This Multifamily Property is Off-Market.

22820 Imperial Valley Drive
Houston, TX 77073 ·

192 Units · Multifamily For Sale

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The Forest

Price N/A Property Use Type Investment
No. Units 192 Cap Rate 1.72%
Building Size 140,440 SF Year Built 1979
Property Type Multifamily Lot Size 5.67 AC
Property Sub-type Garden/Low-Rise
Listing ID: 16584673 Date Created: 02/23/2010 Last Updated: 12/08/2010

Description

The Forest Apartments represents an opportunity for an investor to acquire a 192 unit Class "B" apartment community located in Houston, Texas. The two-story garden-style property was built in 1979 and renovated in 2006. The property features a pitched composition shingle roof, an asphalt parking surface, and a brick and HardiePlank exterior.

Common area amenities at the property include a sparkling swimming pool, convenient laundry facility, and gated access. The unit amenities include a frost-free refrigerator, dishwasher, disposal, ceiling fans, patio/balcony, mini-blinds, walk-in closets, and high-speed internet capability.

The property features one-, two- and three-bedroom units with five floor plan designs ranging from 515 square feet to 1,180 square feet in size. All apartments include individual ground-mounted HVAC units and residents pay for electricity and gas, and are on a billback system for water expense.

The property is in the Aldine School District. Residents attend Dunn Elementary School, Parker Intermediate School, Teague Middle School, and Nimitz High School.

Highlights

  • Huge Upside in Increasing Occupancy
  • Property Renovated in 2006
  • Close to George Bush Intercontinental Airport
  • Located Near Interstate 45
  • Lender Sale

Research

22820 Imperial Valley Drive, Houston, TX 77073 (Harris County)

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