THE GALLERY AT KATY
1007 S. Mason Rd., Katy, TX 77450
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 Gallery at Katy Apartments is a two story, garden style, 316 unit apartment community located at 1007 Mason Road in Katy, Texas, a sub-market west of Houston. It contains approximately 255,246 square feet of rentable area and was built in 1983 and was remodeled in 2016. 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 top-rated Katy Independent School District, minutes from I-10, Grand Parkway, George Bush Park, and the Energy Corridor. The property is near the best in dining, shopping, and entertainment – just a short drive from LaCenterra at Cinco Ranch outdoor shopping center and Katy Mills Mall. Residents can also take advantage of Katy Dog Park, a 14-acre park with a wading pool, custom dog showers and fountains, as well as Typhoon Texas Waterpark – both just 10 minutes away. Texas Children’s and Memorial Hermann Hospitals are just minutes away from the property.
Residents enjoy spacious one or two bedroom apartment homes. The property has been partially rehabbed and upgraded with amenities that include: designer cabinetry with brushed nickel pulls, upgraded stainless steel appliance packages, upgraded plumbing and light fixtures, wood laminated flooring, ceiling fans, washer/dryer connections, private patio or balcony, oversized master bedrooms, huge walk-in closets, bay windows, and vaulted ceilings. Community amenities include WiFi at the clubhouse, pool and fitness center, two resort-style swimming pools, sports court, new summer kitchen, playground, renovated 24-hour state-of-the art fitness center and newly designed clubhouse.
The asset underwent a $2,840,485 ($8,989/unit) rehab in 2016. Contact Broker for details. Due to the high quality school Katy district, a lower pro-forma cap rate may be used.
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.