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 1992. 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 does not presently bill for water/sewer or reserved parking, but this could be implemented to enhance cash flow. Reportedly 90%+ of all Houston area projects bill for water. The most comparable property is the Reserve at Garden Oaks for a rent comp due to the high level rehab at the Reserve!
The existing conduit loan must be assumed but it is only for a 5 year term and reportedly the prepayment in the last two years is -0-.
*The owner recently changed management to Kaplan Management and collections have started to rise!
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.