8020 Stewart Rd., Galveston, TX 77550
The Gulfwind Apartments is a two story, garden-style, apartment community located in the Galveston submarket south of Houston, Texas. The asset was built in 1969. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets.
Galveston properties are enjoying high occupancy and rents are expected to rise.
This asset is ideal for a long term owner operator. There may be a potential to convert to condos as well.
The property experienced damage from Hurricane Harvey and needs an estimated $4,000/unit to rehab. There were approximately 30 apartments that had damage from roof leaks, sliding glass door leaks, or window leaks. There were 18 that had sheetrock damage, some of which have been repaired. The others are being repaired as funds are available.
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.