MONTERRA VILLAS

Address:
2300 HAMMAN, BAY CITY, TEXAS 77414
Price:

$3,000,000

Price / Unit:
$36,145
Price / Square Foot:
$38.92
Number of Units:
83
Avg Sq. Ft. / Unit:
929
Class:
"C+"
Type:
1974 CONSTRUCTED, 2 STORY APARTMENT COMMUNITY
Broker / Agent:

Jim Hurd - Listing Broker

Description:

  • The Monterra Villas Apartments are being offered on an "All Cash" basis (buyer to obtain new financing). Monterra Villas is part of a four property portfolio that is being offered for sale. Its sister property, Madrid Villas Apartments, (less than a 1/2 mile away) is one of the four properties in the portfolio.  For economy of scale, a buyer may want to consider purchasing both of these properties or all four.  The other two properties are located nearby in the city of Sweeny (Avalon Villas and Avana Villas).  For information on the additional three properties that are for sale, please see the offering memorandum on our website for each property.  Two of the other three properties are being offered without financing in place like Monterra Villas, therefore, a buyer would need to obtain new financing on these two as well, however one of the properties, Avalon Villas, is being offered on an "Assumption of the Existing Loan" basis. The Loan is a below market interest rate loan at 4.33%, and according to the seller the loan is potentially re-sizable to a qualified buyer.

 

  • Capital Expenditures - The current owner has spent over $675,000 in capital improvements

 

 

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