Description:
INVESTMENT HIGHLIGHTS:
1) Houston Income Properties, Inc., acting as exclusive advisors to the seller, is pleased to present the opportunity for qualified investors to acquire the fee-simple interest in the American Village Apartments, a 98-unit, garden style apartment complex located in Vidor, Texas. The property is available "All Cash" (buyer to acquire a new loan) ~ No Owner Financing.
2) Property Location - Located in Orange County in the city of Vidor, Texas. Vidor is strategically located near several key cities, 7.5 miles southeast of Downtown Beaumont, 20 miles northwest of Downtown Port Arthur, 16 miles west of Downtown Orange, 40 miles southwest of Downtown Lake Charles, Louisiana and approximately 80 miles northeast of Houston, Texas. The proximity to these key cities offers various economic and social benefits to the community of Vidor. Local businesses have expanded their market reach to these nearby cities, boosting sales and profitability. In addition, its proximity to these larger urban areas increases access to jobs, especially in industries like manufacturing and healthcare. American Village is just minutes from some of Beaumont's largest Employers, ExxonMobil Chem. Plant, ExxonMobil BLADE, St. Elizabeth Hospital and S.E. Baptist Hospital. Also located within a short commute is the city of Port Arthur and the city of Orange, all of which make up the Golden Triangle. This interconnectedness among these cities allows for a diverse job market and various options for Vidor residents seeking employment.
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3) Property Highlights - American Village is an approximately 93% occupied "C" apartment community in a "B+" area less than a 1/2 mile of N. Main in Vidor, Texas. The town is mainly a bedroom community for the nearby refining complexes in Beaumont and Port Arthur and is part of the Beaumont-Port Arthur MSA. Vidor is a suburban area with no Downtown district. N Main is the Hub of the city and American Village sits within walking distance of this Hub. The property unit mix consists of 1, 2 and 3 bedroom units for a total unit count of 98. There is a stand-alone onsite Management Office, one Laundry Room, Pool and a Playground.
4) Upside Potential - There are 3 down units that the owner is currently working on to bring back on line. Most units have been upgraded to some extent at turnover. There is one Laundry Room on the property, the contract may or may not be expired. The property is sub-metered for electric and the owner is rebilling the tenants. It is the broker's opinion, that with strong management, continued interior upgrades, exterior improvements, upgrading the existing amenities, and bringing the down units back on line the property should see upside in the income.