Houston, Texas The Woodcreek Village Apartments is an extremely well maintained 2 story Class "B" apartment community.
The property has continually enjoyed very...
Apartment Building - Woodcreek Village Apartments
Status: Price: Bldg. Size: Units: Cap Rate: Primary Type: Sub-Type:
Active $2,000,000 32,246 SF 42 7.50% Multifamily Garden/Low-Rise
Highlights
Extremely well maintained 2 story Class "B" apartment community located approximately 5 miles northwest of the George Bush Intercontinental Airport
Currently 95% leased with historically high occupancy rates
Sale is on a "cash to exisiting loan" basis with very attractive assumable "non-recourse" financing in place
Local submarket fundamentals are trending positively with no new supply coming online and strong rental demand
Primed to realize future rent growth and value appreciation as the overall market strengthens
Close to all major shopping and restaurants as well as museums, theaters and sports entertaiment venues
Description
The Woodcreek Village Apartments is an extremely well maintained 2 story Class "B" apartment community.
The property has continually enjoyed very high occupancy and it is well positioned for rent growth and value appreciation as the overall rental market strengthens.
The Woodcreek Village Apartments are being offered for sale on a "cash to existing loan" basis with very attractive assumable "non-recourse" financing in place. The current principal balance on the existing loan is approximately $1,322,500 and it has a fixed interest rate of only 6.12% per annum. The maturity date on the loan is July, 1 2016 and it is fully assumable for a fee of 1 point plus a $2,500 application fee.
The property is located approximately 5 miles northwest of the George Bush Intercontinental Airport and as such it is strategically situated so as to provide easy access to major job centers throughout Houston via Interstate 45, the Sam Houston Tollway, the Hardy Toll Road and US Highway 59.
The property is also close to all major shopping and retaurants (the "world class" and very upscale area known as "The Woodlands" is only about a ten minute drive from the property) as well as museums, theaters and sports entertainment venues.
