Description:
INVESTMENT INFORMATION:
1) Country Lane - is being offered on an "All Cash" basis (Buyer to obtain new financing). The property is an 80 unit, "A-" grade, garden style apartment community. It is located in the Angleton area of the Houston MSA. This area has good accessibility to the business district along Hwy 288 and the Hwy 35 bypass (523). The property was built by the current owner and has been well taken care of. All of the roofs were replaced in 2020. The owner has expended $14,114/unit in CapEx since January 2020 thru Oct 2023. Each unit has washer and dryer connections and individual electric hot water heaters. Country Lane has a stand alone leasing office with a clubhouse that includes a kitchen as well as an exercise room for tenants' enjoyment. The property has 164 parking spaces of which 80 are covered spaces. The property is stabilized with upside in the rents.
2) Location & Accessibility - the property is well located in the Brazosport Area in the city of Angleton. It benefits not only from the employment generated in Angleton but also by the employment generated by the petrochemical plants in the Freeport area which is approximately 15 miles southeast of the property and from the employment generated in the city of Lake Jackson approximately 4.5 miles south of Angleton as well as employment generated by Houston and surrounding areas. Lake Jackson has rents that are $150 to $200 over the rents at Country Lane, which makes Country Lane an attractive place to live for many of the Lake Jackson area employees. Angleton is approximately 30 miles south of Houston and a short 20 minute commute to Surfside Beach. Major Transportation arteries within minutes of the property are Hwy 288 and old Hwy 288, Hwy 35 Bypass, TX‐35, TX‐6, TX‐36 and Beltway 8‐Sam Houston Tollway. Some property amenities include - available Cable, Convenient Access to Major Transportation Arteries in the area, Convenient Commute to the Industrial Complex in Freeport and to the employment in Houston, On‐site Laundry Facility, Ample Parking (Covered and Uncovered), Sitting and Grilling areas, Pool, Storage, Access Gates and fully fenced.
3) Upside - It is the broker's opinion, that with minor interior upgrades the property could see upside in the rents. The owner implemented a rate increase October 2023, a new owner will continue to see the benefits of this increase upon new move-ins and renewals.
4) Rent and Occupancy Growth - The population growth in Texas cities has been steady, this trend should continue due to a lower cost of living and lower taxes. Texas has seen the highest influx of out-of-staters than any other state in the US and corporate move-ins are on the rise as well. Today's economic climate is conducive to a favorable rental market for owners. In addition, higher interest rates along with the ever increasing cost to purchase a home are keeping homeownership out of reach for many renters and is keeping them in the rental market for a longer period of time. This should allow the market to see continued growth in occupancy and in rents and should sustain rent growth in Texas cities well into the future.