| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Good |
| Demographics | 67th | Good |
| Amenities | 10th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5600 Alvin A Klein Dr, Spring, TX, 77379, US |
| Region / Metro | Spring |
| Year of Construction | 2010 |
| Units | 30 |
| Transaction Date | 2021-11-10 |
| Transaction Price | $5,810,000 |
| Buyer | VILLAGE TOWNHOMES LP |
| Seller | BALLATER LTD |
5600 Alvin A Klein Dr Spring TX Multifamily Investment
Neighborhood fundamentals point to occupancy stability and an expanding renter pool, according to WDSuite’s CRE market data, with the area’s inner-suburban location supporting steady demand relative to the broader Houston metro.
This inner suburban location in Spring benefits from family-oriented housing stock and access to North Houston job corridors, while remaining within the Houston-The Woodlands-Sugar Land metro. Neighborhood performance sits around the metro middle overall (ranked 690 among 1,491 metro neighborhoods), with solid demographics and housing indicators that support multifamily demand.
Occupancy in the surrounding neighborhood rates at the top of the metro (1 of 1,491) and in the top tier nationally, signaling limited available supply and potential lease-up resilience. Contract rents in the neighborhood skew higher than national norms (national percentile 93), but rent-to-income trends are moderate (national percentile 45), which supports retention and measured pricing power rather than aggressive rent pushes.
Within a 3-mile radius, population growth has been strong over the last five years and is projected to continue, alongside a notable increase in households. This pattern suggests a larger tenant base and more renters entering the market, which can support occupancy stability. The renter-occupied share within 3 miles is currently closer to about one-quarter of units and is forecast to rise toward roughly one-third by the mid-term, indicating a deeper renter base over time.
Local amenities inside the immediate neighborhood are limited for cafes, groceries, parks, and pharmacies (amenities ranking 1,232 of 1,491), though restaurants index slightly above national midrange (62nd percentile). For investors, this implies residents may rely on nearby corridors for services and entertainment, which concentrates value on access and commute convenience rather than walkability.
The property’s 2010 vintage is newer than the neighborhood’s average construction year of 2007, offering relative competitiveness versus older stock while keeping an eye on mid-life systems and light modernization scope as part of capital planning.
Comparable crime data at the neighborhood level are not available in this release for precise benchmarking. Investors typically evaluate trends relative to the broader Houston metro and nearby inner-suburban peers and may supplement with third-party sources to assess trajectory and leasing implications.
Proximity to North Houston employment anchors supports renter demand and commute efficiency for workforce households, with a concentration in energy, healthcare services, utilities, and technology.
- McKesson Specialty Health — healthcare distribution (6.9 miles)
- Anadarko Petroleum — energy (7.1 miles) — HQ
- Hewlett Packard Enterprise Customer Engagement Center — technology/customer engagement (7.2 miles)
- Centerpoint Energy — utilities (8.7 miles)
- Enterprise Products — midstream energy (11.4 miles)
This 30-unit asset built in 2010 offers relative competitiveness versus older neighborhood stock, with neighborhood-level occupancy at the top of the Houston metro indicating tight supply and stable leasing conditions. Population growth and a rising household count within 3 miles point to a larger tenant base ahead, while rent-to-income dynamics appear manageable, supporting steady retention over aggressive rent-driven returns, based on CRE market data from WDSuite.
The area’s ownership market is more accessible than many U.S. metros, which can temper pricing power; however, proximity to major employment hubs and income levels that rank strong nationally underpin durable renter demand. Capital planning should consider mid-life systems and selective upgrades to sustain competitiveness and capture incremental rent where justified by finishes and amenities.
- Neighborhood occupancy sits at the top of the metro, supporting lease-up stability.
- 2010 vintage provides competitive positioning with light modernization upside.
- 3-mile population and household growth expand the tenant base and support demand.
- Near key North Houston employers, aiding retention and leasing velocity.
- Risk: limited nearby amenities and relatively accessible ownership may temper rent growth.