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WINDSOR PARK APTS.

Address:

7900 CREEKBEND DR., Houston, Texas 77071

Price:

Unpriced

Price / Unit:

N/A

Price / Square Foot:

N/A

Number of Units:

130

Avg Sq. Ft. / Unit:

712

Class:

"C" Property

Type:

CIRCA 1976 2 STORY, GARDEN STYLE APARTMENT COMMUNITY

Broker / Agent:

JIM HURD

Description:

INVESTMENT INFORMATION:

1) WINDSOR PARK - is a value enhancement opportunity. OPEN HOUSE - THURSDAY - 3-28-24 FROM 11:00 AM THRU 1:00 PM. The property is being offered on an "all cash" basis (new loan is required) or with possible Seller Financing to a qualified buyer (ask broker for details). Windsor Park is a 130 unit, "C" grade, garden style apartment community located in far southwest Houston. The property is individually metered for electric and master metered for gas and water (the owner is billing back for water), for additional income a new owner may be able to bill back for gas and trash. The owner has performed some upgrades, there seems to be good upside with continued exterior and interior rehabs. The rents are well below the average for the area competition. Most properties in the immediate area have seen some degree of rehab and demand much higher rents per S.F.

2) Location & Accessibility - The Windsor Park Apartments’ location in the far southwest Houston area is ideal for the large blue collar workforce demographic in the area. The property is located in the west Bellaire submarket of far southwest Houston. The community sits west of Fondren and East of Gessner. The location gives good access to Beltway 8 and Hwy 59 and Hwy 90 which allows access to all major employment areas within Houston. Housing in the area is comprised of mostly B and C grade workforce housing. The area is located next to one of Houston's Major Growth Areas. Windsor Park is approximately three and a half miles southeast of New Houston Chinatown and is within the midst of its growth. It is located just a few miles from Kroger and a Walmart Supercenter and the neighborhood schools are within a short commute.

3) Strong Rent Growth - The property is located in the West Bellaire sub-market of the Houston MSA. This sub-market has had a tremendous amount of growth and some revitalization. Properties in the area have seen a steady increase in rents and occupancies in the last 4 years. Windsor Park's last rent increase was implemented in Sept 2022 and the property has seen a steady increase in collections since implementing the increase. A new owner should be able to capitalize on the area's growth with a moderate rehab to help bring the rents in line with other properties in the area.

Download attachments:

WINDSOR PARK OFFERING MEMORANDUM

Financials:

View Financials