CIRCLE AT POINT PARK
8727 Point Park Dr., Houston, TX 77095
An Open House will be held on Tuesday, Oct. 23, 2018 and Tuesday, Oct. 30, 2018 - Call for Offers is due Nov. 8, 2018
The Circle at Point Park Apartments is a two and three story, garden style, 964 unit apartment community located at 8727 Point Park Drive, in Houston, Texas, in the Bear Creek submarKet of north west Houston. It contains approximately 683,288 square feet of rentable area and was built in 1983 and was remodeled in 2017. The asset is nestled in a quiet, established, residential neighborhood with an abundance of lush landscaping and tall trees. The Gallery at Katy is located in the highly rated Cypress-Fairbanks Independent School District, minutes from Hwy 290, Hwy 249, Beltway 8, and Hwy 6. The property is near the best in dining, shopping, and entertainment – just a short drive from Bush Intercontinental Airport and 15 miles north of downtown Houston. The property is located in high quality, master-planned residential, business, and retail environments.
Residents enjoy spacious one or two bedroom apartment homes. The property has been partiallty rehabbed and upgraded with amenities that include: designer, Shaker-style cabinetry with brushed nickel pulls, upgraded appliance packages, upgraded plumbing and light fixtures, plank wood flooring, ceiling fans, washer/dryer connections, 2" faux wood blinds, private patio or balcony, oversized master bedrooms, huge walk-in closets, wood-burning fireplaces, and vaulted ceilings. Community amenities include WiFi at the clubhouse, pool and fitness center, three resort-style swimming pools with cabanas, sports court, new summer kitchen, playground, renovated 24-hour state-of-the art fitness center and newly designed clubhouse.
Per owner, there are currently 546 "Platinum Units" which include white paneled cabinets with brushed nickel pulls and an all white appliance package that includes a microwave. There are also 377 "Steel Units" which include Espresso colored shaker cabinets with brushed nickels pulls and a stainless steel appliance package that includes a microwave
The property has been partially rehabbed over the past 2 years totaling approximately $6,631,000 in renovations. See "Capital Improvement Summary" . Additional upgrades should produce enhanced collections!
The property has interest only agency debt in place. It is possible to get new financing but the prepayment penalty would have to be figured into the price.
A Confidentiality Agreement is available for download required to view Offering Documents.
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.