Central Park Condominiums

Conroe, TX

Property Overview

Summary

Units 93
Year Built 1984
# of Buildings 13
Avg Rent/SF $1.38
Avg Unit Size 1,066 SF
Avg Rent $1,469
Price Market
Offering Terms All Cash

Investment Summary

Central Park Condominiums is a well-maintained 93-unit property located in the rapidly growing Outlying Montgomery County submarket of Conroe, Texas. Built in 1984, this community offers a mix of spacious one-, two- and three-bedroom units featuring updated appliances and private patios. Residents enjoy a range of amenities, including a resort-style shimmering pool, on-site laundry facilities, and reserved parking.

The property is ideally situated just under a mile from I-45 and two miles from Hwy 105, the property provides convenient access to major highways, including a short drive to The Woodlands, a thriving business and residential hub known for its vibrant community, upscale amenities, and lush surroundings. Its proximity to Lake Conroe and Sam Houston National Forest ensures residents can enjoy outdoor recreation and scenic beauty. The area is further enhanced by the nearby Sam Houston State University and its strong economic impact, along with the regional growth driven by corporate expansions from companies like ExxonMobil, HPE, and HP Inc.

With the continued expansion of Conroe and surrounding areas, Central Park Condominiums offers an excellent opportunity for investors seeking a stable, well-located asset in a growing suburban market.

Investment Highlights

• Conroe’s restrictive development guidelines limiting new multifamily construction to six units per acre make existing apartment communities like Central Park significantly more valuable.

• Central Park offers garages, a highly sought-after but rare feature in the market, creating an additional revenue stream.

• Over $1.2 million in upgrades, including $675K in interior renovations and $650K in exterior improvements, featuring new Hardie plank siding, new paint, brand-new roofs, and a fully transformed leasing office.

• Situated in the fast-growing Conroe submarket, with increasing demand driven by job growth, population expansion, and proximity to The Woodlands and Houston.

• The current owner has strategically raised rents, positioning the property for strong rent growth with further upside potential.