This Multifamily Property is Off-Market.

1799 FM 528
Webster, TX 77598 ·

354 Units · Multifamily For Sale

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The Gardens at Challenger Park

Price N/A Occupancy 94%
No. Units 354 No. Stories 3
Building Size 313,414 SF Year Built 2009
Property Type Multifamily Lot Size 16.10 AC
Property Sub-type Garden/Low-Rise Parking Ratio 1.90 / 1,000 SF
Property Use Type Investment
Listing ID: 16759849 Date Created: 07/15/2010 Last Updated: 01/09/2012

Description

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The Gardens at Challenger Park is an excellent investment vehicle for today's opportunistic buyers. The low-density, park-like community is a recently constructed multi-housing asset that yields steady returns. It is positioned in Webster, the premier commercial and employment district of Southeast Houston. Webster is the region's Central Business District, its retail epicenter, and its medical center. The Gardens at Challenger Park is less than ten minutes from nearly four million square feet of retail space and 16 health care facilities, including The Clear Lake Regional Medical Center and the new Bay Area Regional Medical Center currently under construction.

The Gardens at Challenger Park has a favorable location southeast of Downtown Houston in Webster. Webster is part of Bay Area Houston. The Bay Area is one of Houston's premier outlying communities, consisting of 300 square miles of prime employment, countless shopping centers, and innumerable outdoor and water based recreational opportunities bordered by beautiful Galveston Bay and the Gulf of Mexico.

The Bay Area's economic base is healthy due to its diversity. It is comprised of more than 8,000 businesses including a large number of manufacturing, aerospace, engineering, industrial, medical, and biomedical companies and a workforce of more than 188,000. Significant growth in population and tourism in recent years has prompted continued commercial development and expansion activities across the area.

While Webster is one of the primary medical and retail centers for the Bay Area, neighboring Clear Lake is one of the many recreational offerings in the region that continually draws new residents.

Highlights

  • Constructed in 2009 with appealing limestone and stucco exteriors in a distinctive warm, earth toned color palette
  • Distinguished from peers by amenities including three picturesque ponds encircled by greenbelts with fountains, paved walkways and picnic areas
  • Low density community, spanning 16.10 acres with 16 three-story residential buildings and a 5,450 square foot clubhouse
  • Offers 11 floorplan variations with an equitable distribution of one bedroom units (54%) and two bedroom units (46%)
  • Located directly on FM 528 with visibility to 33,000 cars daily and less than one mile west of Interstate 45
  • Positioned in the City of Webster, Southeast Houston's Medical Center with 4,000 medical professionals employed locally including 2,200 physicians.

Research

1799 FM 528, Webster, TX 77598 (Harris County)

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