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|Number of units||127|
Arbor Terrace at Kingwood Town Center is a 127-unit independent living community located within the 14,000-acre master-planned community of Kingwood, about 23 miles northeast of downtown Houston. Built in 2000, much of the interior of the community was totally remodeled in 2016 and 2018. These improvements, which totaled approximately $8.1 million, included the installation of a new chiller and many other mechanical components. As a result of these renovations, the property is in excellent condition and is well positioned to provide an investor with immediate cash flow with the potential for upside through rent growth and expense controls.
Kingwood, also known as the “Livable Forest”, was developed by the Friendswood Development company, a subsidiary of Exxon, in 1971 and has grown rapidly since. The community includes more than 75 miles of hike and bike trails, two country clubs, and a wide variety of shopping and dining establishments.
- Rapidly Growing Market – Population growth within a five-mile radius is forecast at an annual rate of 1.77%, more than twice the national average. The 75+ population is forecast to grow at an annual rate of 6.96% through 2026. Furthermore, income levels are high, with the median income levels for 75+ HHs at $51,249, 36% higher than the national average.
- Cash Flow with Upside – The community experienced a brief dip in occupancy during COVID, and then quickly recovered to 95.3%. There is significant upside in cash flows via concession burn-off, rental rate increases, and implementation of operating expense controls.
- High Quality Building - The community is a high quality building with all brick exterior in a gated neighborhood. The property offers eight-foot corridors, nine-foot ceilings, a heated indoor pool, and completely renovated and reequipped commercial kitchen.