3201 GARTH ROAD BAYTOWN, TX 77521
The Verve Apartments, is a two story, garden-style, apartment community located in the Baytown submarket, east of Houston. The asset was built in 1963 and per owner, was massively rehabbed in 2017. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets.
Lots of new refinery jobs in Baytown due to a heavy expansion in the plants. $14 billion alone is allocated for Exxon. Reportedly there are 14,000 new workers at Exxon alone.
A Major Exterior and Interior Rehab was completed in 2017. The exterior rehab included the total remodel, down to the studs, of the Leasing Office. In addition, Building 1 received a new roof, solar screens were added to the property, new signage, major landscaping improvements as well as improvements to the plumbing, fencing, and parking lot improvements at a cost of approximately $1.36 million. Major improvements were also done to the interior of the units some of which include new appliances, lighting, hardware, mirrors, cabinets, interior doors, flooring, 2 tone paint, refloating of the kitchen and bathrooms, tile, window blinds and some plumbing upgrades at an approximate cost of $12,500/unit for a total interior rehab of approximately $700K.
The property is sub-metered for electricity but they are not being utilized. The current owner uses a Capped RUBS for electricity. Electric capped at: 1 BR - $84; 2 BR - $100; 3 BR - $150
Water and Gas are on a RUBS with no Cap. Trash and Pest Control are billed back at a fee of $8 for Trash and $3 for Pest Control.
The broker feels this property has excellent rental upside and is ideal for a long term hold! This asset will appeal to the first time buyer market!
The operating expenses seem much higher than normal! See notes on Pro-Forma!
There is a 1% loan assumption fee.
Seller is asking $4,400,000 all cash or $4,250,000 if loan is assumed.
All offers must be submitted by June 15, 2021.
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.