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Windmill Creek Apartments
5735 Timber Creek Pl Dr, Houston, Texas 77085, US
Est. IRR
The annual compounded rate of return an investment is expected to generate over a specific period of time.15.20%
Est. Yield
The average annual cash an investment is expected to earn over one year as a percent of the investment amount (also called "cash-on-cash").4.30%
Est. Equity Multiple
The return an investor is expected to receive, as a multiple of the investment amount.1.57x
Key Stats
Last updated: December 14, 2022, 03:01 am
Est. IRR
The annual compounded rate of return an investment is expected to generate over a specific period of time.15.20%
Est. Yield
The average annual cash an investment is expected to earn over one year as a percent of the investment amount (also called "cash-on-cash").4.30%
Est. Equity Multiple
The return an investor is expected to receive, as a multiple of the investment amount.1.57x
Est. Hold Period
3 years
Est. Property Value
The most recent estimated value, most commonly the purchase price of the property.$23,000,000
Year Built / Renovated
1985 / 2018
Units
83
Sq. Ft.
139,150
Occupancy
100%
Current Rent
$1,015
Target Rent
$1,315
Lot Size
5.2 acres
Asset Class (Multifamily)
About
Windmill Creek Apartments with 83 units in Houston, TX.
Windmill Creek Apartments is a multifamily apartment with 83 units across 8 buildings. It is located close to Yorktown Crossing (0.3 mi), Bear Creek Pioneers Park (0.3 mi), and Peace Community Church (0.5 mi).
This property sits on 5.2 acres of land with an average unit size of 893 square feet. The apartments were originally built in 1985 and were renovated in 2018, and include a swimming pool with sundeck, outdoor café seating, and a fitness center.
Local schools include Truitt Middle School (1.0 mi) with a 5/10 rating, Tipps Elementary School (1.7 mi) with a 6/10 rating, and Cypress Falls High School (4.1 mi) with a 4/10 rating. Nearby colleges include Houston Christian University (13.9 mi), The Art Institute of Houston (14.9 mi), and the University of St. Thomas (17.3 mi).
The largest employers in the area include H-E-B (0.9 mi), Walmart (1.3 mi), and McDonald's (1.3 mi). Nearby Fortune 500 headquarters include ConocoPhillips (5.6 mi), Sysco Corporation (7.1 mi), and Academy Sports + Outdoors (7.6 mi).
The business plan would be classified as a value-add strategy which in this case means major renovations, increasing rents, and increasing occupancy.
5 Highlights about this deal:
- The property is being purchased for approximately $23 million.
- The goal is to secure a rent enhancement of $200 can be expected from the current rental of $1,155 per month after upgrades of all units.
- All of the units will be renovated with quartz counters, black appliances, and tile backsplashes.
- Houston is home to 22 Fortune 500 companies.
- The nearby area offers a compelling combination of employment access, affordability, and suburban lifestyle, attracting families and young professionals.
Market Highlights
Closest School
Truitt Middle School(1.0 mi)
School
Closest University
Houston Christian University(13.9 mi)
University
Closest Fortune 500 Headquarters
ConocoPhillips(5.6 mi)
Industry: Mining, Crude Oil Production
Closest Employer
H-E-B(0.9 mi)
Industry: Retail
Local Employees: 23,732
Closest Transit
Lindale Park(17.0 mi)
Transit
Closest Airport
Houston George Bush Intercontinental(20.5 mi)
Airport
Wavelength Homes
Management Company
Simone & Johnson
Sponsor
On the Map
5735 Timber Creek Pl Dr, Houston, Texas 77085, US