- 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. Cranbrook Forest is being offered free and clear of debt, enabling new owner to capitalize on the historically low interest rate environment.
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 Investment Sales Team Member. Please DO NOT contact the property management team directly or visit the property without a Colliers International representative.
Cranbrook Forest is a Class B workforce housing, value-add opportunity in the stable northwest submarket area known as Willowbrook/Champions and Ella. The two- and three-story community was built in 1983. Cranbrook Forest represents an opportunity for a new owner to implement an interior value-add program for additional rent premiums.
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, a fitness center, coffee bar area, resort-style pool and children’s playground.
Over the past three to five years, ownership 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, countertops, cabinet fronts and hardware, backsplash, lighting and plumbing fixtures, vinyl plank flooring, and two-tone interior paint to generate up to $125/month premiums. Similar upgraded communities within the submarket are achieving up to $250 per month premiums.
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.