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FOUNTAINVIEW LODGE I & II

Address:

6015 Winsome & 6100 Fairdale Dr., Houston, Texas 77057

Price:

Unpriced

Price / Unit:

N/A

Price / Square Foot:

N/A

Number of Units:

134

Avg Sq. Ft. / Unit:

838

Class:

"C+" Property in an "A-" Area

Type:

1969 - 1972 Built, 2 STORY, GARDEN STYLE APARTMENT COMMUNITY

Broker / Agent:

JIM HURD

Description:

INVESTMENT INFORMATION:

1) FOUNTAINVIEW LODGE I & II - "C+" Property in an "A-" Area of Houston. The property consists of 2 properties Phase 1 and Phase ll. Phase l is located at 6015 Winsome Ln. and Phase ll is located on the street behind Phase l at 6100 Fairdale. The entire property consists of 20 apt buildings with 134 units of which 2 units are administrative units (one at each property for an office) and 1 unit in Phase 1 is being used as a clubhouse. The properties together sit on approximately 3.68 acres of land and both properties show to be out of the flood plain (please verify with your insurance broker). The owner is willing to finance the sale to a qualified buyer or a buyer may acquire a new loan. Fountainview Lodge 1 & ll are individually metered for electricity and master metered for water and gas. There is a rubs in place to recoup some of the water cost, and at this time there is no charge back in place for gas usage. The property is upgradeable which should allow upside in the rents.

2) Location & Accessibility - The subject property is located in the Galleria Uptown area of Southwest Houston. Uptown is one of the nation’s largest business districts and a haven for visitors seeking world-class shopping and cuisine. Its central location lies merely minutes away from Houston’s Museum and Theatre districts, as well as convention centers, sports arenas, and the city’s other major business districts and airports. The area is highly populated with an abundance of entertainment, eateries and nightlife. The area has good access to toll roads, major freeways, major employment areas, universities, public parks, recreation facilities and medical facilities. Due to the subjects' proximity to several large employment centers and population density the demand for residential and commercial property is excellent and should remain high within the area. The time spent commuting to large employment centers is short when compared to the average commuting time from other areas in the Houston area. The location could allow for a possible land play in the near future.

3) Strong Rent Growth - Fountainview Lodge I & II is located in the Galleria area of Southwest Houston MSA. This sub-market generally has strong average occupancies. To further increase potential income, a new owner could continue interior and exterior upgrades to allow for additional upside in the rents and charge tenants back for gas. Today's economic climate is conducive to a favorable rental market for owners. Higher interest rates 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.

4) The property is individual metered for electric and master metered for gas and water. The owner has a RUBS in place for Water.

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Financials:

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