11500 KEEGANS RIDGE HOUSTON, TX 77031
The Buena Villa Apartments, is a two story, garden-style, apartment community located in the Braeswood/Fondren submarket of Houston,Texas. The asset was built in 1978. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies, walk-in closets and wood burning fireplaces.
Currently there are no leasing concessions. Reportedly, per management, the property did not flood during the 10+ years of ownership. Will NOT qualify for low income housing tax credits, due to a recent change in title. Note that the proposed 2020 tax value is up sharply from the 2019 value of $8,700,000!
This is a companion property to Buena Vista. If the rehab needed is greater than estimated by the Broker, the value will fall. The property appears to need new roofs, exterior work, landscaping, etc. The units are much smaller than the area averages, so it is assumed that the nominal rents will increase with a rehab.
Blue collar tenant profile. Not many apartments are in the area, and there are several industrial employers, so area jobs are plentiful. This is an ideal "Work Force Housing Value Add play. "Off Market" offfering.
Tom Wilkinson has performed real estate marketing serves for institutional and individual investors since 1972. He has a BA in Mathematics from Rice University and an MBA in Real Estate Investments from the University of Texas. In addition to brokering real estate, Tom previously owned and operated more than 80 properties. Tom has successfully marketed properties for and to dozens of individual, business and institutional sellers and buyers, including REO properties for the RTC, FNMA and FreddieMac.