2 Goodson Dr., Houston, TX 77060
The Casa Verde Apartments, is a two story, garden-style, apartment community located in the North Belt submarket of N Houston,Texas. The asset was built in 1973 and rehabbed in 2010. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies, walk-in closets.
Collections are rising nicely on average, due to the good condition of the property and the improving Houston market.
The owner acquired this property in 2009 and replaced many roofs, 70% of the A/C's, and did interior upgrades, including faux wood floors and new appliances.
This is one of the best assets in the area. Exxon Mobil is under construction approximately 12 miles to the north and will add 10,000 jobs.
The most important feature of this asset is the 4.10% fixed rate HUD financing. There is no balloon and it has a fully amortizing loan. As market interest rates rise, this loan will have great value! The property offers excellent cash on cash returns! Upgrades should increase rents!
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.