| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 54th | Fair |
| Demographics | 26th | Poor |
| Amenities | 29th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 707 Greens Rd, Houston, TX, 77060, US |
| Region / Metro | Houston |
| Year of Construction | 1979 |
| Units | 120 |
| Transaction Date | 2018-11-27 |
| Transaction Price | $4,305,000 |
| Buyer | MAISON DEVILLE APARTMENTS LLC |
| Seller | M D APARTMENTS LC |
707 Greens Rd Houston Multifamily Near Energy Employers
Renter demand is supported by a high renter concentration in the 3-mile area and steady household growth, according to WDSuite’s CRE market data, positioning this asset for durable occupancy in a workforce-oriented submarket.
This Inner Suburb location serves workforce renters with a deep tenant base: within a 3-mile radius, approximately 69.8% of housing units are renter-occupied, and households increased by about 6% over the past five years, expanding the leasing pool and supporting occupancy stability. Median household income in the 3-mile area has risen materially over the same period, reinforcing the ability to sustain rent levels while requiring attentive lease management.
Neighborhood-level occupancy is around 86%, which indicates active leasing conditions but not full stabilization; investors should underwrite to typical turnover and focus on renewal execution to maintain performance. Restaurants are relatively dense for the area (stronger than many neighborhoods nationally), while day-to-day retail like groceries, pharmacies, and parks is thinner locally, pointing to a value proposition centered on attainable rents and commute convenience rather than amenity-rich living.
For rent trends, the 3-mile area shows a 2023 median contract rent near $916 with WDSuite forecasting a move toward roughly $1,394 by 2028. That trajectory suggests potential revenue growth for well-managed assets, though it also raises affordability pressure considerations that favor disciplined pricing and resident retention strategies.
Childcare access ranks competitively at the neighborhood level compared with national peers, which can aid household retention, while school quality data is limited in this snapshot and should be validated during diligence. Overall, the area is competitive among Houston neighborhoods on housing fundamentals but below the metro median on broader demographics, so asset performance will depend on operational execution, pricing, and targeted unit improvements rather than amenity-driven premiums.
Safety indicators for the neighborhood trend weaker than both metro and national benchmarks based on CRE market data from WDSuite. National percentiles for crime are on the lower end (safer areas score higher), indicating investors should account for enhanced security, lighting, and community engagement measures in operating plans.
Compared with other Houston-The Woodlands-Sugar Land neighborhoods, the area does not rank in the top half for safety, so underwriting should reflect prudent loss assumptions and the potential need for visibility, access control, and partnership with local patrol resources. Monitoring recent trend movement is also important, as 1-year changes can influence leasing velocity and renewal behavior.
The location benefits from proximity to large energy and industrial employers that underpin workforce housing demand and commute convenience for residents, including Halliburton, CenterPoint Energy, and Enterprise Products.
- Halliburton — energy services (3.6 miles) — HQ
- Centerpoint Energy — utilities (8.5 miles)
- Enterprise Products — midstream energy (9.8 miles)
- ExxonMobil - Brookhollow Campus — energy offices (10.3 miles)
- Emerson Process Management — industrial technology (10.7 miles)
With 120 units averaging about 520 square feet, the property aligns with workforce-oriented demand in a renter-heavy trade area. The 3-mile radius shows a growing household base and rising incomes, while neighborhood occupancy near the mid‑80s supports ongoing leasing but warrants focus on renewals and value-oriented positioning. According to commercial real estate analysis from WDSuite, median contract rent in the 3-mile area has room to grow over the next several years, which can support revenue optimization when paired with careful affordability and retention management.
Operationally, the submarket’s strong access to major employers underpins weekday traffic and retention, while thinner neighborhood retail and below-median safety metrics suggest the need for security, lighting, and pragmatic amenity investments. Overall, the investment case rests on durable workforce demand, disciplined pricing, and targeted upgrades that enhance renewals rather than chasing top-of-market premiums.
- Renter-heavy 3-mile area with expanding household base supports consistent leasing
- Proximity to major energy and industrial employers helps retention and occupancy
- Forecast rent growth offers revenue upside with disciplined pricing and renewal focus
- Risk: Weaker safety metrics and limited day-to-day retail call for security and targeted capex