Vista Gardens Apartments

Pasadena TX

Property Overview

Summary

TOTAL # OF UNITS 116
YEAR BUILT 1978
TOTAL RENTABLE SF 92,664
AVERAGE SF 799
LOT SIZE (ACRES) 4.96
PRICE MARKET

Investment Summary

Vista Gardens is a renovated, 116-unit multifamily community situated in Pasadena TX, a Southeast Houston suburb in Harris County. The property is located on Federal Road just south of Spencer Highway shopping, dining, and conveniences. Vista Gardens Apartments at 3200 Federal Road is comprised of a total of 13, two-story apartment buildings built in 1978 with wood frame construction and brick siding. The 116-unit property offers a variety of one-, two-, and three-bedroom floor plans. Residences are highly appointed with all-electric kitchens, a pantry, private patios / balconies, plush carpeting, and more. Common area amenities include a remodeled clubhouse, a fitness center, and a swimming pool. The property is situated on 4.96 acres.

Investment Highlights

▶ Unique Value-Add Opportunity in the heart of Pasadena, TX.

▶ Excellent Unit Mix (52% of the units are either 2 or 3 bedrooms).

▶ 87 of the Units have been recently renovated (backsplash, flooring and new cabinets). There is currently no premium being charged for these units.

▶ 72 of the units currently do not have washer dryer connections. There is approximately a $250 rent delta between these units and comps with washer dryer connections.

▶ In place effective rents are approximately $250 below nearby competitors.

▶ Other Income could greatly be increased by charging for reserved parking, adding carports, pet yards, and buying washer dryer machines.