1415 GREENS PARKWAY, HOUSTON, TX 77067
The Fall Lake Apartments, is a two story, garden-style, apartment community located in the Grrenbriar Park North submarket of N Houston,Texas. The asset was built in 1984 and per HCAD, was remodeled in 2016 and again in 2019. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets. All units have washer and dryer connections. Per owner, the asset has been repainted, common area amenities have been added and landscaping has been improved. Low volume toilets have also been installed for water conservation.
Per an advertisement at the site, currently there is a one month free leasing concession at the end of the lease or half a month up front. Blue collar tenant profile.
Not all of the units have been updated, and further improving these should enhance the cash flow. Maybe 70% have been upgraded, per the manager. Adding W/D units and covered parking should each bring in $50/mo in additional revenue. As of 2/28/21, there is currently 39,821.89 in delinquencies.
Pet Deposit is $250 and the monthly pet fee $250. SEAL Security monitors the property. The management company is owned by the seller. Per owner, the previous owner replaced the roofs after Hurricane Ike. Owner reports minimal property crime.
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.