Highlights

• AAA location on Voss Road one block north of Westheimer
• Nearly $4,000,000 in recent property upgrades
• Immediate opportunity to increase rents which have been held in place since mid-2003. Current Leased/Occupied status is 92%/97%.

• Further upside potential through additional interior unit upgrades
• Assumable long term FNMA debt at 5.03% - 2nd lien is available for qualified buyers per Fannie Mae guidelines
• Unparalleled amenity package including: large resort-style pool w/WiFi, large spa, five tennis courts, tennis pro shop, playground, sand volleyball

Description

Park at Voss was built in 1970 and received a $5,000,000 capital infusion in 2003 and 2004. Renovations included a complete makeover and modernization of the property s 16,600 Sq.Ft. clubhouse and conference center, both exterior and interior upgrades, newly renovated elevators, new signage and numerous building and clubhouse additions. The property offers the most complete amenity package and clubhouse facility of any similar property in the city. The Park at Voss requires a new purchaser to assume the existing FNMA first lien with a fixed interest rate of 5.03% and an approximate balance of $26,390,000. The loan was originated in August of 2003 and matures in August of 2013. A second lien up to 80% of the purchase price is available for qualified borrowers subject to typical property underwriting . The seller, in their sole discretion, may negotiate with any bidder at any time during the marketing process. A full marketing prospectus, statements of operations and rent rolls are available upon request from the marketing agents.

Hendricks & Partners is pleased to present the Park at Voss apartments, an 810-unit garden-style community located in the prestigious Galleria/West Loop submarket. The property enjoys an unparalleled location just on Voss Road between Westheimer and San Felipe with I-10, US 59, Sam Houston Parkway and the Westpark Toll Road all within a short drive