Highlights

• ABSOLUTE AUCTION - NO RESERVE PRICE
• Starting Bid at $1,950,000 or $8,783 per unit
• Located near heavily traveled intersection of Antoine & De Soto =31,730 cars/day

• Ideal affordable housing opportunity with HUD - Proforma NOI $776,653
• By transitioning this property into a class B asset through rehab, a new investor could potentially raise rents to $0.79-$0.90 PSF
• Easy access to major highways, particularly Highway 290, Loop 610 and Interstate 10

Description

THIS ASSET WILL BE AUCTIONED USING OUR ONLINE AUCTION PLATFORM WWW.ABSAUCTION.COM STARTING NOVEMBER 18, 2009 AT 8AM AND ENDING NOVEMBER 19 AT 3PM.

Cushman & Wakefield of Texas, Inc. Apartment Brokerage Services is pleased to announce the exclusive listing and ABSOLUTE AUCTION (No Reserve Price) of Oak Brook, a 222-unit apartment community built in 1982.

This completely vacant asset is being offered "as is where is" providing an entrepreneurial investor the unique opportunity to purchase an asset with tremendous upside.With brick & wood construction, pitched roof, and a spacious footprint this asset can be completely repositioned back to a Class B market leading property.

Property is currently 100% vacant due to foreclosure and has 24/7 security in place. The area has a shortage of HUD acceptable units and would be a great candidate for HUD, HAP contract (see details in our offering memorandum).

Under the attachments section, complete the appropriate principal or broker confidentiality agreement and fax it to the # on the agreement, to get access to the due diligence items for this property.

This property is situated north of W Tidwell Rd, east of Antoine Dr, on De Soto St, in the northwest Houston submarket of Brookhollow.

THIS ASSET WILL BE AUCTIONED USING OUR ONLINE AUCTION PLATFORM STARTING NOVEMBER 18, 2009 AT 8AM AND ENDING NOVEMBER 19 AT 3PM.