About

<strong>Redstone Vista</strong> is a two story, 274 unit, garden-style, apartment community, located in north Houston. The asset was constructed in 1982 and per HCAD, was remodeled in 2019.

Redstone Vista is a property in north Houston in the desirable Cypresswood community which has experienced  5.4% increases in rental income in the past year.  Important attributes of the property:    (1)   all units have washer/dryer connections    (2)  all units have individual hot water heaters  (3) 234 of the 274 units have been upgraded    (4) patios and (5) some covered parking at $35/mo.   The Spring ISD is a major plus!  And, per the previous owner, all roofs were replaced in 2017.  100% washer/dryer connections!

Housing Finance Corporation (HFC) Structure  was just approved and allows a portion of units deed restricted for moderate income households and enables property to qualify for an exemption from ad valorem property taxes. (Regulatory Agreement Structure Available)

Per owner, there is faux wood flooring in all downstairs units with carpet in upstairs units and two toned paint. Patios and balconies are a feature for all units, along with  individual hot water heaters. Every unit has washer dryer connections and most tenants rent the washer and dryer machines for $40 per month.  The kitchen cabinets are original but many of the doors have been replaced. There is a total of 8 personnel at the property,  4 inside and 4 outside. The property also offer a nicely decorated club house with a business office.

The property is a 30 minute drive to downtown Houston.  Easy access to all major freeways, just east of I-45 and north of FM 1960.

Per owner, the few down units will be brought on line within the next 60 days. Seller says he will assign the proceeds of insurance.

Owner motivated, need an offer, or owner will consider a recapitalization.