6727 Telephone Rd., Houston, TX 77061
UNDER CONTRACT. The Casa Cruz Apartment Homes is a two story, garden-style, apartment community located in southeast Houston, Texas near Hobby Airport. The 1972 vintage, brick and wood community benefits from a good location just west of I-45 and south of Loop 610, providing easy access to all points within the greater Houston Central Business District as well as Galveston, Texas.
Amenities include: ceiling fans, mini-blinds, kitchen pantries, laundry facilities, disposals, vaulted ceilings, walk-in closets and patios and balconies. Amenities vary by individual floor plans.
The property was recently rehabbed, however there are 3 down units.
Casa Cruz is individually metered for electricity, the owner pays for water/sewer and trash and it is billed back to the tenants through a RUBS.
There is excellent upside potential with an interior rehab and stabilization.
The property is adjacent to Ortiz Middle School and is within walking distance to Lewis Elementary.
The property's close proximity to numerous employers, combined with increasing jobs, income, and population growth along with a tightening apartment market should ensure that the property will continue to improve and that significant upside is achievable. Southwest Airlines reportedly adding 10,000 employees!
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.