1983 Built | 282 Units | Value-Add Opportunity Houston, Texas
The Opportunity
North Bend is located at the nexus of Houston’s most compelling growth corridor. The garden-style community is minutes from Bush Intercontinental Airport (IAH), two regional medical districts, and the rapidly emerging AI-manufacturing super hub anchored by Apple, Foxconn, and Nvidia, which will bring thousands of new jobs and $1B+ economic impact to the local area. North Bend is ideally positioned to capture future rent growth and long-term appreciation. It offers immediate income-growth potential through interior upgrades, ancillary-income initiatives, and operating-expense efficiencies, supported by demonstrated renovation premiums already achieved on the rent roll.
Investment Summary
Investment Highlights
Revenue Growth Potential for New Ownership
- Well-capitalized business plan: Approximately $4 million invested to address deferred maintenance, reposition, and renovate the asset.
- Remaining renovation runway: Approximately 41% of units retain classic finishes, including white appliances.
- Expanded premium package: Add granite countertops and stainless-steel appliances across the portfolio.
- Washer/dryer opportunity: Add machines to 178 units without them.
- Additional ancillary revenue: Introduce reserved parking and/or carports.
- Bulk-service potential: Implement a bulk cable and internet agreement.
- Embedded utility upside: Fully implemented water conservation program has lowered utility expenses, reflected in the T12, while reducing resident utility bills and supporting additional rent-growth capacity.
Market Support for Higher Rents
- Demonstrated renovation premiums: Renovated units achieve up to $114 premiums and average approximately $90.
- Class A and B rent discounts: $391 below Class A properties in the submarket, and $237 below Class B properties.
- Renovated comparable gap: Approximately $125
below renovated competing communities. - Limited supply pressure: No conventional units in leaseup or under construction within five miles.
Demand Drivers for Value Appreciation
- Connected location: Between I-45 and Highway 249, south of Cypress Creek Parkway.
- Deep employment base: 113K jobs within five miles and 385K within 10 miles.
- Healthcare employment catalyst: Two regional hospital districts within five miles, including HCA Houston Healthcare Northwest’s $69M expansion.
- Advanced manufacturing tailwind: Eight miles from the planned 2M SF Apple, Foxconn, and Nvidia advanced manufacturing campus.
- Access to four employment districts: Willowbrook, IAH, North Houston District, and City Place/ExxonMobil HQs within approximately 20 minutes.
- Major airport expansion: IAH is undergoing an approximately $3B expansion, supporting long-term employment and economic activity in North Houston.
- Established income base: Average household income of $82K within one mile and $93K within three miles.
- Everyday convenience: Walkable to Beneke Elementary and near grocery, retail, and neighborhood parks.
The Location
Photo Gallery
Contact Us
BERKADIA HOUSTON
2229 San Felipe , St #1600
Houston, TX 77019
713.974-1300
Berkadia.com/commercial-real-estate-houston
Investment Sales
JOEY RIPPEL
Managing Director
601.919-5155
[email protected]
TX CRE #654288
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
CHRIS YOUNG
Managing Director
972.743-5742
[email protected]
TX CRE #630674
KYLE WHITNEY
Senior Director
713.724-1456
[email protected]
TX CRE #658451
TUCKER FAMA
Associate Director
281.923-3856
tucker.fama@berkadia.com
TX CRE #9002106
CHRIS SHAEFFER
Financial Analyst
801.870.3358
[email protected]
TX CRE #842558
Mortgage Banking
NATHAN STONE
Senior Managing Director
214.394.3444
[email protected]
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