The Opportunity
The Retreat at Steeplechase is an attractive, well-designed, and well-maintained garden-style multifamily asset available below replacement cost and with value-add opportunities for new ownership. The low-density community offers covered parking for every apartment, a key differentiator in the market. It is positioned in a highly livable residential area of Northwest Houston with no new supply under construction or planned within five miles of the property. Northwest Houston is home to booming manufacturing growth, a rapidly expanding regional health care district, and one of the nation’s healthiest industrial markets. Excellent demographics, grocery-anchored and lifestyle retail within walking distance, and a top-ranked school district complement the job-rich region and underscore the long-term support for cash flow and rent growth under new ownership in this location.
Investment Summary
Investment Highlights
Cash-Flowing, Strong-Performing Asset
- Institutionally maintained and operated since late 2019.
- Excellent cash flow at 94% leased with little to no current concessions.
- Low density, garden-style community with covered parking for every unit, including attached garages for 52% of the units and covered carports for the remainder.
- Each unit has 9’ ceilings with washers and dryers included in every unit.
- Amenities include a resort-style pool with cabanas, trellised outdoor social areas, a dog park, playground, and fully gated entry with smart phone app access.
Revenue Growth Potential for New Ownership
- Bring all units to a consistent, modern standard. There are currently four distinct unit renovation scopes: Classic (10 units), Pre-2020 Renovation (157 units, renovated under previous ownership), Post-2020 Renovation (220 units, renovated under current ownership) and Premium (3 units, renovated under current ownership).
- Implement a bulk cable/Wi-Fi contract to increase Other Income.
- Upgrade package room with lockers and implement a monthly amenity fee.
- Add private yards to fence-line units for a monthly premium.
Market Support for Higher Rents
- Post-2020 Renovation units are yielding $105 premiums over Classic and Pre-2020 Renovation units. Premium units are achieving $200 premiums over those same units.
- Lease tradeouts are exhibiting tremendous momentum with 4.1% average increases on renewals and 3.2% increases on new leases over the last 30 days.
- 11 properties within a five-mile radius are averaging $100+ higher effective rents.
- No new units under construction or planned within five miles, enabling a quicker path to rent growth than peers in neighboring submarkets.
Key Demand Drivers for Value Appreciation
- Zoned to A-rated Cypress-Fairbanks ISD, the #1 school district for athletes in Harris County and #2 school district overall, according to Niche.
- $92K average household income within three miles and average home prices of $417K in the area, which indicate a significant premium to own of 199% at current interest rates.
- Rare suburban walkability with a 71 WalkScore that is well above Houston average of 47, exemplified by an impressive three grocery options (Aldi, HEB, and Kroger) within walking distance.
- Convenient connectivity to jobs with expedient highway access (Hwy 90) and Metro Park & Ride.
- 148K jobs within five miles and 466K jobs within ten miles, anchored by retail, education, industrial, and health care industries.
- Within 30 minutes of two concentrated job creation hubs, including $1B+ manufacturing facilities currently under construction for Apple, Foxconn and NVIDIA and $500M+ healthcare expansions HCA, Houston Methodist, and Memorial Hermann also underway.
- Houston ranks #2 nationally for near-term population growth (2026 to 2030) and #2 for job creation over the same timeframe, according to Moody’s Analytics.
The Location
Photo Gallery
Unit Amenities
Community Amenities
Contact Us
INVESTMENT SALES
CHRIS CURRY
Senior Managing Director
+1 (713) 553-0151
[email protected]
JEFFREY SKIPWORTH
Managing Director
+1 (214) 533-3322
[email protected]
CHRIS YOUNG
Managing Director
+1 (972) 743-5742
[email protected]
JOEY RIPPEL
Managing Director
+1 (601) 919-5155
[email protected]
KYLE WHITNEY
Senior Director
+1 (713) 724-1456
[email protected]
JED DALTON
Associate Director
+1 (832) 314-5078
[email protected]
TUCKER FAMA
Associate Director
+1 (281) 923-3856
[email protected]
CHRIS SHAEFFER
Financial Analyst
+1 (801) 870-3358
chris.shaeffer@berkadia.com
Mortgage Banking
CUTT ABLESON
Senior Managing Director
+1 (713) 469-4503
cutt.ableson@berkadia.com
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