The JKAM team is excited to share our newest investment opportunity Timberwalk Apartments, a 300 Unit Multifamily value add project in booming Northwest Houston market.
Due to nearby ownership / natural portfolio fit and strong local relationships, JKAM’s operating partner was offered first look at Timberwalk Apartments and secured the asset off market before it received wider attention. The Dallas-based seller has only one other property in Houston and neglected management, allowing Timberwalk’s rents to fall over $100 behind similar next-door neighbor, Bear Creek Crossing.
Key Investment Details
Preferred Return: 9% | Projected IRR: 15-18%
Projected Equity Multiple: 1.55x | Projected Hold Period: 3 yrs
- Timberwalk is a 300-unit, 1983 vintage multifamily property in the Bear Creek Village submarket of
- Built in 1983, the property has a 60% / 40% mix of 1-bed and 2/3-bed plans, averaging 717 square feet
at $1,031 monthly rent. Out-of-town seller has neglected upkeep, creating an opportunity to remedy
deferred maintenance and bring rents to market rate.
- Bear Creek is a quality mid–upper workforce area, with extensive single family residential as well as
national retail on Addicks-Salsuma Road (TX-6) / nearby Copperfield. It is conveniently located to
Houston’s major employment centers, with access via Northwest Freeway, I-10 / Katy Freeway, and
the job-rich FM-1960 corridor.
- Per YardiMatrix, the submarket has seen 12% rent growth in the past year. Future rent growth
is projected at over 4% annually through 2025, for over $200 over the projected three-year hold.
- Per Neighborhoods.com, Median Home Sales in Bear Creek Village are $231,250. Currently, listed
prices are $225k to $340k
- Timberwalk offers strong value-add returns, targeting 16.3% net IRR / 6.3% average cash-on-
cash (over 3 years).
- JKAM’s Operating Partner will renovate all units: 75% to a premium finish for $103 rent
increase, and 25% to an elite (stainless / granite) finish level for a $203 premium. This
program is well-capitalized at $11,806/unit capex spend, and well-supported by next door
Bear Creek Crossing, which is achieving $100 higher rents than Timberwalk despite inferior
- In addition, washer/dryers will be installed in all units. 60 units will receive new connections.
- Reserved parking (102 spaces @ $30/month) will offer additional revenue potential.
- Amenity upgrades will include fitness center, poolside grills / pergola, signage, business
center, repurpose derelict sport court, exterior paint and remedy deferred maintenance.
Submarket Jersey Village / Salsuma:
- Powerful rent increases of +13.1% T12, with Y1 rent growth projected at 6% (Yardi Matrix), or about $211 of organic rent growth through our investment hold period (in today’s dollars), with annual growth rate elevated over 4% through 2026.
- Location in Bear Creek offers a compelling combination of employment access, affordability, and suburban lifestyle for a solid mid / upper workforce resident base. Median home sales are $231,500, with listed prices ranging from $225,000 to $340,000. Nearby new / 2000s build apartments rent for $400–700 higher (Edge at Langham Creek, Somerall Station, Yorktown Crossing).
- Walkable to Local Retail Timberwalk residents enjoy unique proximity and walkability to nearby retailers, restaurants,
and family attractions including farmers market, roller rink, IHOP, Dairy Queen, and Krispy Kreme.
- George Bush Park / Bear Creek Pioneers Park only 12 minutes from over 9,954 acres (62 square miles) of outdoor recreation.
Steps to invest:
- Make A Reservation
- Schedule A Call
- Verify Accreditation
- Review & E-sign Docs
- Reservation Deadline June, 23rd
- Funding Deadline June, 24th
- This offering has limited space and will be on a first come first serve basis.