3833 Mustang Rd., Alvin, TX 77511
Willow Creek Manor is a two story, 128 unit, garden-style, apartment community, located in Alvin, TX, in Brazoria County just south of Houston.
The asset appears to be in very good condition with 5 year old roofs and boilers installed in 2006, along with full exterior paint of the stucco, siding and Hardie exterior. Residents enjoy spacious 1, 2 and 3 bedroom floor-plans.
The area is growing with new retail, dining and employment coming up everywhere. Willow Creek Manor offers an investor the opportunity to add value through property management and oversight.
Per owner, the exterior has been painted and he has upgraded the interiors with updates that include vinyl plank flooring, new cabinet pulls and backsplashes. An $80,000 office remodel has been completed and 35 year dimensional shingle roofs were installed 5 years ago. The Broker feels that additional interior upgrades could further enhance the collections! Management reports that replacement of cabinet boxes and cabinet fronts has been done for only 4 units, but these result in a $110 rent increase!
Collections have increased by $5K.
Several of the tenants living at Willow Creek Manor are baseball players at the local junior college just down the street.
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.