910 CYPRESS STATION DRIVE HOUSTON, TX 77090
Portofino Landing is a three story, 464 unit, garden-style, apartment community, located in north Houston.
The property offers cozy one and two bedroom apartments, along with great amenities such as washer/dryer connections and fireplaces. Residents enjoy an Olympic sized swimming pool with volleyball pool, a courtyard, picnic area with BBQ grills, and clubhouse.
Portofino Landing Apartments is located in Houston north of FM1960 with easy access to Texas Roadhouse, Wet n Wild Splashtown, and Willow Brook Mall. The property is situated in the Spring Independent School District, near many area schools and employers, including Lakewood Elementary, Houston Northwest Medical Center, Cypress Creek Hospital, and Kroger. The convenient location is just minutes from I-45, FM 1960, and Beltway 8.
During Tropical Storm Harvey, the property at one end took on water in 18 units. The estimate to repair these is $800,000. Ideal candidate for Harris County Flood Grants! Ask the Broker.
This property is offered on an “As-Is” basis and no insurance proceeds go with the sale. The logical way to purchase this asset is on a bridge to perm form of financing. Current rates for this type of loan as of 12/4/18 are 75% LTV at 30 day LIBOR + 400 or roughly 5.5% Interest only.
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.