Villas at Park Place Apartments

Houston TX

Property Overview

Summary

TOTAL # OF UNITS 90
YEAR BUILT 1960 & 1965
AVERAGE SF 919
AVERAGE RENT $848
LOT SIZE (ACRES) 2.01
TOTAL RENTABLE SF 82,735 SF

Investment Summary

Villas at Park Place Apartments is a 90-unit property located on Park Place Road, east of I-45 and south of the 610 Loop. This property, consisting of 9 brick buildings with flat and pitched roofs, offers 1-bedroom/1-bathroom and 2-bedroom/1-bathroom units. Built in 1960 and 1965, around 10% of the units were moderately upgraded in 2020. On-site amenities include a property management office and laundry facilities, with space available for additional features like a playground and covered parking. Its prime location provides easy access to major employment, educational, shopping, and dining destinations: Downtown Pasadena is 4.7 miles east, downtown Houston is 8.9 miles northwest, the University of Houston is 6.1 miles northwest, and William P. Hobby Airport is 3.3 miles south.

Investment Highlights

▶ Approximately 10% of interiors have been upgraded, allowing a proven value add program for a new owner to complete, upgraded units are achieving $150 premiums compared to classic units.

▶ The property is available for either an all-cash purchase or the assumption of the current loan.

▶ 66% of the units are designed as 2-bedroom layouts, offering ample living space with an average unit size of 919 square feet.

▶ Strong rental area within 2.8 miles from William P. Hobby Airport. Major thoroughfares include Interstate-45 and 610 Loop making for easy access to Central Business District, Medical Center, NRG Stadium and Galleria.

▶ The property is priced at a low basis, below replacement cost, providing potential buyers with a valuable investment opportunity and significant cost savings.