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.
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.