THE RAIL AT GEORGETOWN
708 W. 15th St., Georgetown, TX 78626
The Rail at Georgetown Apartments is a 113 units apartment property located just 1 block from the beautiful San Gabriel river. The asset was built in 1986. The property has undergone interior and exterior rehab.
The Rail at Georgetown is next to beautiful Kelley Park and just blocks from the town square, grocery stores, shopping and entertainment. The property consists of one and two bedroom apartment homes with unique floor plans designed to provide easy living through maximum efficiency, and small building groups make parking that's just steps to the front door. Residents benefit from options like valet trash, and in-unit washer/dryer. Pets are welcome and there is a Rail Yard Bark Park!
The community is within close proximity to a GoGeo transit stop, 1.3 miles from Southwestern University, with easy access to Interstate 35, Round Rock, The Domain, and Downtown Austin.
The owner could add 2 more units (thereby bringing unit mix to 113) by moving the office to the railway car and putting the laundry room in the store room, thus increasing collections. Occupancy is currently 97%.
Per owner, 55 units have received a total rehab, of which 42 are 1 BR-1 BA and 13 are 2 BR-1 Ba. Current owner is only remodeling units begun by the previous owner, as they become vacant. Several buildings have also received new siding and paint. Property appears to have 8 year old roofs.
Future taxes were adjusted based on the attached tax analysis.
Per owner, renovated units lease for $875, while traditional units lease for $815. There is an additional $10/month charge for the property protection plan (PPP). PPP is a Property Protection Plan that is offered to residents as an easy alternative to renters insurance. PPP provides $5K of reimbursement protection in case of fire 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.