264 UNIT WELL MAINTAINED VALUE ADD Class A Tomball TX
Updated: May 20
24215 Kuykendahl Road, Tomball TX 77375
264 UNIT WELL MAINTAINED ‘VALUE ADD’
CLASSIC MULTI-FAMILY ASSET
...strong value add with upside!
Right outside of Houston, TX
Asking Price: $35.5M + 3% FIRM
WELL-MAINTAINED ASSET WITH AN ATTRACTIVE BELOW REPLACEMENT COST YIELD Augusta Meadows is a well-maintained asset that features top of the line community amenities such as valet trash, resort style pool, fitness center, gated entrance and onsite dog park. Location wise, Augusta Meadows provides tenants with immediate access (less than 2,000-feet) to Kroger, CVS and a highly ranked elementary school, Metzler Elementary.
These amenities are in high-demand for residents throughout the Houston market and serve Augusta Meadows well.
100% CLASSIC UNITS VALUE-ADD OPPORTUNITY WITH ABILITY TO GROW RENTS The interiors of Augusta Meadows have not been updated since the Property opened in 2009 and are primed for a makeover. A renovation package consisting of new stainless-steel appliances, modern cabinets, faux wood flooring throughout the 2nd and 3rd floors, 2 in blinds, and modern plumbing and lighting fixtures will bring the property up to par with comparable properties and allow an increase in rents. STRONG SUBMARKET CLASS A ABSORPTION AND HISTORIC RENTAL RATE GROWTH The Tomball/Spring submarket has long been one of Houston’s best performing submarkets. Tomball/ Spring absorbed over 4,500 Class A units from June 2016 through June 2019, which was one of the highest absorption figures in the City during that time span. Strong historical absorption has led to impressive rent growth performance as effective rents in the Class A tranche have increased by approximately 7.2% since 2017, equating to 3.3% year-over-year growth.
EXCELLENT ACCESS TO MAJOR EMPLOYERS Augusta Meadows is well positioned in the Northwest Houston area with proximity to major roads, retail destinations and employment hubs. Springwoods Village and The Woodlands contribute to over 80,000 jobs within the area and are within 5 and 6.5 miles from The Property. Augusta Meadows is strategically located between the Tomball Parkway and Interstate 45, providing easy access to Houston’s CBD (150,000 + employees), the Uptown/Galleria District (82,000 + employees), North Houston Business District (42,000 employees), and the George Bush Intercontinental Airport (13,000 employees). The immediate access to jobs allows Augusta Meadows to attract a diversified tenant base with employment across the Houston MSA. WALKING DISTANCE TO SURROUNDING RETAIL Augusta Meadows is less than 2,000 feet away from Kroger Grocery Store, Starbucks, CVS, Taco Bell, McDonalds, and Domino’s Pizza. In addition, The Property is zoned to and located less than 5 minutes away from top rated Metzler Elementary School – a major leasing driver for The Property.
SUMMARY UNITS: 264 OCCUPANCY: 90% NET RENTABLE AREA (SF): 229,103 AVERAGE UNIT SIZE (SF): 868 AVG EFFECTIVE PER SF: $1.21 EFFECTIVE RENT PER MONTH: $1,056 ACREAGE: 13.20 YEAR BUILT: 2009 AUGUSTA MEADOWS A PLACE TO CALL HOME SUBMARKET: TOMBALL/ SPRING DENSITY (UNITS/AC): 20 SCHOOL DISTRICT: KLEIN SCHOOLS: METZLER ELEMENTARY HILDERBRANDT MIDDLE
Augusta Meadows is zoned to Klein Independent School District. All three zoned schools have received above a 6/10 rating from Great Schools with Metzler Elementary having an 8/10 rating. VALUE ADD OPPORTUNITY All 264 units at Augusta Meadows are in their original condition and primed for an upgrade. There is a strong value-add upside through a renovation program including faux wood flooring throughout the 2nd and 3rd floors, modern cabinets, modern lighting and plumbing fixtures, stainless steel appliances, quartz countertops, and tile backsplashes. Augusta Meadows has similar community amenities as nearby comparable properties and with a full upgrade package, a new owner has the potential to increase rents by $200. Bringing units up to par with neighboring properties will give Augusta Meadows a competitive edge in the market space.
COMMUNITY AMENITIES Private Clubhouse Business Center 24-Hour Fitness Center Swimming Pool with Sun Deck Poolside Pergolas Detached Garage & Storage Available Online Rental Payments Professional Onsite Management Onsite Maintenance Barbecue & Picnic Area Close to Burroughs Park Valet Trash WiFi Available Onsite Dog Park Gated Electronic Entrance INTERIOR FEATURES Granite Countertops In-Home Washer & Dryer Wood-Style Flooring Air Conditioning Ceiling Fans in Living Areas Cherry Wood Cabinetry Time-Saving Dishwasher Private Patio Refrigerator Walk-In Closets Art Niche Plush Berber Carpet Den/Study Room Built-In Computer Desk Sleek Black Appliances Net Operating Income (Proforma) : $1,836,079 ADDITIONAL INFORMATION IS AVAILABLE TO QUALIFIED BUYERS ONLY! Buyers are advised to do their own independent due diligence and research before commuting with the purchase FOR FINANCING OPTIONS PLEASE CALL NOTE: - Price is firm and not negotiable. PLEASE, NO TRANSACTIONAL FUNDING. REQUIRED FOR FINANCIALS OR TO MAKE AN OFFER : 1. NDA 2. LOI & POF (BANK OR FUND STATEMENT)....NO EXCEPTIONS!