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CONCORD APARTMENTS

Address:

2200 Wirt Road, Houston, Texas 77055

Price:

Unpriced

Price / Unit:

N/A

Price / Square Foot:

N/A

Number of Units:

138

Avg Sq. Ft. / Unit:

969

Class:

"C" Property - "B" Area

Type:

1972 TWO-STORY, GARDEN STYLE APARTMENT COMMUNITY

Broker / Agent:

JIM HURD

Description:

INVESTMENT INFORMATION: Due to a Recent Storm strike in Spring Branch, that affected the property, there is an ongoing insurance claim and the occupancy has changed. Ask Broker for Details.

1) CONCORD - is a value enhancement opportunity. The property is being offered on an "all cash" basis (new loan is required). Concord is a 138 unit, "C" grade, garden style apartment community located in a "B" area of northwest 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 improvements. 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 Concord Apartments’ location in the northwest Houston area is ideal for the large blue collar workforce demographic in its immediate area. The property is located in the Spring Branch submarket of Houston. The community is conveniently located in northwest Houston in the popular Spring Branch area. Concord sits across the street from the Fiesta Mart Grocery Center. The property is zoned for the renowned Spring Branch I.S.D. The pre-K, Elementary and Middle Schools are within a mile or less of the property. The property lies approx. 2 miles north of I-10, 5 miles east of the Sam Houston Tollway, 1.25 miles west of TX-290, and 2.6 miles northwest of Loop 610, all of which are major transportation arteries of Houston. The property is 1.8 miles northeast of the Spring Valley city limits, which is considered one of the Memorial Villages. There is ingress and egress from Wirt Rd. and Kilburn Rd.

3) Strong Rent Growth - The property is located in the Spring Branch sub-market of northwest Houston. This sub-market has had a tremendous amount of growth and revitalization. Properties in the area generally demand higher rents due to the location. Concord's last rent increase was implemented in September of 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. The population growth in Texas cities has been robust. Texas has seen the highest influx of out-of-staters than any other state in the US. In addition, corporate move-ins are on the rise as well. The rising construction costs and increased land costs coupled with high interest rates is expected to cripple new multi-family construction within the city limits of Houston for the next few years. This scenario should keep rental rates on an upward trend and stabilize occupancies within all market classes in major Texas cities well into the future.

Download attachments:

CONCORD APTS OFFERING MEMORANDUM

Financials:

View Financials