Contacts
GREA
GREA
GREA
GREA
Property Details
- Property Type Other
- Units 192
- Year Built 1979
- Date Updated Jan 21, 2025
The Forest Apartments is a 192-unit multifamily community located in a peaceful residential neighborhood in Houston, Texas. Offering modern comfort and convenience, this property features spacious one-, two-, and three-bedroom floor plans, beautifully landscaped grounds, and a range of community amenities, creating an exceptional living experience for residents and a strong investment opportunity.
Situated near major roadways like I-45 and Hardy Toll Road, The Forest Apartments provides seamless connectivity to downtown Houston, The Woodlands Mall, and George Bush Intercontinental Airport (IAH). This prime location ensures easy access to shopping, dining, recreation, and essential services, making it appealing to a diverse tenant base seeking both tranquility and urban convenience.
With stylish in-unit finishes, energy-efficient appliances, and dedicated resident services like online portals and a Preferred Employer Program, The Forest Apartments prioritizes tenant satisfaction and operational efficiency. This blend of residential comfort and strategic amenities positions the property for sustained demand and long-term growth.
Reach out to the broker for more info on lease terms and amenities
Highlights
- Conveniently located in the Cypresswood sub-market of North Houston. The property is situated just north of FM 1960 between I-45 and the Hardy Toll Rd. George Bush Intercontinental Airport is a short 15 minute commute.
- The Average Household Income within a 2-mile radius is approximately $70,000. Median Household Income within a 2-mile radius is approximately $50,000.
- Strong value-add opportunity with good in-place cashflow. Rents appear to be over $125/unit on average below those of comparable properties and significantly lower than those of fully renovated peers. Implementing a technology package would potentially allow for an additional $50/unit/month or over $100K increase in other income.
- Within the last 4 years, approximately $1MM in extensive exterior, mechanical and interior renovations have been spent, including HVACs, plumbing, roofing, flooring replacement, appliances and more.*
- 88/192 units have W/D connections. Adding W/D connections to the remaining 54% of the interiors could generate an additional $50/unit or over $60K in annual revenue.
- The strong in-place cashflow alongside the value-add component supports a menu of attractive financing options depending on investor goals and future exit strategy, including agency, CMBS and bridge options.
Getting around
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37/100
Walk Score ®
-
40/100
Bike Score ®
Location
- City Houston, TX
- Neighborhood Inverness Forest
- Zip Code 77073
- Market Houston
Points of Interest
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Shell
0.38 miles
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7-Eleven
0.38 miles
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Valero
0.42 miles
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Exxon
0.44 miles
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Mobil
0.49 miles
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Big Mart
1.02 miles
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Conoco
1.02 miles
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Chevron
1.05 miles
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Tesla Supercharger
1.73 miles
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Houston-North Supercharger
3.37 miles
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Spring Park and Ride
0.59 miles
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Kuykendahl Park & Ride
3.87 miles
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Science Parking
5.20 miles
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Energy Parking
5.38 miles
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Terminal A/B Parking
5.39 miles
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Nature Parking
5.45 miles
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Academic Bldg 1 Lot
5.59 miles
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Student Life Bldg Lot
5.62 miles
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Greenspoint Transit Center Parking
5.64 miles
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Athletics Lot 1
5.71 miles
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La Quinta Inn & Suites Houston 1960
0.33 miles
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Paradise Inn
0.34 miles
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Days Inn
0.47 miles
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Fairfield Inn & Suites
0.58 miles
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Hampton Inn & Suites
0.61 miles
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Hilton Garden Inn
0.65 miles
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Rodeway Inn
0.70 miles
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Studio 6 Houston, TX - Spring
0.88 miles
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Quality Suites North
0.90 miles
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Baymont Inn and Suites
1.04 miles
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Kroger
0.82 miles
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dd's Discounts
0.91 miles
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American Freight
1.54 miles
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Target
1.62 miles
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Food Fair Supermarket
2.49 miles
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Walmart Supercenter
2.53 miles
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Walmart Neighborhood Market
2.65 miles
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H-E-B
3.18 miles
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ALDI
3.38 miles
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Macy's
5.69 miles
Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.
