Description

The French Quarter Residence is a 40-unit Class C' gated-community located in Alvin, Texas. Alvin is a commuter suburb of Houston and is part of the booming Galveston/Brazoria sub-market.  Designed and well-built in 1961, the property features a garden-style architecture with predominately brick veneer exterior and pitched roofs that were replaced in 2008. The complex - 80% renovated - consists of four buildings and an adjacent leasing center that enjoys extensive frontage along a major highway, S Loop 35.  The immediate area has a number of larger multifamily communities, mostly 1980' s constructed product.  There is also a new (2010-built) Class A' community located across the street, with an average rental rate of $0.95/sf compared to the subject property average rental rate of $0.45/sf. If converted to work-force housing, weekly rental rates of $170 - $190 per week (or $0.84/sf) could be achieved. The overall market is 90%+ occupied.

The Property is located at the bustling intersection of S. Loop 35 (the Hwy 35 Bypass) and Mustang Road, and boasts a daily traffic count of over 19,000. It is less then one-half mile from Alvin Community College. The college is home to a student body of over 5,000 students and over 500 employees. The property is approximately 21 miles from downtown Houston.

The property is also conveniently located to popular restaurants and shopping establishments, including Home Depot, Wal-Mart Super Store, Kroger, Sears, Palais Royal, Walgreens, CVS, McDonalds, Popeye's, Chili' s, Comfort Inn, Best Western, La Quinta Holiday Inn, Radio Shack, Office Depot and Dollar Store.