Pine Creek
Pine Creek | 299 Units
Marketing description
Pine Creek Apartments is a well-positioned East Houston multifamily asset offering investors a compelling combination of recent capital improvements, current cash flow recovery, and future upside. Following the 2024 derecho storm, ownership completed an extensive rehabilitation program after approximately 40% of units experienced rain intrusion and occupancy declined into the 70% range. Completed improvements include roof replacements for impacted buildings, restored units, updated flooring and paint, resurfaced cabinets and countertops, modernized hardware, updated plumbing and lighting fixtures, a new boiler system, resurfaced parking areas, a new playground, and an upgraded recreational area.
The property benefits from proximity to major blue-collar employment drivers, including logistics, port operations, petrochemical and refining facilities, manufacturing, transportation, and industrial construction, supporting durable workforce housing demand. Current rents are estimated to be approximately $150 per unit below nearby comparable properties, creating a clear path for organic rent growth as concessions burn off and leases renew closer to market. Additional upside exists through Pine Creek’s washer/dryer value-add opportunity, with 156 of the property’s 300 units already featuring connections and the potential to generate approximately $50 per unit per month through appliance rentals. With an attractive basis relative to market and replacement cost, recent capital investment, property tax reduction potential, and meaningful ancillary revenue upside, Pine Creek presents a strong value-add opportunity in a durable East Houston rental corridor.
Investment highlights
Strategic east Houston Location
Pine Creek is located within the strong-performing Cloverleaf submarket of East Houston, approximately one mile north of Interstate 10, one mile south of U.S. Highway 90, and four miles east of Loop 610. The property offers convenient access to major employment corridors, transportation infrastructure, and regional demand drivers.
Significant Recent Capital Improvements
Following the 2024 derecho storm, ownership completed a significant rehabilitation program after approximately 40% of units experienced rain intrusion and occupancy was temporarily disrupted. All roofs have since been replaced, impacted units restored, and repairs completed, positioning the property for continued operational recovery. Recent capital improvements totaling more than $2.6 million include updated flooring and paint, resurfaced cabinetry and countertops, modernized hardware, upgraded plumbing and lighting fixtures, a new boiler system, resurfaced parking areas, a new playground, and enhanced recreational amenities. With leasing momentum continuing, investors can benefit from occupancy recovery, future rent growth, and a substantially improved asset with limited near-term capital needs.
A full capital improvement summary is available in the Doc Vault.
Attractive Basis Relative to Market and Replacement Cost
The offering provides investors the opportunity to acquire the asset at an attractive price per unit relative to comparable sales and estimated replacement cost, creating a compelling basis with meaningful upside potential.
Below-Market Rents with Immediate Revenue Growth Opportunity
Due to the 2024 storm and subsequent lease-up period extending through portions of 2025, ownership utilized lease concessions and discounts to accelerate occupancy recovery. Current rents are estimated to be approximately $150 per unit below nearby comparable properties, providing a clear path for organic rent growth as existing leases expire and are renewed at market rates.
Exposure to Diverse Blue-Collar Employment Drivers
Pine Creek benefits from proximity to major employment sectors, including logistics, port operations, petrochemical and refining facilities, manufacturing, transportation, and industrial construction. These industries support durable workforce housing demand in the surrounding area.
Property Tax Reduction Potential
Pine Creek currently carries a 2026 HCAD noticed value of $17,091,525, which remains under active protest. A purchaser may acquire the asset at a meaningful discount to this assessed value, creating an opportunity to pursue a substantial reduction in future property tax liabilities.
Washer/Dryer Value-Add Opportunity
Currently, 156 of the property’s 300 units feature washer/dryer connections, primarily in two-bedroom floor plans. Expanding connections to remaining units presents a strong value-add opportunity, while installing and renting in-unit washer/dryer appliances could generate approximately $50 per unit per month in ancillary income.
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