1105 Westwood Ln
Giddings, TX 78942
Grand Orchard Apartment Homes · Multifamily Property For Sale · 56 Units

Tex Villas is a 60-unit garden style apartment community located at 1105 Westwood Lane in Giddings, TX (Austin DMA). Tex Villas offers investors an excellent opportunity to acquire a multifamily asset with high occupancy and the ability to add value. The property consists of 15, two-story, fourplex, residential buildings. Built in 1982 and recently renovated, the buildings are made of wood-frame construction, with wood siding exterior, pitched composition shingle roofs and pier and beam foundation. The property is situated on one parcel totaling ±6 AC and offers 75 total parking spaces for residents and guests. Tex Villas is currently ±90% occupied with a unit mix consisting of fifty-two (52) 2 bed/1 bath units averaging 765 SF and eight (8) 3 bed/1 bath units averaging 900 SF. Amenities include enclosed patios, fully equipped kitchens, new tile and vinyl flooring and washer/dryer hookups. A new owner can further increase NOI and create value, including implementation of RUBS (Ratio Utility Billing Systems) to recover appropriate utility costs. Tex Villas is located in the city of Giddings, Lee County, Texas. Giddings and Lee County lie in the NE sector of the Eagle Ford Shale Region and within the heart of the Austin Chalk Shale. The Eagle Ford, which saw 187 companies file 2,920 drilling permits for projects in 2018, is one of America’s largest shale-rock oilfields and has been one of the hottest oil plays in the United States since its discovery in 2008. Additionally, the shale is considered one of the largest single economic developments in the history of the state of Texas. The property also benefits from its location adjacent to Altman Plants, the largest grower and breeder of plant succulents in the world, supplying succulents to large retailers like Lowes and Home Depot and one of Giddings’ fastest growing employers in dire need for employee housing. The property is accessible via two major Texas highways (US 290 and US 77) and is positioned approximately 3 miles west of Giddings’ CBD and 1 hour from Austin, TX. The property is situated near several local economic drivers including Altman Plants (1.4 mi), Kaemark (2.0 mi), Giddings 290 Business Park (4.3 mi), Giddings Seed Laboratory (5.1 mi), Giddings State School (5.2 mi), and Leeco Industrial Plastics (6.9 mi). The 2019 demographics show approximately 7,080 individuals residing within a five-mile radius and an average household income of $63,807. Tex Villas offers investors the opportunity to acquire an ±90% occupied apartment community with both stable NOI and upside opportunities.