The Opportunity
The Location
The Property
Contact
Doc Center
Privacy
Terms of Use
Tucker Knight
Senior Managing Director
Mortgage Banking
+1 (713) 469-4515
tucker.knight@berkadia.com
TUCKER FAMA
Financial Analyst
+1 (281) 923-3856
tucker.fama@berkadia.com
TODD MARIX
Senior Managing Director
+1 (713) 826-5979
todd.marix@berkadia.com
JEFFREY SKIPWORTH
Managing Director
+1 (214) 533-3322
jeffrey.skipworth@berkadia.com
KYLE WHITNEY
Director
+1 (713) 724-1456
kyle.whitney@berkadia.com
JOEY RIPPEL
Managing Director
+1 (601) 919-5155
joey.rippel@berkadia.com
CHRIS young
Managing Director
+1 (972) 743-5742
chris.young@berkadia.com
2229 San Felipe
Suite 1600
Houston, TX 77019
+1 (713) 974-1300
Berkadia.com
houston OFFICE
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Houston, TX Office
2229 San Felipe, Suite 1600
Houston, TX 77019
+1 (713) 974-1300 | Berkadia.com
The Cottage Green is one of the most unique, build-to-rent (BTR) assets in the country. This distinctive, ultra low-density, horizontal multifamily community boasts many first-to-market amenities and is ideally positioned next to The Woodlands, arguably the metro’s most desirable residential address with the highest barriers-to-entry and annually ranked amongst the best places to live in the nation. This location offers strong demographics, healthy demand drivers, premium, top-of-the-market rental rates, lower millage and insurance rates than in Houston proper, and outstanding opportunities for substantial rent growth and long-term value appreciation.
15770 Old Conroe Rd
Conroe, TX 77384
Michael Case
Financial Analyst
+1 (281) 224-7013
michael.case@berkadia.com
MARKET
PRICE
ALL CASH
TERMS
2023*
YEAR BUILT
39.60
TOTAL ACREAGE
314*
TOTAL UNITS
285,672
TOTAL SF
910
AVG UNIT SF
$1,830
AVG RENT/UNIT
$2.09
AVG RENT.SF
50%*
OCCUPIED
*Phase 1 of the community completed construction in 2023. It is comprised of 225 units and is 50% occupied as of November 8, 2023.
Phase 2 is comprised of 89 units that will deliver in Q1 2024 and has not begun its lease-up.
Investment summary
Investment Highlights
Designed for Best-in-Class Performance
One of few cottage-style, BTR assets in market and in such close proximity to The Woodlands
Captures true, gated, master-planned single-family community experience with picturesque ‘Main Street’ corridor, exclusive, first-to-market amenities, and individual homes with private entrances
Testament to demand for product, averaging 20+ units leased per month since June
BTR product can command premium rents and often has higher retention rates and lower turnover costs
Taxes comprise lower percentage of income due to lower millage rate in Montgomery County and no MUD in location
Lower insurance rates in Montgomery County than Harris County
Can decrease payroll and marketing expenses upon completion of lease-up
Directly north of The Woodlands, ranked as the #3 Best City to Live in America and #2 Best City Raise a Family in America (Niche)
The Woodlands is known to have more jobs (67K) than houses (49K) and single-family is nearly built out with plans remaining for only 200 homes
The Woodlands averaged an amount equal to 7 new people added and 5 new jobs created daily from 2010 to 2020 and as it approaches buildout, still averages 3 new people and 4 new jobs daily
Health care drives The Woodlands economy and nonretail employment growth was 9.4% in 2022
Outstanding area demographics include $156K average household income within one mile
Significant premium to own with $1.2 million average home prices in The Woodlands
Ranked in Top 3 for multifamily rent levels, occupancy, and demand amongst Houston’s suburbs
Strong Demand Drivers for Multifamily Investment
the property: Photo Gallery
the location
Unit Amenities
Unit Amenities
Community Amenities
Community Amenities
Unit Amenities
Unit Amenities
Community Amenities
Community Amenities
Visit Doc Center
Visit Doc Center
Cottages
patio homes
porches
townhomes
Cottages
patio homes
porches
townhomes
Unit Photos
Unit Photos
Community Photos
Community Photos
the property: Photo Gallery
Community Photos
Unit Photos
the property: amenities
investment sales and mortgage banking
Paul Harris
Senior Managing Director
+1 (972) 764-8490
paul.harris@berkadia.com
Greg Smith
Senior Managing Director
+1 (972) 764-8499
greg.smith@berkadia.com
CHRIS CURRY
Senior Managing Director
+1 (713) 553-0151
chris.curry@berkadia.com
Cutt Ableson
Senior Managing Director
Mortgage Banking
+1 (713) 469-4503
cutt.ableson@berkadia.com
Leasing office
Clubhouse lounge & catering
kitchen with covered porch
Conference room
Complimentary Wi-Fi
in common areas
Fully equipped fitness center
Luxe swimming pool
with tanning ledge
Sundeck with poolside loungers
and covered tables
Outdoor entertainment area
with gas grills and picnic tables
Tiki cabana and bar
Italian string lighting
Two large ponds
Access to nature & walking trails
Pocket parks throughout
the community
Private dog park
Sand court
Outdoor fire pit
Adirondack seating area
Clock tower
Electric car charging stations
Surface parking, covered parking,
and detached/attached garages
Front door package
delivery service
Valet trash service
Gated community entrance
Community Amenities
1, 2 & 3 Bedroom cottages, patio homes and townhomes available
Private front-porch entries
9’ ceilings
Open-concept, spacious floorplans
Hardwood-inspired flooring in living areas and bedrooms
2-inch faux wood blinds
Double-pane, Low-E windows
LED recessed lighting
Ceiling fans in living areas
and bedrooms
Gourmet kitchens with
custom-designed islands
Kitchen pantries
Stainless steel GE appliances
Single basin undermount sinks
with gooseneck faucets
Modern Moen plumbing fixtures
Quartz countertops
Tile backsplashes
White or grey shaker-style cabinets
Walk in closets with wood shelving
Linen closets*
Walk-in glass showers
Fully tiled shower surrounds
Full-size GE washers & dryers included
Utility closets
Private fenced in front
& back yards*
Picket fences*
Exterior storage closets*
High-speed internet
& cable access
*In select units
Unit Amenities
Visit Doc Center