THE PEARL AT OYSTER CREEK
132 Oyster Creek Dr., Lake Jackson, TX 77566
The Pearl at Oyster Creek Apartments is a two story, garden-style, apartment community located in the Lake Jackson submarket. The asset was built in 1970. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies, walk-in closets, wood burning fireplaces.
Currently there are no reported leasing concessions. The prpoerty appears to have excellent driveby. On a recent tour, the street was packed.
The property underwent a "to the studs" rehab in 2014. There is a small vacant tract that reportedly was a 12 unit apartment building but it had a fire and the building was scraped. The owner says that per the City of Lake Jackson, this could be rebuilt on the same footprint as was previously in place, but no other construction, such as a miniwarehouse or retail is permissable. This site could be used for a fancy dog park or as a children's playground.
The Brokers feel that the exterior paint and landscaping could be updated as well as the interiors. New on site management in place should increase in place collections. Loan terms: WRT Freddie SBL, interest only until November with a 20 year term, 30 year amortization and 4.2% fixed for 7 years.
Per owner, there is a contract with Coinmach. However, half the property has washers/dryers in unit so, the laundry facility does not generate much revenue. Ideally, shrinking the laundry room and making it usable as a party space would help. The owner also suggests adding a playground and perhaps a soccer field on the vacant lot.
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.