Description:
INVESTMENT HIGHLIGHTS: RECENT FORECLOSURE - TOUR DATES - TUESDAY, MAY 6TH AND TUESDAY, MAY 27TH FROM 11:00AM THRU 1:00PM CST
1) Houston Income Properties, Inc., and KET Enterprises Incorporated, acting as exclusive advisors to the seller, are pleased to present the opportunity for qualified investors to acquire the fee-simple interest in the Legacy Apartments whcih was is a recent foreclosure, the property was taken over in April 2024. The property is a 1967 built, 31-unit, garden style apartment complex located in an "A" area in the heart of Sherman, Texas within the Sherman-Denison MSA. Sherman, Texas is approximately 45 miles north of the Dallas, Texas city limits, and 65 miles northeast of the Fortworth, Texas city limits. The area the property is in is seeing gentrification as life is put back into the downtown Sherman area. The past few years have seen a great deal of revitilization and rebirth in downtown Sherman from infrastructure projects to dozens of new businesses. Reportedly the property is located in a Historic District, therefore, changing the paint colors will need permission. The property is available all cash to the owner - the buyer will need to acquire 3rd party financing.
2) Property Highlights - Very clean asset. A major rehab was performed which included new paving, updated laundry room and office, exterior paint, interior updates, appliances, etc. The property has electric hot water heaters. One heater is shared between one downstairs and one upstairs unit throughout the property. The manager reports the rents are low compared to the market and that the current delinquency is below 1%. Occupancy was approximately 65% at takeover and is currently 94%.
3) Home Features - Residents enjoy cable ready units, Separate Dining Rooms, Individual Controlled A/C, Black Appliances, All electric Kitchens, Faux Wood Floors, Shower / Bath Combination with Tile Surround, Double Stainless Steel Sinks, Disposals, Built in Bookshelves, Ceiling Fans and Window Blinds, Covered Parking (Interior appointments may vary in each unit).
4) Upside - According to managment the property is renting below the area's market market rents. The property's current expenses are well above market expenses due to the take-over by the lender. A new owner should see upside with continued improvements, with rents increased to market and by reducing expenses to market expenses.