1) Located in the Alief area of Southwest Houston, TX. in the county of Harris. The area is one of Houston's Major Growth Areas. Claridge is approximately one half mile west of New Houston Chinatown and is within the midst of this growth. The area boasts a large and vibrant Asian community with the second largest Indochinese population in the U.S. The property is just a few miles from two of the most premier business districts in Houston, Galleria Uptown and the Westchase District. Also located within a short commute are the bedroom communities of southwest Houston such as Sugar Land (approximately 3 miles), Stafford (approximately 3 miles), Bellaire (approximately 4 miles) and the Energy Corridor (approximately 5 miles). The area has excellent cross town access via Beltway 8, WestPark Tollway, Beechnut, Braeswood Blvd, Wilcrest Dr. and HWY 59, all of which are within an 1/8 to 1 1/2 miles from the property allowing good access to every important business center in the Houston area.
2) The owner states that all roofs were replaced circa 2019. The owner recently completed a full paint of the exterior of the property. The property is in good condition and shows well. Most units have been upgraded with faux wood flooring and new carpet in recent years.
3) It is the broker's opinion, that with continued interior upgrades and upgrading the existing amenities, the property could see upside in the rents. The owner implemented a rate increase September 2022, a new owner will continue to see the benefits of this increase upon new move-ins and renewals.
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.