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VILLA MADRID APTS.

Address:

10202 CLUB CREEK DR., Houston, Texas 77036

Price:

Unpriced

Price / Unit:

N/A

Price / Square Foot:

N/A

Number of Units:

424

Avg Sq. Ft. / Unit:

665

Class:

"C" Property

Type:

CIRCA 1976 2 STORY, GARDEN STYLE APARTMENT COMMUNITY

Broker / Agent:

JIM HURD

Description:

INVESTMENT INFORMATION:

1) VILLA MADRID - is a value enhancement opportunity. The property is being offered on an "all cash" basis (new loan is required) or with possible Seller Financing to a qualified buyer (ask broker for details). Villa Madrid is a 424 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 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 rehabs. The rents are below the average for the area competition. Properties in the immediate area that have seen some degree of rehab demand higher rents per S.F.

2) Location & Accessibility - The Villa Madrid Apartments’ location in the southwest Houston area is ideal for the large blue collar workforce demographic in the area. The property is located in the West Bellaire submarket of southwest Houston. The community sits West of S. Gessner, East of Beltway 8, North of Bissonnet and South of Bellaire Blvd. The location gives good access to Beltway 8 and Hwy 59 and the Westpark Tollway which allows access to all major employment areas within Houston and Sugarland. Housing in the area is comprised of mostly B and C grade workforce housing. The area is located in one of Houston's Major Growth Areas. Villa Madrid is approximately one and a half miles south of New Houston Chinatown and is within the midst of its growth. It is located just a 1/2 from HEB and approximately 1.5 miles from Honk Kong City Mall and Fiesta Mart. The neighborhood schools are within a short commute.

3) Strong Rent Growth - The property is located in the West Bellaire sub-market of the Houston MSA. This sub-market has had a tremendous amount of growth and some revitalization. Properties in the area have seen a steady increase in rents and occupancies in the last 4 years. Villa Madrid's last rent increase was implemented in 2023 and the property has seen a steady increase in collections since implementing the increase. A new owner should be able to capitalize on the area's growth with a moderate rehab to help bring the rents in line with other improved properties in the area.

Download attachments:

VILLA MADRID OFFERING MEMORANDUM

Financials:

View Financials