GROVE AT 43RD
2006 W 43rd St., Houston, TX
The Grove at 43rd Apartments is a two story, garden-style, apartment community located in the Garden Oaks submarket of Houston, Texas. The asset was built in 1972. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies, walk-in closets. In 2015 and 2016, the Owner did a "gut rehab" and took the building to the studs, and added new sheet rock, wiring, interior plumbing, thermal pane windows, black appliances, new granite counter tops, new faux wood flooring, doors, hardware and did extensive exterior work including roofs, A/C, parking, common areas, etc. The condition of the interiors is equivalent to new construction.
Note that the property just started billing for water/sewer (RUBS), pest control $3/mo, trash $7/mo. Pet rent terms: $300 deposit and a monthly pet fee of $10/month. The most comparable property is the Reserve at Garden Oaks for a rent comp due to the high level rehab at the Reserve! Adding washer/dryers at an estimated $2,500-$3,500/unit should boost revenue by $80/unit/mo, per owner!
The existing loan must be assumed. Per owner, June, July, and August 2020 income was low due to COVID related issues and a new management team has since been hired. Please view the property on a T-6 or T-3 basis! The property does not accept Section. 8 tenants and as of June 30, 2021, there are 0 delinquencies.
*The owner signed a $400/month lease for 18 additional tenant parking spaces located at the Boy Scouts location, just to the east of the property. The lease was recently renewed per Owner. The tenants reimburse the property for the parking so the cost is a wash to the Owner.
Per owner, 50% of the underground plumbing and 100% of all interior plumbing has been replaced with PVC.
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.