored by NASA, Boeing, and the largest concentration of new commercial space companies in the nation
  • Webster is also known as the “Medical Center of the South” with more than 2M SF in 17 medical facilities and 7K+ local workforce
  • New area growth includes Flyway Texas, anchored by the first Great Wolf Lodge in Houston and the $200M Texas A&M Space Institute next to NASA’s Johnson Space Center (JSC)
  • Zoned to all A-rated schools in Clear Creek ISD, ranked #5 in Houston metro
  • Enviable proximity to Armand Bayou Nature Center (3,947 acres) and water-based recreational activities in Clear Lake, Nassau Bay, Kemah and Galveston Galveston

The Location

Contact Us

Investment Sales

CHRIS YOUNG
Managing Director
972.743.5742
[email protected]
TX CRE #630674

CHRIS CURRY
Senior Managing Director
713.553.0151
[email protected]
TX CRE #566750

JEFFREY SKIPWORTH
Managing Director
214.533-3322
[email protected]
TX CRE #560404

JOEY RIPPEL
Managing Director
601.919-5155
[email protected]
TX CRE #654288

KYLE WHITNEY
Senior Director
713.724-1456
[email protected]
TX CRE #658451

JED DALTON
Associate Director
832.314-5078
[email protected]
TX CRE #787068

CHRIS SHAEFFER
Financial Analyst
801.870.3358
[email protected]
TX CRE #842558

Mortgage Banking

CARL RASMUSSEN
Associate Director
713.469-4514
[email protected]

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