1521 Sherwood Forest, Houston, TX 77043
UNDER CONTRACT The Villa Oaks Apartments, formerly Windcrest on Sherwood apartments, is a 212 unit, 1971 vintage, two story, garden-style apartment community located in the Spring Branch submarket of NW Houston, Texas. The owner has completed major renovations including, partial siding replacement, painting, boiler replacements for domestic water, chiller replacements, installed water treatment, renovated 85% of the unit interiors, landscaping upgrades, replaced 4 sewer lines and renovated the leasing office. Per owner, $1,264,392 has been spent thus far to rehab the property. (See operating statement for details). This is a covered land play! Collections have increased 85.26% since January 2014. Excellent schools in Spring Branch! There is excellent upside potential due to a high loss to lease which represents an opportunity for a new owner to bring all rent rates to market on new leases or when renewing existing residents. The property has tax credit restrictions in place. 100% of the units are allocated to families and individuals with income 60% or less than the median gross income. The LURA expires in 2025. (please verify) The price of a new townhome in the surrounding area ranges from $275,000 to $450,000.
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.