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|Number of units||318|
Marquette at Piney Point is a highly accessible, close-in Class A multi-housing asset primed for value-creation. Completed in 2004 by Trammell Crow Residential, 90% of its interiors are available to upgrade to current market standards.
It is a hybrid community with three-story garden-style buildings and a four-story mid-rise building on ten acres in West Houston. The institutional-quality asset offers excellent product, floor plan, and parking diversity with broad-based appeal to today’s renters. Marquette at Piney Point is available below replacement cost on an all cash basis.
- Available at an attractive basis to replacement cost
- Signature address, frontage, and valuable visibility to 62,853 cars daily on Westheimer Road
- Controlled ingress and egress, including a traffic light at its intersection with Westheimer Road
- 2.9M SF of retail within 1-mile radius and WalkScore of 64 (compared to Houston avg of 48)
- Within 5 minutes of Aldi, Target, Randalls, and Walmart
- Centrally located between the Galleria (83K+ jobs) and West Houston employment districts (200K+ jobs)
- $86,919 avg household income and $658,650 avg housing value within 3-mile radius
- Limited housing inventory, no shadow rental market, and zero new supply multi-housing submarket
- Rent comparables are averaging 11% higher rents
- Axiometrics projects 4.7% average annual rent growth in 2022 and 2023
- 32 units (10%) have been fully renovated and are averaging 13% rent premiums
- 63% of 3B units, the most occupied unit type at the property with the highest rents, will roll under new ownership with majority available to be renovated
- Potential 37.5% increase in rental income in first year of hold