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VILLA ADORA

Address:

10534 Beechnut St., Houston, Texas 77072

Price:

Unpriced

Price / Unit:

N/A

Price / Square Foot:

N/A

Number of Units:

266

Avg Sq. Ft. / Unit:

972

Class:

"C+" Property, "C+" Area

Type:

1980 BUILT, TWO-STORY, GARDEN STYLE APARTMENT COMMUNITY

Broker / Agent:

BISHALE PATEL

Description:

INVESTMENT INFORMATION:

1) Villa Adora - is an early 1980’s constructed class C+ value add garden style apartment community well located in southwest Houston, TX. The property is brick and wood construction with pitched roofs, individual electric meters, individual A/C’s, and concrete parking lot. Property amenities include gated entry, swimming pool, reserved parking, club house, and 2 laundry rooms (no laundry contract in place). Interior amenities include Washer/Dryer connections in approximately 75% of the apartments, ceiling fans, outside storage, patio/balcony, and fireplaces. Approximately 30% of the interiors have been upgraded with an average increase in rent of approximately $100/month. The property is being offered on an "all cash" basis (new loan is required).

2) Location & Accessibility - Villa Adora is located in one of Houston's Major Growth Areas. Its location just off of Beltway 8 between Bellaire Blvd and Bissonnet is in very close proximity to the ever expanding borders of Houston's New Chinatown and puts the property in the midst of the area's growth. Villa Adora has ingress and egress on Beechnut St. via Maple Crest Dr. The property sits near the corner of Beechnut and Wilcrest just off of the West Sam Houston Pkwy. (aka Beltway 8). Its location on Beechnut near Wilcrest, which is approximately halfway between the West Park Tollway and Hwy 59. This along with its accessibility to Loop 610 (Inner Loop around Houston) allows a convenient commute to most of the major employment centers as well as shopping and dining in and around the Houston area.

3) Strong Future Rent Growth - Villa Adora apartments offers investors potential upside opportunity by increasing the current rents through minor exterior rehab, interior upgrades, and bringing the 2 common area laundry rooms back online. The owner has upgraded approximately 30% of the interiors resulting in $100/month higher rent as compared to the non upgraded apartments. One of the 266 units is being used as a Club Room.The population growth in Texas cities has been robust. Texas has seen the highest influx of out-of-staters than any other state in the US. In addition, corporate move-ins are on the rise as well. The rising construction costs and increased land costs coupled with high interest rates is expected to cripple new multi-family construction for the next few years. This scenario should keep rental rates on an upward trend and stabilize occupancies within all market classes in most Texas cities well into the future.

Download attachments:

VILLA ADORA OFFERING MEMORANDUM

Financials:

View Financials