3805 Sherwood Lane, Houston, TX 77092
Sherwood Glen is a 56-unit, multifamily asset located in the Lazybrook/ Timbergrove neighborhood in Houston, Texas. The Property benefits from an excellent location immediately north (less than a mile) of the heavily traveled Interstate 610 with a traffic count of over 234,000 vehicles per day. Its infill location provides residents with convenient access to major employment centers, an array of shopping centers, and Houston’s most desirable neighborhoods.
The Property was built in 1972 and has been well maintained by long term ownership. Property amenities include a sparkling swimming pool, an on-site clothes care center, covered parking and driveway entry gates. Exterior finishes are constructed of brick and stone. The building roofs are flat and the property is mastered metered for electricity. Sherwood Glen offers residents one and two bedroom floorplans which average from 645 to 845 square feet. Interior features include: conventional ovens, ceiling fans, mini/vertical blinds, walk-in closets, frost-free refrigerators, dishwashers, hollywood lighting in baths and garbage disposals.
Current ownership has remodeled 34 unit interiors, totaling 45 upgraded units. 11 units remain to be upgraded. Remodeled units are achieving rent premiums of $200/month or $0.27/SF compared to classic units.
The property is 3 miles from the new Whole Foods Market ,365, which will be the first of its kind in Texas with lower-priced products and a smaller store front than traditional Whole Foods markets. This grocery store concept is targeted to millennial shoppers in the Heights and Garden Oaks/ Oak Forest neighborhoods.
Residents are within 6 miles to Houston’s Uptown District/Galleria (80,000 employees). Other major employment centers nearby include : Greenway Plaza (8.5 miles), Houston’s CBD (9 miles) and The Texas Medical Center (11.7 miles).
The property is near many high-end shopping and retail outlets such as: The Galleria Mall (5.9 miles), River Oaks District (5.9 miles), Highland Village (6.3 miles), and Northline Commons (fka Northline Mall) (5.9 miles).
Sherwood Glen is a strategically positioned multifamily asset in a rapidly gentrifying neighborhood with an excellent opportunity to capture increased rents through a value-add program.
Hashir Saleem is a licensed Texas Real Estate Broker involved in real estate marketing services for institutional and individual investors. Hashir holds a B.S. in Industrial Engineering from the University of Houston and an MBA from Rice University's Jones Graduate School of Business.