Description:
INVESTMENT INFORMATION:
1) Havenwood Apartments, a recently foreclosed, 291-unit multi-family property is being offered for sale exclusively by Houston Income Properties, Inc. and KET Enterprises Incorporated. The sale is on an "all-cash" basis; the buyer will be responsible for arranging any new financing.
The community is primarily all-electric, except for domestic hot water (gas boilers) and community dryers (gas). Current occupancy is approximately 32%, including seven subsidized tenants. Additional revenue is currently charged for water/sewer and trash, with further upside potential for gas and pest control charge-backs.
Amenities include a standalone two-story building with a leasing office, clubhouse (kitchen), business center, large flex room, and mailroom. Parking totals approximately 619 spaces, including 52 covered. A staged 2-bed/1.5-bath model unit (925 sq. ft.) is available for viewing.
Per the Vacant Unit Report, there are 41 major repair units offline (down), 67 requiring heavy repairs, and 42 heavy make-readies, subject to change. The property was built in 1971 and renovated in 2021–2023 by the prior owner. Havenwood is categorized as a C asset in a C area in the unincorporated portion of Houston, Texas.
3) Strong Rent Growth - Today’s economic environment is favorable for rental property owners. Rising home prices and higher mortgage rates have made home-ownership less attainable for many buyers, extending household demand for rentals. In addition, continued job growth in the Houston area, persistent barriers to home purchase and the limited supply of new multifamily units entering the pipeline are expected to support multifamily demand over the long term.
4) To Access Due Diligence Materials - REO Sale: Havenwood Apartment Homes | 291-Units - Marketplace