Multi-Housing

Crystal Bay & Savoy Manor

2323 W Bay Area Blvd Webster, Texas United States 77598-3245
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 1982
Building Area
Land Area
Number of units 512

Property Description

Crystal Bay (320 units) and Savoy Manor (192 units) are garden-style, multi-housing communities offering stable cash flow and proven interior value-add. Both communities increased net rental income in July, highlighting their impressive performance in a COVID-impacted market. They have strong locations with healthy industry anchors and demographics that support workforce housing. The communities are available together or separately and on an All Cash basis. 

Investment Highlights

  • 63% (Crystal Bay) and 52% (Savoy Manor) units have classic finishes, including white appliances
  • 'Gold' and 'Platinum' finishes in renovated units, with Platinum finishes achieving $297 (Crystal Bay) and $123 (Savoy Manor) average premiums
  • Increase other income with parking and valet trash fees and by adding washer/dryers to units with connections
  • Renovated comps in each submarket achieving higher rent levels
  • Limited Class A product in each submarket, allowing renovated B product to outperform market
  • 3% (Crystal Bay) and 5% (Savoy Manor) 2021 submarket rent growth projections, according to YardiMatrix
  • Close proximity to major highways, Interstate 45 (Crystal Bay) and Highway 290 (Savoy Manor)
  • Healthy local economies driven by health care (Crystal Bay) and industrial (Savoy Manor) markets
  • Zoned to #6 ranked Clear Creek ISD (Crystal Bay) and #8 ranked Cy-Fair ISD (Savoy Manor) out of 46 school districts in Houston MSA, according to Niche​ 
Last Updated Date: 12 Oct 2020
Christopher Young
Christopher Young
Senior Director, Capital Markets
License details
TX-630674
+41445083302
Joey Rippel
Joey Rippel
Senior Director, Capital Markets
License details
TX-654288
+41445083302
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+41445083302
Last Updated Date: 12 Oct 2020

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