VISTA DEL SOL
701 Preston Avenue, Pasadena, TX 77503
Vista del Sol is a brick and wood, Class "C+" quality project located in Pasadena, Texas approximately 9 miles southeast of downtown Houston. The property has excellent access to Hwy 225, Loop 610, and Beltway 8. Strong job base due to its proximity to all of the petrochemical facilities in Pasadena. Working class tenant profile. The property was renovated in 2003/2004, at a cost of $1,600,000, with all new roofs and additional exterior upgrades in 2009/2010. The 2010/2016 rehab also included upgraded interiors, redesigned units with crown molding and ceramic tile flooring. The property is located in the Deer Park School District.
There is great job growth in the area and Pasadena is a "barriers to entry" city for apartments, i.e., Pasadena requires very low density and a $2M lifetime performance bond, effectively eliminating new construction. Consequently, existing housing stock will eventually rise in value since it will not be economically feasible to build new apartments.
The existing debt offers excellent cash on cash potential. This is an exceptional opportunity to assume a low interest rate loan on a solid, performing property in a stable, growing market.
Please do not visit the property without an appointment. No Exceptions!
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.