FALL LAKE APARTMENTS
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 a washer and dryer. The owner has repainted the asset, added common area amenities and improved landscaping.
Per an advertisement at the site, currently there is a one month free leasing concession. Blue collar tenant profile. Reportedly 86% of the rent roll paid in April, 2020. Blue collar tenant profile. If the future collections fall, the valuation will go down.
Note, Broker projects no more than a 70% LTV loan. It might be better to leave the existing debt in place. The Broker does not know the terms
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.