1) Inverness Gardens is a nicely renovated 32 unit apartment community with approximately 97% occupancy that is located in the city of Baytown, a sub-market of Houston, TX. Baytown is located approx. 23 miles east of downtown Houston and 11.5 miles southeast of the city limits of Houston in Harris Country. The city is part of the Greater Houston-Sugar Lnad-Baytown metropolitan statistical area.
2) Possible Upside with continued interior upgrades and strong management. The property maintains high occupancy. There is an onsite laundry facility and a separate office. The owner is also selling Inverness Gardens (32 units) which is 1.5 miles southeast of Inverness. A buyer could purchase both properties for economy of scale. The property has some carports and is not currently charging residents for them, which could be an additional source of income.
3) Located near major employment centers in Houston, Pasadena, Channel View, and Baytown. Located near major employment centersin Baytown with ease of access to the city of Houston. Major employers within a few miles of the property include ExxonMobil, Port of Houston, Covestro, Borusan Mannesmann, Chevron Phillips Chemical Co., Methodist Hospital, Enterprise Products Partners, Lone StarNGL, Oneok and Cedar Port Industrial Park.
4) There is one laundry room on site that is serviced by a third party vendor. The property is individual metered for electric and master metered for gas and water. The owner has a utility bundle (which includes electric, gas water and trash) that was offered to tenants for their convenience, but due to COVID the owner stopped offering the utility bundle to new tenants. Approximately 9 tenants are on the program. There is a third party billing company which bills back the water and the utility bundle to the tenants.