View the embedded image gallery online at:
https://hipapt.com/opportunities/126-rock-springs-apts#sigProId1fffc866ae

ROCK SPRINGS APTS.

Address:

9000 Town Park Dr., Houston, Texas 77036

Price:

Unpriced

Price / Unit:

N/A

Price / Square Foot:

N/A

Number of Units:

256

Avg Sq. Ft. / Unit:

804

Class:

"B-" Property

Type:

1976, 2 STORY, GARDEN STYLE APARTMENT COMMUNITY

Broker / Agent:

JIM HURD

Description:

INVESTMENT INFORMATION:

1) ROCK SPRINGS - is a value enhancement opportunity. The property is being offered on an "all cash" basis (new loan is required). Rock Springs is a 256 unit, "B-" grade, garden style apartment community located in Houston's New Chinatown of Southwest Houston, TX. in the county of Harris. 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 upgrades. 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. RECENT SUBSTANTIAL INCREASE IN REVENUE!

2) Location & Accessibility - Rock Springs is located within one of the fastest growing areas of Houston, Houston's New Chinatown. The property sits just east of Sam Houston Tollway, west of S. Gessner, south of the Westpark Tollway and north of Bellaire Blvd. It is approximately 5 miles outside of the city limits of Sugar Land, Texas, which was rated one of the best places to live in the Houston Metroplex. The location in Houston's New Chinatown places it within easy access of an abundance of employment, entertainment, shopping and convenient transportation, thus providing a solid resident base and cash flow potential. In addition Rock Springs is less than 6 miles of 4 of Houston's largest business districts - The Premier Business Districts of Westchase, Memorial City, Galleria Uptown and the I-10 Energy Corridor.

3) Strong Rent Growth - The market rents for the property are below its competition in the area. It is the broker's opinion that upon new move-ins and lease renewals a new owner should be able to see upside in the rents. In addition, it is also the broker's opinion that with continued interior upgrades and upgrading the existing amenities, the property could see further upside in the rents. The area the property is in has seen tremendous growth over the years and this growth continues. It not only houses a huge Asian population, but it also draws a number of tourists to the area. Visitors come from all over to see the many attractions the area has to offer as the Nations largest Chinatown.

Download attachments:

ROCK SPRINGS OFFERING MEMORANDUM

Financials:

View Financials