6111 Willowbend Blvd., Houston, TX
The Regal Pointe Apartments is a two story, garden-style, apartment community located in the Braeswood submarket of SW Houston,Texas, off Willowbend. The asset was built in 1977. Residents enjoy ample amenities which include: 2 inch faux-woodblinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets.
Per Seller, currently there are minimal leasing concessions. Per owner, RUBS was implemented approximately 6 months ago (and more revenue is predicted), new Hardie siding has been installed, the property received a new boiler and new exterior LED wall packs. Brick work was just pointed throughout the property for approximately $10K.
A recent site visit revealed that the property is generally very clean and well maintained. Reportedly, the roofs are maybe 10 years old but appear to be in good condition. The office is in very good condition, a new A/C unit was installed in July 2016 and the interiors show well.
The unit mix shown is an average of the upstairs and downstairs prices. There is a new single family residential subdivision going in with 200 homes!
Per owner, the loan prepayment is $370,000 and Seller will pay.
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.