Description:
INVESTMENT INFORMATION:
1) Williamstown is being offered on an “all-cash” basis, with the buyer responsible for arranging any replacement financing. The property consists of 272 units across 16 apartment buildings. The current owner has owned the property for longer than 10 years.
Over the past ten years, major improvements include roof replacements (2017), granite counter-tops, ceramic tile flooring, new exterior paint, the repair of metal balcony railings, and exterior fencing replacement. Many units include washer and dryer connections, with tenants responsible for providing their own appliances. Additional income is generated through tenant charges for water and sewer. Amenities include a stand-alone leasing office, clubhouse, and mail-room, along with abundant, grade-level surface parking. The property operates on an all-electric system, except for hot water, which is supplied by large gas boilers.
Originally built in 1978, the property underwent significant renovations in 2017. Approximately 80% of the buildings have had roof replacements within the last 10 years. Categorized as a C+ asset located in a B- area of Houston, the community has consistently maintained occupancy in the 90% range. The tenant base is primarily blue-collar, and additional upside may be realized through enhancements to the grounds and amenities, along with continued upgrades to unit interiors.
Williamstown is located near Houston Christian University and Memorial SW / Herman Hospital. This vibrant sub-market is among the most populous ad ethnically diverse areas of Houston. Major transportation arteries within minutes include Sam Houston Parkway South, which supports both local commuting and longer-distance travel, as well as IH-10, Highway 59, Wilcrest, Beechnut, and Bissonnet, with multiple connecting feeder roads throughout the area.
3) Strong Rent Growth - The current economic environment is favorable for rental property owners. Higher interest rates and continually rising home prices have made home-ownership out of reach for many prospective buyers, keeping more households in the rental market for longer periods. In addition, the limited supply of new multifamily units entering the pipeline is expected to support sustained demand, helping maintain strong occupancy levels and drive continued rental rate growth.