1) Houston Income Properties, Inc. is pleased to present investors with the opportunity to acquire Santa Lucia Apartments, a class "C", 60 unit, 100% occupied, garden style community located between Bellaire and Houston's Galleria both are hgh-end areas of Houston. Santa Lucia is zoned for Bellaire High School - the preferred High School in the area. The property has just received an approximate $7,000 / Unit rehab. 50 of the 60 units have been upgraded in varying degrees. Good investment opportunity for the small investor.
2) Property Highlights - Santa Lucia - is a value enhancement opportunity. There is upside potential in upgrading the remaining apartments and by increasing other income by increasing the percentage of tenants paying their share of electric upon lease renewals, along with charging more tenants for covered parking. The asset is a 60 unit, recently renovated, garden style apartment complex, located in the Gulfton area of SW Houston. This area has a predominately Hispanic demographic and is situated between the areas of Bellaire and The Galleria, both high end areas with "A" and "B" properties. This "C" class access‐gated property provides covered parking and courtyards.
3) Home Features - Residents enjoy cable ready units, two toned paint, tile back splash in kitchen, tile surround in bath areas, patio/balcony, clothes care center, mini‐blinds, ceramic tile throughout and ceiling fans (features may vary from unit to unit). The tenant profile is blue collar (Interior appointments may vary in each unit).
4) Strong Rent Growth -The Gulfton area is a densely populated area with mainly blue collar tenancy. CoStar states that affordable rents, a lack of development, and tight vacancies mid-cycle paved the way for significant cumulative gains since 2010 in the Gulfton Sub-market. Asking rents have grown cumulatively by nearly 34% this cycle, which is one of the highest rates of growth among all Houston submarkets over that time. With a trailing 12-month rent growth of 3% the area is ranked among the top ten performing Houston submarkets as of 19Q4 and was well above the metro average (CoStar). This is a testament to the strong demand for workforce housing in the Houston metro.