VICTORIA PARK APARTMENTS

Address:
8600 S. Course Dr., Houston, Texas 77099
Price:

Unpriced

Price / Unit:
N/A
Price / Square Foot:
N/A
Number of Units:
395
Avg Sq. Ft. / Unit:
664
Class:
"C+" Property
Type:
1983 BUILT, 2 & 3 STORY, GARDEN STYLE APARTMENT COMMUNITY
Broker / Agent:

Description:

INVESTMENT INFORMATION:  
 
1) Victoria Park Apartments is offered on an "All Cash" basis, with the buyer responsible for securing new financing. The property currently features 389 units, but this number will rise to 395 units as the owner is in the process of converting a racquetball building into an apartment building, adding six new units. This conversion is expected to be completed before the property is sold. Potential new owners should see a rent premium for these units. Of the 389 units, 352 have washer and dryer connections, with tenants responsible for providing their own appliances. Currently, additional income is received by charging tenants for water/sewage, gas, trash, and pest control. Victoria Park features a stand-alone leasing office, complete with a clubhouse and mailroom. The clubhouse, which includes a kitchen, has numerous windows overlooking a playground. The property has a total of 619 parking spaces, with 52 of those covered. Victoria Park operates on an all-electric system, except for hot water, which is supplied by large gas boilers. There is one 1B/1.5B, 691 SF unit that is used as a model unit.
The property was originally built in 1983 and underwent significant renovations in 2018. In addtion, the owner has invested over $1.5 million in capital expenditures from January 2023 to December 2025. Out of the 34 buildings, 12 have had their roofs replaced within the last five years. The property is categorized as a C+ asset located in a C+ area of Houston, consistently maintaining occupancy rates in the 90% range. The occupancy rate included in the sales package considers the six new units as vacant, and the sales documentation is based on a total of 395 units, even though they are not yet completed.
 
2) Location & Accessibility - Victoria Park is strategically located in southwest Houston, offering excellent accessibility to various parts of the city, including two of Houston's premier business districts; the Westchase District and the Galleria Uptown District. In addition to these districts, the property provides convenient access to a multitude of businesses along Beltway 8, I-10, and Highway 59, as well as the many commercial establishments scattered throughout major thoroughfares in the area. This vibrant region is one of the most populous and ethnically diverse in Houston. Key transportation arteries within minutes of the property include Sam Houston Parkway South, which facilitates easier access to surrounding areas, making it a vital route for both local traffic and long-distance travel. Other notable thoroughfares include IH-10, Highway 59, Wilcrest, Beechnut, and Bissonnet, along with various offshoot roads connecting these major routes.
 
3) Strong Rent Growth - Today's economic climate is favorable for property owners within the rental market. Rising interest rates and the persistent increase in home prices are rendering homeownership unattainable for many potential buyers, resulting in renters remaining in the market for an extended period. This trend is likely to boost occupancy rates and rental prices.

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