Description:
- The Werner Creek Apartments are being offered on an "All Cash" basis (buyer to obtain new financing). Werner Creek is one of two properties the owner has for sale. Its sister property, Redwood Village Apartments, is located behind Werner Creek Apartments on Victoria Drive. For economy of scale, a buyer may want to consider purchasing both of these properties. For information on the Redwood Village property please see the offering memorandum on our website for the property.
- Capital Improvements as Reported by the Owner - New Roofs in 2018 ($100K), New Security Gates, Parking Lot Repaved, New Fence, New Paint, New Exterior Lighting, New Paved Courtyard and hallways, New Paint on unit doors, rails, decking and staircases, Numreous new floors, walls, A/C's, Appliances and more,, New underground Sewer Line.
- The properties are located in Independence Heights of Near North Houston, Texas. They are approximately 1/2 mile from I-45 and under 2 miles outside loop 610
- Werner Creek consists of 36 grade "C" apartments
- Upside potential with Interior and Exterior Upgrades - Rents seem to be below its competition in the area.
- Good Investment for a Small and First Time Apartment Investor
- According to the owner the Roofs were replaced by the prior owner in 2017
- THE OWNER RUNS BOTH PROPERTIES TOGETHER, THEREFORE, HIS OPERATING STMT IS FOR BOTH PROPERTIES. THE BROKER HAS SHOWN THE INCOME FOR EACH PROPERTY IN THE PACKAGES AND USED PRO-FORMA EXPENSES FOR EACH.