Makaan closes an $18MM deal in Northwest Houston for Sugar Pine Apartments. The latest addition to the company’s portfolio delivers 90 rental units built in 2021 that offer convenient access to major employers up and down the Farm-to-Market Road 1960.
“Sugar Pine’s proximity to Houston’s employment nodes makes it an attractive option for the Harris County Submarket. Being a newly-built property, it also offers potential savings from operational and maintenance costs,” shared Makaan CEO Madina Shaik.
Large employers, including Daikin, ExxonMobil, and Amazon, have fueled growth in the area. An abundance of affordable housing options has also made its location popular with the workforce market.
Since the deal’s closing in Dec 2022, the property has maintained high occupancy rates. Investors of this property have also benefitted from the early distribution of dividends. The team’s projections place the property’s IRR at around 30%, with a 3.21x Equity Multiple and cash-on-cash returns at 8.26% on a holding period of 4 years.
First Taste of City Living
Residents of Sugar Pine are pioneers–the first to occupy the beautifully-designed units and experience the comforts of living in the property’s ideal urban home.
Apartments here are spacious, with two- or three-bedroom units fitted with stainless steel appliances, granite countertops, vinyl flooring, and soaking tubs. These luxurious touches make these homes a steal at the price point they’re offered.
Everything that residents would need is also within reach: multiple on-site parking; FM 1960 and I-45 can take them to numerous options for their lifestyle needs, including fitness centers, entertainment hubs, and dining options. The community also thrives near the clusters of leisure spaces such as Collins Park, Dylan’s Park, Mercer Botanic Gardens, North Houston Skate Park, and Topgolf, to name a few.
Sugar Pine builds a perfectly-placed community: removed from the busyness of the city but close enough to experience the best that Downtown Houston offers.
16844 Sugar Pine Dr, Houston, TX 77090
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