13925 Alderson, Houston, TX 77015
The Gentry Apartments is a 107 unit, garden-style, two-story apartment community built in 1980. The property is only four miles from the Texaco Country Club, featuring a par-72 course, ballroom, and restaurant. Both downtown Houston and Baytown are nearby, providing ample employment for residents. The Gentry is located between the Woodforest and Cloverleaf neighborhoods in Houston, across the street from the North Shore Ninth Grade Campus and the iconic Brother's Barbecue. There is a convenience store and gas station next door to the property. Shopping, restaurants, and banks are all within a short walk from the complex, also nearby residents can enjoy numerous restaurants, shopping, nightclubs, sports and other attractions.
The property has a good unit mix of one, two, and three bedroom units with an average of 671 square feet. The community consists of 12 buildings. In addition to the 106 apartments, there is a 1,950± sq. ft., 3 bedroom, 1.5 bath, single-family home with a private swimming pool and garage attached behind the leasing office. Currently it serves as the on-site manager residence. It is not included in the rent roll (as income producing), but can be included in the future producing an additional $1,100 to $1,200 per month income.
The property has brick construction with pitched roofs that were replaced in 2007. Residents enjoy amenities such as a swimming pool, beautifully landscaped surroundings with open grassy areas, mini-blinds, ceiling fans, washer/dryer connections and pantries in select units. Each unit is individually metered for A/C and has its own water heater. The washers and dryers are 100% owned by the property and there is no laundry contract so 100% of the revenues are collected for the property.
The owner recently implemented a RUBS program with a 45% bill back to tenants, resulting in an increase of $1,000/mo and a decrease in water usage of $1,500/mo. The Broker thinks a buyer will want to do some upgrades. The owner believes upgrade units could add $50/month more in rents.
Hashir Saleem is a licensed Texas Real Estate Broker involved in real estate marketing services for institutional and individual investors. Hashir holds a B.S. in Industrial Engineering from the University of Houston and an MBA from Rice University's Jones Graduate School of Business.