Waterford Grove Apartments

Avison Young’s U.S. Multifamily Team, as the exclusive advisor to the current owner (“Current Owner”), is pleased to present the opportunity to acquire the Waterford Grove Apartments (“the Property”), located at 3125 Crestdale Drive in the Spring Branch submarket of northwest Houston, Texas. The Property was constructed in 1973 and originally comprised of 552 units spread across 100 buildings with 574 surface parking spaces and 79 covered parking spaces.

The Current Owner purchased the property in 2021 as a Co-GP and provided GP equity and balance sheet support to the Operating GP. The Property underwent a renovation and unit conversion plan that increased the number of units to 584 and experienced strong lease-up post completion. In early 2023, the Owner/Seller discovered Issues with the existing property management company resulting in tenants without proper background checks and poor credit which led to higher-than-expected delinquency. The Current Owner stepped in and took control of the Property from the Operating GP, replaced the property management company, cleaned-up the rent roll, and returned the Property on its path to stabilization. Waterford Grove is an opportunity to acquire an asset with excellent leasing momentum that is quickly approaching stabilization. Since May 2023, the Property has signed 192 new leases (avg. 34 move-ins per month) and monthly rental income has increased by $79,000.