RESIDENCE AT WEST BEACH
3222 69th St., Galveston, TX 77551
TO BE SOLD AT AUCTION ON AUCTION.COM
Auction Starts 11-3-2015 and Ends 11-5-2015 - Starting Bid $2,000,000
OPEN HOUSE: Friday, Oct 9th, 2015 and Thursday, Oct 29th, 2015 from 10:00AM to 2:00PM
133 unit, grade "B", 2 and 3 story, apartment community located in Galveston, Texas, approximately 24 miles outside the city limits of Houston, Texas.
Clean, attractive property; a moderate to major rehab was performed in 2009. The rehab consisted of total roof replacement, new Hardi Plank and paint as well as some interior rehabs. In the last year the current owner has recently completed the following improvements: replacement of exterior light fixtures, some minor wood repair/replacement on decks and stairs, new picnic benches, BBQ grills, a sand volleyball court was added, pool resurfacing, pool decking was painted, the front perimeter fence was painted, a new monument sign was added, washer and dryer appliances were added to all 2 bedroom units and 68 units have been upgraded with new appliances, new faux wood flooring, two-tone paint, new counter tops, new cabinets, faux wood blinds, brushed nickel hardware and light fixtures.
UPSIDE POTENTIAL. The current owner is receiving a significant rent premium for upgraded units. A new owner may continue to improve/upgrade the remaining units upon turn and potentially receive a rent premium over the current market rents of the non upgraded units.
Residence at West Beach is located behind the Sea Wall of Galveston, Texas. Some of the property's units have water views of the lagoon to the east or the Gulf of Mexico to the south. The property is located approximately 24 miles outside the Clear Lake/NASA area in Galveston County. Major transportation arteries within close proximity to the property are I-45 North and Hwy 3005 (runs the length of the island).
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.