Description:
INVESTMENT HIGHLIGHTS:
1) VILLAGE SQUARE (Friendswood, TX) is being offered on an “All Cash” basis (buyer to obtain new financing). The property is a 33-unit, C+ grade property in an A area, 1968 built, garden-style community with a 55+ seniors designation and which maintains an above average occupancy rate - currently 100% occupied. It is located in the Friendswood area of the Houston MSA with strong access to the business district along Friendswood Drive and IH-45 one of the main connectors to Houston, NASA, Clear Lake, and the Bay Area Houston region. The owner has invested $900,000+ in CapEx since January 2023 which includes new thermoplastic polyolefin (TPO) roof in 2023, repairing and refurbishing the mansards in 2023 and 2024, and all the underground sewer pipes were replaced in 2026. The community features full appliance packages and ceiling fans in each unit; there is no onsite leasing office. The property offers 59 parking spaces (32 are covered), one on-site laundry room with machines owned by the property, covered entry for all units, and amenities including cable, a pool, fully fenced grounds, and sitting/grilling areas. The community is all-electric except for the gas hot water boilers. The property is assessed at a value under $5 million therefore the tax assessment is capped at 10% per year at this time.Houston Income Properties, Inc., acting as exclusive advisors to the seller, is pleased to present the opportunity for qualified investors to acquire the fee-simple interest in The Kenton Apartments, an 80-unit, garden style apartment complex located in Alv in, Texas. The property is available "All Cash" (buyer to acquire a new loan) ~ No Owner Financing.
2) Property Location - the property is well located in the Brazosport Area in the city of Alvin. It benefits not only from the employment generated in Alvin but also by the employment generated by the petrochemical plants in the surrounding areas and employment generated by the city of Houston. Alvin is approximately 12 miles south of the Houston city limits and a short 45 minute commute to Galveston. Major Transportation arteries within minutes of the property are TX-35 Buss. TX-6, Hwy 35 Bypass, TX-35 Loop, Mustang Rd., Old Galveston Rd. and County Rd 155 and the soon to be Grand Parkway (Hwy 99), which will run in front of the property where Hwy 35 Bypass is now. The Grand Parkway is a major ring road that encircles the Greater Houston area, providing connectivity between various regions, including Alvin in Brazoria County. It's designed to alleviate congestion and facilitate easier access to surrounding areas, making it a vital artery for both local traffic and long-distance travel.
3) Strong Rent Growth Potential - 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 home ownership 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. Additionally, the construction of the new Grand Parkway segment adjacent to the property will create numerous job opportunities, both during the construction phase and once it is complete. The anticipated growth in rental rates and overall property value should positively impact the Alvin area as this segment of the Grand Parkway is completed. Similar to other segments, this development is expected to spur the emergence of new commercial businesses along the route.