311 Parramatta Lane, Houston, TX, 77073
The Chancellor Apartments, is a two and three story, garden-style, apartment community located in the FM 1960 East submarket in north Houston,Texas. The asset was built in 1984. It has been upgraded a few times, including 2014. Residents enjoy ample amenities which include: 2" faux wood blinds, kitchen pantries, ceiling fans, remodeled laundry facilities, patios and balconies, spacious walk-in closets and washer/dryer connections in each unit.
Per owner, the property was recently upgraded to include faux wood floors, curved shower rods, new wood finish ceilings and new fixtures in 5 units, at an average cost of $2,000 per unit. The "Designer" units are #J-201 (completed and leased), #I-105 (occupied), #E-108 (occupied) and #H-105 (occupied). The owner is currently working on unit #F-103. There is good upside if a buyer finishes the upgrading of the rest of the units. Upgraded units receive up to $125 more rent per month per owner!
Past owner's renovations included upgrade of all units with new appliances and interiors. Previous owner also installed new boilers, A/C units and new roofs. Reportedly $10,000 per unit was spent on this work.
The 7% rent increase shown in the pro forma assumes that all the units get upgraded. The owner just began charging $25/month for reserved parking and for now will cap the number of reserved paid spaces to 25% of the total spaces.
The area should be positively impacted by the Exxon/Mobil campus, about 6.4 miles away, with up to 40K professionals moving there to work!.
- washer/dryer connections
- new pool enclosure
- new roofs
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.