Property details

Houston Class B Multifamily Portfolio | 1,500+ Units, Southwest Region

Property Description

Houston Class B Multifamily Portfolio | 1,500+ Units

1981 - 1983 Vintage.

Request Confidentiality Agreement as a next step.

All are considered B Condition.

A- to B Locations.

Portfolio of Three (3) multifamily properties in Houston, TX.

5.03% Average Cap Rate for the portfolio.

960+ units built in 1983 with excellent assumable Fannie Mae financing in place that can't be duplicated. 4.86% cap rate, 94% occupancy.

270+ units built in 1983 - delivered free and clear. 5.16% cap rate, 93% occupancy

315+ units - delivered free and clear. Built in 1983. 5.07% cap rate, 95% occupancy.

Total of 1,550+ Units.

All of the units have been recently rehabbed with the exception of 2 value-add improvements that still can be done:

(1) Upgrade washers and dryers. All units have washer / dryer connections. Estimated upgrade cost is $1,200 per unit which will allow for the raising of rents by approx. $40.00 per unit.

(2) Upgrade counter tops to granite. Estimated upgrade cost is $ per unit which will allow for the raising of rents by approx. $75.00 per unit.

The complexes are 15 to 20 miles apart from each other and are located in north, northeast and western Houston.



Multifamily / Apartment Properties For Sale



Search For Multifamily Development Sites



Images

Request property package

Highlights

Status:
Sold
Price:
$170,000,000
Cap Rate:
5.03%
 

Property Information

Property Type:
Apartments
Industry Type:
Apartment - Multifamily
Units/Spaces:
1500
Purchase Tenure:
Fee Simple
 

Existing financing information

N/A

The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.