Witte Oaks is a 124 unit, garden style complex, well located in the Spring Branch area of northwest Houston, just minutes from I-10, Beltway 8 and convenient to major shopping at Memorial City Mall as well as other retail shops and centers. Constructed in 1964, the property appears to be to good condition and provides a pool, a fitness center, storage areas, playgrounds and laundry rooms. Residents enjoy cable ready units, walk-in closets, mini-blinds, ceiling fans, washer/dryers and patios/balconies. Per owner, 10 units are individually metered with individual HVAC and the rest of the property is master metered/chilled water.
Approximately $500,000 was spent in rehab during 2016 and 2017, per owner. Upgrades include extensive work to the chiller and exterior paint. 8 units were upgraded; these units bring $150/month increased rents, per management.
There was a lock box on the property for cash management but this has been resolved.
Most properties in Spring Branch run 94%+ occupancy. It is assumed by the Broker that performance will continue to increase, particularly with a rehab and upgrade program. Property hit 100% occupancy as of 11/24/17! Perhaps it is time to cancel concessions! Note: 14 units are individually metered for electricity, the rest are master metered.
