Documents
Enter the "Deal room" for exclusive documents related to this property.
Key Facts
Year Built | 1982 |
Building Area |
|
Land Area |
|
Number of units | 512 |
Property Description
Crystal Bay (320 units) and Savoy Manor (192 units) are garden-style, multi-housing communities offering stable cash flow and proven interior value-add. Both communities increased net rental income in July, highlighting their impressive performance in a COVID-impacted market. They have strong locations with healthy industry anchors and demographics that support workforce housing. The communities are available together or separately and on an All Cash basis.
Investment Highlights
- 63% (Crystal Bay) and 52% (Savoy Manor) units have classic finishes, including white appliances
- 'Gold' and 'Platinum' finishes in renovated units, with Platinum finishes achieving $297 (Crystal Bay) and $123 (Savoy Manor) average premiums
- Increase other income with parking and valet trash fees and by adding washer/dryers to units with connections
- Renovated comps in each submarket achieving higher rent levels
- Limited Class A product in each submarket, allowing renovated B product to outperform market
- 3% (Crystal Bay) and 5% (Savoy Manor) 2021 submarket rent growth projections, according to YardiMatrix
- Close proximity to major highways, Interstate 45 (Crystal Bay) and Highway 290 (Savoy Manor)
- Healthy local economies driven by health care (Crystal Bay) and industrial (Savoy Manor) markets
- Zoned to #6 ranked Clear Creek ISD (Crystal Bay) and #8 ranked Cy-Fair ISD (Savoy Manor) out of 46 school districts in Houston MSA, according to Niche

Matt Kafka
Senior Managing Director, Houston Office Co-Head
License details
TX-0474117

Interested in this property?
Please fill out the form below
Similar Properties
View more
Multi-housing / PRS
Lansbourough
US - Houston, TX
Multi-housing / PRS
Life at Emerald Oaks
US - Hitchcock, TX
Multi-housing / PRS
$94.3 Million Performing Loan Portfolio
US - Houston, TX
Multi-housing / PRS
Normandy Woods
US - Houston, TX
Multi-housing / PRS
Aria at Rollingbrook
US - Baytown, TX
Multi-housing / PRS
Marquis Downtown Houston Lofts
US - Houston, TX
Multi-housing / PRS
Avenue Grove
US - Houston, TX
Multi-housing / PRS
Marquette at Piney Point
US - Houston, TX
Multi-housing / PRS
Eclipse
US - Houston, TX
Multi-housing / PRS
Amberjack Estates
US - Houston, TX
Multi-housing / PRS
Champions at Ponderosa
US - Houston, TX
Multi-housing / PRS
Parc at 505
US - Houston, TX
Multi-housing / PRS
Parkside at Round Rock
US - Round Rock, TX
Multi-housing / PRS
Laurel Heights Apartments
US - New Braunfels, TX
Multi-housing / PRS
Aspen Heights Corpus Christi
US - Corpus Christi, TX
Multi-housing / PRS
The Remington
US - Killeen, TX
Multi-housing / PRS
Arpeggio Victory Park
US - Dallas, TX
Multi-housing / PRS
Chimney Hill
US - Dallas, TX
Multi-housing / PRS
the Brickyard
US - Farmers Branch, TX
Multi-housing / PRS
Arbors of Carrollton
US - Carrollton, TX
Multi-housing / PRS
Lofts at Watters Creek
US - Allen, TX
Multi-housing / PRS
Lenox Castle Hills
US - Carrollton, TX
Multi-housing / PRS
Crown Centre (4.8 Acres)
US - Lewisville, TX
Multi-housing / PRS
Sunrise Briar Forest
US - Houston, TX
Multi-housing / PRS
$22.5 Million Non-Performing Multifamily Loan
US - Various, TX
Multi-housing / PRS
The Whitley Apartments
US - Austin, TX
Multi-housing / PRS
HFF-9410-Regent, The
US - Baton Rouge, LA
Multi-housing / PRS
OK3 Portfolio
US - Edmond, OK