View the embedded image gallery online at:
https://hipapt.com/opportunities/124-westwood-fountains-apts#sigProIdd7691eb676

WESTWOOD FOUNTAINS APTS.

Address:

9430 CONCOURSE DR., HOUSTON, TEXAS 77036

Price:

Unpriced

Price / Unit:

N/A

Price / Square Foot:

N/A

Number of Units:

293

Avg Sq. Ft. / Unit:

712

Class:

"C" Property

Type:

CIRCA 1979 2 STORY, GARDEN STYLE APARTMENT COMMUNITY

Broker / Agent:

JIM HURD

Description:

INVESTMENT INFORMATION:

1) WESWOOD FOUNTAINS - is a value enhancement opportunity. The property is being offered on an "all cash" basis (new loan is required). WESTWOOD FOUNTAINS is a 293 unit, "C" grade, garden style apartment community located in southwest Houston. The property is individually metered for electric and master metered for gas and water (the owner just started billing back water to new tenants that qualify for a utility rebill), for additional income a new owner may be able to bill back for gas and trash to new tenants and upon renewal of those tenants that are allowed to be charged back for utilities. There seems to be good upside with a moderate to major exterior and interior rehabs. Many properties in the immediate area have seen some degree of rehab and demand much higher rents per S.F.

2) Location & Accessibility - Located in the Westwood area of the Southwest District in Houston, TX. in the county of Harris. The area is one of Houston's major growth areas. Westwood Fountains is less than a half mile south of New Houston Chinatown's ever expanding borders and is within the midst of this high growth area. 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 2 miles), Bellaire (approximately 4 miles) and the Energy Corridor (approximately 6.5 miles). The area has excellent cross town access via Beltway 8, WestPark Tollway, Beechnut, Bissonnet / Braeswood Blvd, Wilcrest Dr. S. Gessnar 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.

3) LURA - There is a LURA in place on the property which affects 103 of the units. 44 of the units are designatied for low income tenants and 59 of the units are designated for very low income tenants. Please ask the broker for details on the LURA.

4) Upside - It is the broker's opinion, that with a moderate to heavy exterior and interior rehab, and upgrading the existing amenities, the property could see upside in the rents. Most properties in the area that have been rehabbed are seeing much higher rents than Westwood Fountains.

Download attachments:

WESTWOOD FOUNTAINS OM

Financials:

View Financials