Description:
INVESTMENT HIGHLIGHTS:
1) A 96-unit, B-grade townhome community in the improving North Harris County market, near The Woodlands.
2) Each unit is individually metered for electricity and water, has an individual electric water heater, and includes an attached garage. The property is clean, well maintained, and attractive, with 98% occupancy.
3) Recent Improvements: Since 2023, approximately $380,000 has been invested in capital improvements, including full exterior painting, select appliance upgrades, fence replacement, water-heater replacements, staircase repairs and replacements, patio and balcony work, sidewalk and driveway repairs, exterior lighting, and new gutters. The property offers potential for further interior improvements as units turn, which may support rent premiums over current market rents.
4) Location: Conveniently located in the Spring area of the Houston MSA, the community is less than six miles southeast of The Woodlands and approximately five miles southeast of the ExxonMobil campus. More than 35 million square feet of commercial office space is within seven miles, and downtown Houston is approximately a 35-minute commute away.
6) Financing: The property is offered subject to loan assumption. The existing loan carries a below current market interest rate of 3.83%, is interest-only through the note term, has an approximate balance of $7.498 million, and matures in June 2032. Review the loan documents before submitting an offer.