1) The Ashford Glens Apartment Community is a rare opportunity for an investor to purchase a boutique apartment community located in the highly popular Spring Branch area of northwest Houston, TX. The property was extensively rehabbed starting in 2018 and has potential upside with continued improvements. It is located in the Spring Branch area in northwest Houston, just outside the 610 Loop. The Spring Branch apartment market is a stable rental market and historically has seen very little asset turnover when compared to other areas of Houston. Due to the demographics of the area most owners tend to hold their assets long term. The historically low "for sale" inventory, along with the infill location, and market statistics has allowed for above average sale prices when compared to most other areas that are outside loop 610.
2) The current owner has expended approximately $650K in capital expenses since 2018. Some of the improvements include all new roofs in 2018, parking/sidewalk improvements, exterior building improvements, exterior lighting, interior paint, many new appliances, flooring, some new HVAC's, and other significant interior improvements. There should be upside with continued improvements. There is a RUBS in place for water/sewer and gas. The owner also bills trash back to the tenant. Each unit includes a washer and dryer.
3) Location - The community is conveniently located in northwest Houston in the popular Spring Branch area. The property is zoned for the renowned Spring Branch I.S.D. The recently reconstructed, highly rated, Valley Oaks Elem. school is contiguous with the property as is a private Lutheran school. The middle school is within walking distance of the property as well. It is also serviced by Memorial High School which is the preferred High School in the area. The property lies approx. .8 miles north of I-10, 4.1 miles east of the Sam Houston Tollway, 2.2 miles southwest of TX-290, and 2.6 miles west of Loop 610, all of which are major transportation arteries of Houston. The property is within walking distance of the Spring Valley city limits, which is considered one of the Memorial Villages. There is ingress and egress from Pech Rd.
4) Rent and Occupancy Growth - The population growth in Texas cities has been steady, this trend should continue due to a lower cost of living and lower taxes. Texas has seen the highest influx of out-of-staters than any other state in the US. In addition, corporate move-ins are on the rise as well. This should sustain rent growth in major Texas cities well into the future.