Offered on an "ASSUMPTION" of the existing below market interest rate loan.
Terrace Villas Apartments are well located on El Camino Real and near the new Nasa Bypass in the Clear Lake submarket. Major employers near the property are Webster Health Care Corridor, Johnson Space Center, Nassau Bay Town Square and the Port of Houston. The Clear Lake Submarket is one of the stronger sub‐markets in the Houston MSA. Average occupancies in all classes are approximately 94%. Rents have increased in this sub‐ market more than 10% in the last two years.
Property Information - 27 units had some water in them due to Harvey, all units have been repaired and are now leasing. In 2014 the exterior and interior of the property was significantly rehabbed including granite counter tops and new stainless steel appliances, new cabinety and brushed nickel hardware and 2" faux wood blinds. Per the owner since 2014 approximately 4.5Mil has been spent on upgrades and other improvements to the property See Detail in the Financial Section.
Unit Features - Large Spacious 1, 2 and 3 Bedroom Floor Plans, Fully Equipped all Electric Kitchens, Tile Flooring, Window Coverings, Ceiling Fans, Granite Countertops, Stainless Steel Sinks, Stainless Steel Appliances, Ceramic Tub and Tile surround, Decorative Bathroom Mirrors, Updated Toilets, Cable Ready, Built‐In Microwave, Wood Cabinets, Dishwasher, Ice‐Maker & Garbage Disposal, Tiled Entry, Wood Style Flooring, Plush Carpet, Walk‐in Closets andWasher and Dryer Connections (Interior appointments vary in each design).
- Community Amenities - Natural Stone Pool, Easy Access to Major Thoroughfare, 2 Clothes Care Centers, Picnic Areas, Ample Surface and Assigned Covered Parking, within Close Proximity of Major Employers, Gated Community with Access Control, Sprinkler System and the property is Convenient to Area Schools.