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Buy&Hold (Multifamily): (537 Units) 9 Bldg Portfolio, Houston, TX + $42,500,000

Multifamily Investment Opportunity











Price

$42,500,000


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Off-Market Multifamily Portfolio Listing


Overview

This multifamily portfolio consists of multiple complexes located on the Southeast and Southwest sides, as well as additional properties including Braeswood, Westwood, Hidden Pines, and Redstone. The portfolio presents a significant value-add opportunity with approximately 50-60 vacant or "down" units, offering substantial upside through strategic renovations and operational improvements. The seller has invested approximately $2 million in capital expenditures since acquisition, with about 50% of the units turned after move-outs. There are 10-15 Section 8 tenants across the portfolio.

Purchase Price: $42,500,000

Consultant Fee: 3%

Financials:

Available upon request with Proof of Funds (POF) and preferably a Letter of Intent (LOI), immediately available to TEAM PROMISELAND members

Portfolio Highlights

  • Unit Count and Vacancy: Approximately 50-60 vacant or down units across the portfolio, representing a key opportunity to increase revenue by bringing these units online at market rents.

  • Section 8 Tenants: 10-15 units are leased to Section 8 tenants, providing stable income.

  • Capital Expenditures: Seller has invested ~$2 million in CapEx, with 50% of units turned post-move-out.

  • Upside Opportunities:

    • Renovate and lease vacant/down units at market rates.

    • Increase rents across the portfolio, particularly at all-bills-paid complexes (Southeast side), where rents are below market.

    • Improve security (e.g., repair gates, especially at Westwood) to attract more tenants, including church-affiliated tenants.

    • Address deferred maintenance to enhance property appeal and returns.


Property Details

Southeast Side Complexes (5 Complexes)

  • Condition: Most units feature tile flooring throughout, providing a durable and attractive base.

  • Opportunities:

    • Renovate interiors to achieve market rents (estimated $5,000/unit, totaling $1-1.4 million in CapEx).

    • Exterior improvements: Address facia, paint, and woodwork to modernize appearance.

    • Roof repairs/replacements needed in the coming years.

    • Optional parking lot improvements to enhance tenant experience.

  • Investment Potential: Strategic CapEx can significantly boost rental income and property value.


Southwest Side Complexes

  • Properties: Parkford, Ashway, Findlay, Park DeVille (photos available upon request).

  • Condition: Varies by property, with opportunities to renovate vacant/down units and optimize operations.

  • Upside: Focus on unit turns and rent increases to maximize returns.


Braeswood Complex

  • Condition: Well-maintained, requiring minimal work.

  • CapEx Estimate: $30,000-$40,000 for appliance upgrades and minor paint refreshes.

  • Upside: Quick unit turns to achieve market rents with low investment.


Westwood Complex

  • Condition: Interiors in good shape, but security issues due to a non-functional gate and reported break-ins.

  • Vacancy: 13 vacant units with plywood-covered windows.

  • CapEx Estimate: $30,000-$40,000 to repair the security gate and address minor unit repairs.

  • Upside: Fixing the gate and enhancing security can reduce vacancy and attract stable tenants, including church-affiliated tenants.


Hidden Pines Complex

  • Condition: 12 units with fire damage (to be repaired by seller via insurance prior to sale). 2 down units and 2 vacant units.

  • CapEx Estimate: $6,000-$10,000 for the 2 down units (fire-damaged units covered by insurance).

  • Upside: Minimal investment needed post-insurance repairs to bring units online.


Redstone Complex

  • Condition: 1 vacant unit awaiting carpet; 5 down units requiring significant work. Overall, the complex is in decent shape for its age.

  • CapEx Estimate: $13,000-$20,000 for down units; total investment of $100,000-$125,000 for full optimization.

  • Upside: Renovate down units to capture market rents and improve occupancy.


Investment Summary

This portfolio offers a compelling value-add opportunity for investors seeking to capitalize on operational improvements and market rent potential. With 50-60 vacant/down units, strategic renovations (estimated $1-1.4 million for Southeast complexes, plus $100,000-$200,000 for other properties) can significantly increase NOI. Additional upside includes raising below-market rents, particularly at all-bills-paid complexes, and enhancing security to boost tenant retention and occupancy.


Next Steps

To receive detailed financials and additional information, please provide Proof of Funds (POF) and, ideally, a Letter of Intent (LOI). Contact the marketing consultant for further details or to schedule a viewing.


Photo Links (available upon request with POF)


HOUSTON, TEXAS


Property Map



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PROMISE LAND REALTY, LLC

Work: 864-762-2509


All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top.

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