8727 Point Park Dr
Houston, TX 77095
Circle at Point Park · Multifamily Property For Sale · 964 Units

AN OPEN HOUSE WILL BE HELD ON TUESDAY, OCT 23, 2018 AND TUESDAY, OCT 30, 2018 CALL FOR OFFER IS: NOV, 8, 2018 The Circle at Point Park Apartments is a two and three story, garden style, 964 unit apartment community located at 8727 Point Park Drive, in Houston, Texas, in the Bear Creek submarket of north west Houston. It contains approximately 683,288 square feet of rentable area and was built in 1983 and was remodeled in 2017. The asset is nestled in a quiet, established, residential neighborhood with an abundance of lush landscaping and tall trees. The Circle at Point Park is located in the highly rated Cypress-Fairbanks Independent School District, minutes from Hwy 290, Hwy 249, Beltway 8, and Hwy 6. The property is near the best in dining, shopping, and entertainment – just a short drive from Bush Intercontinental Airport and 15 miles north of downtown Houston. The property is located in high quality, master-planned residential, business, and retail environments. Residents enjoy spacious one or two bedroom apartment homes. The property has been partiallty rehabbed and upgraded with amenities that include: designer, Shaker-style cabinetry with brushed nickel pulls, upgraded appliance packages, upgraded plumbing and light fixtures, plank wood flooring, ceiling fans, washer/dryer connections, 2" faux wood blinds, private patio or balcony, oversized master bedrooms, huge walk-in closets, wood-burning fireplaces, and vaulted ceilings. Community amenities include WiFi at the clubhouse, pool and fitness center, three resort-style swimming pools with cabanas, sports court, new summer kitchen, playground, renovated 24-hour state-of-the art fitness center and newly designed clubhouse. Per owner, there are currently 546 "Platinum Units" which include white paneled cabinets with brushed nickel pulls and an all white appliance package that includes a microwave. There are also 377 "Steel Units" which include Espresso colored shaker cabinets with brushed nickels pulls and a stainless steel appliance package that includes a microwave The property has been partially rehabbed over the past 2 years totaling approximately $6,631,000 in renovations. See "Capital Improvement Summary" . Additional upgrades should produce enhanced collections! The property has interest only agency debt in place. It is possible to get new financing but the prepayment penalty would have to be figured into the price.