Occupancies in the greater Southwest Houston submarket currently trend very close to 94% physical occupancy. Operationally, the property is a great opportunity for the experienced operator who will act as a “hands-on” owner to dictate management directives to the onsite staff. Vacancies in the area are exceptionally low and upside exist in bringing seasoned tenants up to market rates and further increasing rent levels to reflect the lack of available units. Two thirds of the property was vacated due to flooding during Hurricane Harvey. $250,000 was spent in corrective repairs to replace the drywall in the units after the flooding had subsided. Occupancy is gaining each month as more and more people come back to the Houston area to rent.
The project is located on South Willow Drive just northwest of Gasmer Drive in the Westbury area of Houston. The property is adjacent to Willow Waterhole – a $480 million cooperative effort between Harris County and the U.S. Army Corps of Engineers to create a network of detention ponds to collectively hold 3.5 billion gallons of stormwater. These new and modified detention basins will also double as public parks and greenspace. Furthermore, the property’s location is proximate to several familiar retailers, employers, and housing developments.
