Property
Townhomes On Peacock Hill
Location
Houston, TX
Size
211 Units
Status
Currently Marketing
Type
Sale

Townhomes On Peacock Hill

BlueGate Partners, in cooperation with lead broker GREA, is excited to present The Townhomes on Peacock Hill a partially renovated, 211-unit multifamily community located in the Greater Fondren Southwest submarket of the Brays Oaks District of Houston, TX. The property was built in 1981 and is comprised of well-maintained, two-story apartment buildings constructed of brick with wood panel siding. A variety of spacious and open one-, two, and three-bedroom floor plans are offered. Amenities include cathedral living room ceilings with custom skylights, wood-burning fireplaces, hardwood-style flooring, gourmet kitchens, and private, brick-walled patios. The gated community features two resort-style swimming pools and covered parking throughout. The grounds span 11.71 acres and contain open green spaces accented with mature shade trees.

HIGHLIGHTS

• Property is being offered free and clear of debt.

• In-Place apartment rents are significantly below market with respect to comparable properties in close proximity, and similar vintage and construction quality.

• Quality construction with brick and hardiplank exteriors and superior amenities including two pools, covered parking and a newly renovated on-site leasing center.

• Immediate upside as tenants are renewing at almost $100/month premiums on unrenovated units and $175/month on renovated units.

• Current owner just began charging back for water which will significantly increase income for a new owner.

• Single family rentals in immediate proximity have asking rents ranging from $1,780 to $3,200/month.

• Tranquil setting within Southwest Houston, near single family neighborhoods and convenient access to major thoroughfares.