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18620 Louetta Creek DrSpring, TX 77388
Louetta Creek
Asset ClassMultifamily
Year Built2021
# Units: 44# Stories: 2% Leased: 93%Access Data Room
New Assumable Financing
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Overview

Louetta Creek is a 22 building, 44 unit, single plat build-for-rent community in the Spring submarket of Houston,TX. This high growth market offer renters a best-in-class, single-family living experience with exceptional connectivity to nearby retail, entertainment, high quality schools, and employment drivers. The residences consist of 3-4 bedroom homes, with large floor plans (1,891 Avg SF), high end finishes and attached garages. The development is newly completed and now stabilized. The property offers investors a unique opportunity to acquire a build-for-rent community in one of Houston’s most desirable submarkets from highly reputable developer.

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Investment Highlights

  • New, assumable Fannie Mae Loan. $8.1M, 7 year term, 4 years IO, 5.63% interest
  • Unique opportunity to acquire a high-quality BFR property in the nation’s 4th largest city
  • 44 units in a high-growth suburban location
  • The community is fully built and stabilized with rent upside
  • Demonstrated discount of rent vs. own
  • Limited supply of competitive rentals in market
  • Seasonally-adjusted BFR/SFR rent growth on new leases has maintained over 10% growth over the last 4 quarters, with growth vs. traditional multifamily
18620 Louetta Creek DrSpring, TX 77388
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Listing provided by Revere CRE