| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 91st | Best |
| Amenities | 95th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2929 Westheimer Rd, Houston, TX, 77098, US |
| Region / Metro | Houston |
| Year of Construction | 2008 |
| Units | 119 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
2929 Westheimer Rd Houston Multifamily Investment
Positioned in a high-amenity Urban Core pocket, the asset benefits from a strong renter concentration and a high-cost ownership market that supports durable demand, according to WDSuite’s CRE market data, though neighborhood occupancy trends warrant disciplined leasing assumptions.
This Urban Core location offers rare convenience: restaurants, groceries, parks, pharmacies, and childcare options score in the top quartile nationally, signaling daily-needs accessibility that supports resident retention and leasing velocity. Within the Houston-The Woodlands-Sugar Land metro, the area is competitive among 1,491 neighborhoods for amenities and lifestyle access, a favorable backdrop for Class A/B multifamily.
Neighborhood-level metrics point to a solid renter base. Renter-occupied housing accounts for a majority share (about 57% at the neighborhood level), indicating depth in tenant demand. Median contract rents sit on the higher end locally, while rent-to-income ratios remain manageable in this area, suggesting room for disciplined pricing without overextending affordability. Median home values are elevated for the neighborhood, which typically reinforces reliance on multifamily rentals and aids lease retention.
Demographic statistics aggregated within a 3-mile radius show recent population and household growth with additional gains projected, implying a larger tenant base and continued renter pool expansion. The average household size in the 3-mile area is trending slightly smaller, which can sustain demand for well-located one- and two-bedroom product near employment and amenities.
On the operating side, neighborhood occupancy runs softer than national norms, so underwriting should emphasize marketing efficiency and renewal management. The subject’s 2008 vintage is newer than the neighborhood’s older housing stock, which can help competitive positioning versus pre-1970 properties, while investors should still plan for ongoing system updates and selective modernization to meet today’s renter expectations.
Safety indicators for the neighborhood trend below national benchmarks, with both property and violent offense measures comparing unfavorably to U.S. neighborhoods overall. While many Urban Core locations trade stronger access and employment proximity for higher reported incident rates, investors typically address this through property-level measures (lighting, access control, monitoring) and by coordinating with local resources.
Relative positioning within the Houston metro suggests the area is not among the safer cohorts, so risk-adjusted planning is prudent: weigh security investments, resident communication, and partnership with professional management to support retention and stabilize operations over time.
Proximity to energy and corporate employers underpins commuter convenience and supports leasing depth for workforce and professional renters. Nearby anchors include Occidental, Baker Hughes, Prudential, Quanta Services, and Apache.
- Occidental — energy (1.0 miles)
- Baker Hughes — energy services (2.1 miles) — HQ
- Prudential — financial services (2.2 miles)
- Apache — energy (2.4 miles) — HQ
- Quanta Services — infrastructure services (2.4 miles) — HQ
The 119-unit property at 2929 Westheimer Rd offers Urban Core access, a majority-renter neighborhood, and proximity to major employers that help sustain leasing. Elevated neighborhood home values and higher-end median rents point to a renter cohort with capacity to absorb quality product, while a 2008 construction year provides a competitive edge versus older stock. According to CRE market data from WDSuite, neighborhood occupancy has trailed broader norms, so the near-term thesis leans on targeted leasing, renewals, and amenity-driven differentiation to maintain stability.
Three-mile demographics indicate population and household growth with additional gains projected, translating to a larger tenant base over time. This growth, combined with strong daily-needs access and energy/corporate employment nearby, supports a durable, convenience-driven renter pool. Investors should underwrite modest rent growth, prudent concessions, and periodic capital to modernize finishes and building systems as needed.
- Urban Core location with top-tier amenities and commuter convenience supporting retention
- Majority renter-occupied neighborhood and high-cost ownership environment deepen rental demand
- 2008 vintage offers competitive positioning versus older area stock with selective value-add potential
- 3-mile population and household growth expand the tenant base and support leasing
- Risk: neighborhood safety and softer occupancy require active management, security investments, and disciplined underwriting