Timberwalk, a 300-unit, 1983 vintage multifamily property inthe Bear Creek Village submarket of Northwest Houston.
- Deal Story: Due to nearby ownership / natural portfolio fit and strong local relationships, we were offered first look at the property and secured the asset off market before it received wider attention. The Dallas-based seller has only one other property in Houston and neglected management, allowing Timberwalk’s rents to fall over $100 behind similar next-door neighbor, Bear Creek Crossing.
- Location: Bear Creek is a quality mid–upper workforce area, with extensive single family residential as well as national retail on Addicks-SalsumaRoad (TX-6) / nearby Copperfield. It is conveniently located to Houston’s major employment centers, with access via Northwest Freeway, I-10 / Katy Freeway, andthe job-rich FM-1960 corridor.
- Business Plan: The property has a 60% / 40% mix of 1-bed and 2/3-bed plans, averaging 717 square feet at $1,031 monthly rent. Out-of-town seller has neglected upkeep, creating an opportunity to remedy deferred maintenance and bring rents to market rate.