Description:
INVESTMENT INFORMATION:
1) Victoria Park Apartments is offered on an "All Cash" basis, with the buyer responsible for securing new financing. The property currently features 389 units, but this number will rise to 395 units as the owner is in the process of converting a racquetball building into an apartment building, adding six new units. This conversion is expected to be completed before the property is sold. Potential new owners should see a rent premium for these units. Of the 389 units, 352 have washer and dryer connections, with tenants responsible for providing their own appliances. Currently, additional income is received by charging tenants for water/sewage, gas, trash, and pest control. Victoria Park features a stand-alone leasing office, complete with a clubhouse and mailroom. The clubhouse, which includes a kitchen, has numerous windows overlooking a playground. The property has a total of 619 parking spaces, with 52 of those covered. Victoria Park operates on an all-electric system, except for hot water, which is supplied by large gas boilers. There is one 1B/1.5B, 691 SF unit that is used as a model unit.
The property was originally built in 1983 and underwent significant renovations in 2018. In addtion, the owner has invested over $1.5 million in capital expenditures from January 2023 to December 2025. Out of the 34 buildings, 12 have had their roofs replaced within the last five years. The property is categorized as a C+ asset located in a C+ area of Houston, consistently maintaining occupancy rates in the 90% range. The occupancy rate included in the sales package considers the six new units as vacant, and the sales documentation is based on a total of 395 units, even though they are not yet completed.