HOUSTON, TX - Next Investments Acquires 145-Unit Apartment Community In The Houston Spring Branch District.
Springwood Park Apartments, located at 1500 Witte Rd, is a 145-unit community that offers spacious one, two and three-bedroom townhome apartment ranging from 820-1497 square feet. Completed in 1979, the property features two swimming pools, coffee bar, business center, 72 storage garages, 108 parking garages, ample parking spaces, and a Hayden Park across the street. The community of townhomes is within Houston’s highly regarded Spring Branch community, just north of Memorial City at the intersection of Katy Freeway/I-10 and Gessner Road.
Houston was listed as one of 10 major U.S. metropolitan areas that are poised for tremendous growth in the next 25 years according to projections issued in October by American City Business Journals. The expected growth rate for Houston is 66.7 percent. Spring Branch will be a major part of that growth. More and more families and individuals are choosing Spring Branch as their home. Since the 2010 census, the population has grown from 107,700 to 120,600 thousand and is expected to continue to grow at 1.37% per year!. Both single-family and apartments have grown from 39,600 to 44,700 thousand units in Spring Branch.
"We were attracted to this opportunity because of an attractive cost basis in an growing market, strong in-place, stable cash flows, an opportunity to continue a proven renovation program with the opportunity to add value to the exterior and interior, larger unit sizes, and an upside in raising rents," said Manish Jain, Managing Partner at Next Investments.
About Next Investments: Located in Houston, Texas Next Investments is a Commercial Real Estate Investment company specializing in the acquisition and development and multi family, office, industrial, retail, mixed-use, and assisted living properties in high growth cities across the US. Next Investments invests directly in projects and also works in conjunction with real estate sponsor, partners, and accredited investors.