Overview
GREA’s Houston Multifamily Investment Sales Team is pleased to present the exclusive listing of Vista Gardens, a renovated 116-unit multifamily community located in Pasadena, Texas, a well-established suburb of Southeast Houston. Positioned on Federal Road, just south of Spencer Highway, the property offers convenient access to local shopping, dining, and other essential amenities. Comprising 13 two-story buildings, Vista Gardens features a variety of one-, two-, and three-bedroom floor plans, each with all-electric kitchens and private patios or balconies. The community also includes a remodeled clubhouse, fitness center, and swimming pool.
With its great location and strong rental demand, Vista Gardens represents a promising investment opportunity in the Houston area
Investment Highlights
Unique Value-Add Opportunity in the heart of Pasadena, TX.
Excellent Unit Mix (52% of the units are either 2 or 3 bedrooms).
87 of the units have been recently renovated (new flooring, resurfaced counter tops, black appliances, light fixtures and backsplash). There is currently no premium being charged for these units.
72 of the units currently do not have washer dryer connections. There is approximately a $250 rent delta between these units and comps with washer dryer connections.
In place effective rents are approximately $250 below nearby competitors.
Other Income could greatly be increased by charging for reserved parking, adding carports, pet yards, and buying washer dryer machines
Photo Gallery
Sales Team
