OFFERED ALL CASH - Buyer to acquire a new loan -
•INVESTMENT HIGHLIGHTS: Braeswood Plaza Apartments lie on the border of the Bellaire City Limits and is a possible future land play. The property is zoned for the prestigious Bellaire High School (in the .50% academically in the U.S.). The trend in this area is to acquire existing older developments and redevelop the sites with high‐end class "A" construction. The property is located between multi‐million dollar neighborhoods within the city of Bellaire and neighborhoods within the Meyerland area where older homes built in the 60's are averaging over $540K+ and new homes are selling for well over $1 million. It is also within close proximity to the community of Westbury where 1960 built homes are selling for an average of $300K+ or $159.92/sf. Braeswood Plaza is potentially a land bank opportunity given the close proximity to Loop 610 (1.3 miles) and the surrounding areas that are going through gentrification.
• LOCATION: The subject property is located on the fringe of the Bellaire city limits and just west of the Meyerland area. It is located 3.5 miles southwest of the prestigious Galleria Shopping and Employment District. The property has easy access to major employers, health care, schools, shopping and dining in the surrounding areas. The location is convenient to the Westpark Toll Way, which connects West Houston to the Galleria, Loop 610, the Sam Houston Toll Way (Beltway 8) and Hwy 69/Southwest Frwy. It is a short commute to Houston's largest employment centers including the Galleria, Westchase District, Greenway Plaza, Texas Medical Center and Downtown Houston. The area surrounding the property consists of high‐end neighborhoods such as the Galleria area to the north and the city of Bellaire just to the north and east where the construction is predominately "A" quality. The trend in these neighborhoods (due to location) is to purchase an older home, demolish it and rebuild with high‐end construction. Within the city of Bellaire, in 2017, the average purchase price of a single family home is $279/sf, which is higher than the Houston Metro average of $116/sf. The median home listing price in 2017 is $1,094,000. New construction in the city of Bellaire is almost 100% high‐end and as available construction sites disappear, developers will begin to encroach surrounding areas. Braeswood Plaza appears to be in a prime location poised for commercial or residential redevelopment, due to its location just a 1/2 mile outside the Bellaire city limits, where the land values, depending on location and lot size, range between $73/sf to $80/sf and it close proximity to Loop 610.