Sonoma Apartments is located in the heart of the Willowbrook / Fallbrook Submarket of NW Houston, TX. The asset was constructed in 1983 and per HCAD was renovated in 2019. The property offers an array of amenities including a swimming pool, playground, laundry facilities and interior amenities including walk-in closets upgraded kitchens and more.
Fallbrook is a neighborhood just south of the Willowbrook Area. Willowbrook / Fallbrook is located about 20 miles northwest of Downtown Houston and is a great option for people seeking a lower key setting. Away from the hustle and bustle of Downtown Houston, families stroll the neighborhood and converse with fellow community members. Complemented by tree-lined streets, Willowbrook / Fallbrook features apartments and single-family houses. The neighborhood is predominantly residential, but there are plenty of amenities nearby.
Per owner there are 2 non revenue units. One belongs to the manager and the other to the maintenance man. The roofs were replaced in 2018. The owner did a rehab in 2019 at the cost of 3M+. The rehab included interior renovation, full exterior paint and wood replacement and amenity improvements. CapEx summary available upon request.
The existing debt saw a huge increase in the rate cap escrow from $2,639.29 to $36,662.59. The Brokers suggest a new loan at 65% - 70% of LTV at a rate of 5.75% as of 7/31/2023 (rates vary daily). The Owner has the insurance on a master policy and the Owner may be willing to let a Buyer assume the policy if the Owner's mangement company retains management.