6909 Renwick Dr., Houston, TX 77081
The Enchanted Fountains Apartments, is a two story, garden-style, apartment community located in the Gulfton submarket of SW Houston,Texas. The property is a tax credit property and has maintained occupancies in the low to mid 90's for more than 3 years. The asset was built in 1966. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets. Currently there are reportedly no leasing concessions. 26 units were totally or partially rebuilt after two fires. Payroll includes one manager, one porter and one maintenance man.
There is currently a LURA on the property which is set to expire in 6 years. 100% of the units are limited to 60% of AMI, per the LURA. Buyers must be approved by TDHCA.
The current rents are approximately $200 under the 2017 max TDHCA 60% AMI limit. This along with cutting the Payroll and R&M expenses, gives the property great upside potential.
The owner reports that the laundry contract was renewed in 2013 for either 5 or 7 years.
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.