1) Jacinto Palms is a recently renovated 123 unit apartment complex located in Jacinto City. Jacinto City is located east of Houston, Texas in Harris County. The city is part of the Greater Houston-Sugar Land-Baytown metropolitan statistical area. The town is bordered by the cities of Houston and Galena Park. Jacinto City serves as a bedroom community for local industry.
2) Possible Upside with continued interior upgrades to approx. 1/3rd of the units that have not been renovated. The property maintains high occupancy and has only one tenant waiting for Covid rent assistance. The property has one model unit which could be leased out for additional income. The owner completed a major renovation in 2019 in the amount of approx. $8,100+ / unit, which consists of Exterior Improvements - Full Paint, Driveway Repairs, Renovated/Upgraded the leasing office, installed Kool Deck around the Pool, Some new Wood Fencing, Camera System installed throughout, Mid-stair landings replaced in all one bedroom unit buildings. Interior Improvements to 2/3rds of the units - New Flooring, Full Interior Paint, New Light Fixtures, New Plumbing Hardware, New Cabinet Fronts, New Appliances, Resurfaced Countertops, New 6 Panel Doors
3) Location - Located near major employment centers in Houston, Pasadena, Channel View, and Baytown. The Jacinto City Police Department is located just yards down the street from the property and the Jacinto City Fire Department and City Hall are both within walking distance from the property. Wilkie Park is across the street from the propety and includes playgrounds, a pool and splash pad, fitness center, senior's center and ball fields.
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.