The James-Myers Multifamily Team of Marcus & Millichap Announces the Offering of Northbrooke Apartments Built in 2003
HOUSTON, TEXAS – Northbrooke is located in the Champions East submarket of Houston, Texas. Situated on 12.6 acres, the property was constructed in 2003. The 240-unit asset is comprised of one, two and three bedroom units, totaling 236,739 rentable square feet. Six spacious floor plans range in size from 714 to 1,375 square feet. The units feature dishwashers, garbage disposals, mini blinds, crown molding, select units with fireplaces, pool views, washer and dryer connections, dishwashers, ice makers, pantries, ceiling fans and walk-in closets. Community amenities include a resort-style pool, putting green, sand volleyball court, barbeque grills, spacious courtyards, and a fitness center. Residents enjoy easy access to nearby shopping, churches, and several recreational parks. As a professionally maintained asset, Northbrooke offers an investor long term stability and future rent growth potential. The growing Champions East Submarket has strong expectations for population growth in the next five years, projected at 11.9% for the three-mile radius. With close proximity to a range of employers mostly in the retail, healthcare services, this property provides a convenient commute to work with access to freeways and public bus routes.
Major Market Economy
The location of Northbrooke is attractive to potential renters employed throughout the Houston MSA. With a population of 6.22 million, the MSA maintains one of the lowest unemployment rates in the United States at 4.2% (May 2015) while the national average remains 5.5%. Given continuing positive economic and demographic trends, Houston remains largely attractive market for jobseekers. As one of the fastest growing metros in the nation, the city is expected to add more than 62,000 jobs in 2015. The city is an international hub for trade and business with three airports creating the sixth largest airport system in the world. The city ranks number three in the nation among cities with the most Fortune 500 companies, 21 of which call Houston home. Houston’s status as a global leader in the energy sector has served to protect it against the effects of a national recession. Industry growth continues to drive commercial development in Health Care, Research, Professional Services, Medical Research and Technologies.
This investment opportunity is being offered subject to assumption of a HUD loan.
For the complete Offering Memorandum, please sign the Northbrooke Confidentiality Agreement.
Joe James | firstname.lastname@example.org | 512-338-7852
Kent Myers | email@example.com | 512-338-7853
Matt Yarbrough | firstname.lastname@example.org | 512-338-7858
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The James-Myers Multifamily Team of Marcus & Millichap (NYSE: MMI) has participated in the sale of more than 63 transactions since 2007 totaling over 13,000 units and more than $730 Million in sales across Texas. Contact us for acquisitions, dispositions, property evaluations or market information for your Texas apartments.