- For sale
Multifamily investment opportunity to acquire Cranbrook Forest, a 261-unit, garden-style community featuring a strong value-add component, located at 13875 Ella Boulevard in Houston, Texas. Completed in 1983, Cranbrook Forest represents an opportunity for a new owner to implement an interior value-add program for additional rent premiums.
Visit our property website for investment details and to request the offering memorandum.
Prospective purchasers will have the opportunity to visit the property through scheduled tours with a Colliers International team member. Please DO NOT contact the property management team directly or visit the property without a Colliers International representative.
Cranbrook features many desirable community amenities including five distinct floor plans, all with washer/dryer hook-ups, an upgraded leasing center, and a separate room with three computer stations, fitness center, coffee bar area, resort-style pool and children’s playground.
Over the past three to five years, ownership has invested in excess of $3 million for capital improvements, primarily to the exterior of the community.
Most units remain in Classic or near-Classic condition, which provides the new buyer with the rare opportunity to renovate 100 percent of the unit interiors with a combination of upgraded appliances, counter tops, cabinet fronts and hardware, backsplash, lighting and plumbing fixtures, vinyl plank flooring, and two-tone interior paint to generate over $119/month premiums. Similar upgraded communities within the submarket are achieving up to $250/month premiums.
This well-located NW Houston property provides residents with short commute times to major employment centers (George Bush Int’l Airport, North Houston Business District, Pinto Business Park, Springwoods Village and the Woodlands) and an abundance of retail and entertainment/recreational venues. North Houston’s population is projected to grow to 2.8M residents by 2030, while at the same time housing starts (including multifamily) are anticipated to fall, creating a shortfall in total housing units. Such trends will dramatically push rental rates.
Cranbrook Forest is strategically positioned in northwest Houston between Interstate 45 and Highway 249. The well-located property provides residents with short commute times to major employment centers and an abundance of retail and entertainment/recreational venues.