CASA CRUZ

Address:
6727 TELEPHONE RD., HOUSTON, TEXAS 77061
Price:

UNDER CONTRACT

Price / Unit:
N/A
Price / Square Foot:
N/A
Number of Units:
262
Avg Sq. Ft. / Unit:
814
Class:
"C+"
Type:
1972 CONSTRUCTED, RECENTLY RENOVATED, 1 AND 2 STORY APARTMENT COMMUNITY
Broker / Agent:

Description:

INVESTMENT HIGHLIGHTS

  • PROVEN UPSIDE - THE CURRENT OWNER HAS UPGRADED 20 UNITS ABOVE THE OTHER UNITS AND IS RECEIVING A $115 TO $150 RENT PREMIUM
  • Offered "All Cash" Buyer to obtain new financing.  There is no assumable debt in place, allowing for unrestricted financing options to a buyer.

  • Casa Cruz Apartment Community - is a recently rehabbed, 98% occupied "C+" apartment community in the Gulf Freeway Sub-market of southeast Houston, Tx. Casa Cruz has ingress and egress on 2 streets, Telephone Rd / Hwy 35 (a major north/south thoroughfare) and Drouet St. Located just two miles outside Loop 610 and one mile west of I-45 south, giving ease of access to the Hobby Airport System, Port of Houston, Pasadena, Texas Medical Center, Downtown Houston, Clear Lake, Pearland and Galveston.

  • Property Information - The community spans 12+ acres and consists of 262 units in 32 buildings. In 2014 80% of the windows on the property were replaced with new weatherized windows. In 2015 - 2016 a moderate rehab was completed.  In 2017 the owner reports that he replaced all of the AC and Heating units with energy efficient heating and cooling units. The property has received Blue Star Multi-Housing Certification from the City of Houston Police Department.

  • Location -  Located near major employment centers in Houston with ease of access to most of Houston due to I-45 and the 610 Loop.  The property is approximately 1 mile west of I-45 (Gulf Freeway) and approximately 2 miles outside Loop 610. The property sits adjacent to Ortiz Middle School, and Lewis Elementary is within walking distance and sits a few blocks behind the property.

  • Upside - There seems to be upside with interior improvements and domestic rent increases. The property's rents seem to be well below its competition in the area. Since there are 0 units under construction or proposed for the area and rental rates and occupancy have steadily increased over the last year (4.25% rate increase over 2017), the property has prime opportunity to capture significant growth.  Also the Laundry contract for the three laundry rooms comes up for renewal in February 2019 at which time a new owner can renegotiate the contract.

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