Description:
INVESTMENT INFORMATION:
1) Oberon - is a value enhancement opportunity. The property is being offerd on the assumption of the in-place, below market, interest rate loan. Oberon is a
40 unit, "C" grade, garden style apartment community. It is located in the Pasadena area of southeast Houston between IH-45, the Port of Houston and the Clear Lake area of southeast Houston. This area has a large blue collar workforce demographic with housing in the area being comprised of mostly B and C grade workforce housing. The property is an "All Bills Paid" property, for additional income a new owner may be able to rebill some or all the utilities or raise the rents to meet the other properties in the area that are all bills paid properties. The owner completed an approximate $2.7M rehab in December 2020.
40 unit, "C" grade, garden style apartment community. It is located in the Pasadena area of southeast Houston between IH-45, the Port of Houston and the Clear Lake area of southeast Houston. This area has a large blue collar workforce demographic with housing in the area being comprised of mostly B and C grade workforce housing. The property is an "All Bills Paid" property, for additional income a new owner may be able to rebill some or all the utilities or raise the rents to meet the other properties in the area that are all bills paid properties. The owner completed an approximate $2.7M rehab in December 2020.
2) Location & Accessibility - The Oberon Apartments’ location in the Pasadena area is ideal as it sits in one of the areas major employment centers, the Bay Area Houston Partnership. More than 60% of the residents in this area live within 29 minutes of their work (compared to the 75 minute average for the City
of Houston). The location gives convient access to Highway 225, I-45 and Beltway 8, which allow access to the major employment centers in the area, including the Houston CBD., the Port of Houston, the numerous refineries along Highway 225, the Bayport Industrial District in LaPorte and the Clear Lake area where NASA is located. Oberon is approximately 5 miles northeast of Ellington Field's Spaceport, 4 miles east of Hobby Airport, 4 miles south of the Houston Ship Channel, 5 miles west of the Bayport Industrial District, 6 miles southeast of the Port of Houston, 10 miles southeast of the Houston Central Business District and 11 miles southeast of the Texas Medical Center. It is located near Fiesta Mart, Almeda Mall, Kroger, Walmart Supercenter and the neighborhood schools are within walking distance.