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.