Description:
INVESTMENT INFORMATION:
1) Summer House - is being offered on an "All Cash" basis (Buyer to obtain new financing). The property is a 120 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. The owner has expended $1M in CapEx since January 2020 thru Oct 2023. Each unit has washer and dryer connections with the appliances included as well as individual electric hot water heaters. Summer House has a stand alone leasing office with a clubhouse that includes a kitchen, an exercise room and a large banquet room for tenant functions. The property has 276 parking spaces of which 99 are covered spaces and 35 are detached garages. 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, Washer and Dryer Connections including the Appliances in all units (there is no Laundry Facility on site), Ample Parking (Open, Covered and Detached Garages), Sitting and Grilling areas, Pool, Storage, Perimeter Fencied with Access Gates and each unit has Private Ground Access and has a Fire Sprinkler System.
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 Summer House, which makes Summer House 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. The property is adjacent to the new Angleton high school campus as well as its massive sports facility.
3) Upside - It is the broker's opinion, that with minor 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.