Sandridge class “B” garden-style apartment communities consisting of 504 units located outside of Houston in Pasadena, Texas. Originally constructed in 1981, the low-density community offers value-add opportunities in a strengthening supply constrained market.
Approximately 75% of the units have been partially renovated prior to purchase. These units will receive:
- Updated plumbing/lighting fixtures
- Subway tile backsplash
- Vinyl plank flooring
For the remaining 25% (131 units), a full renovation will include (in addition to those above):
- Stainless steel appliances
- Granite countertops
- Painted cabinets
Exterior renovations will include:
- Exterior paint
- Landscaping
- Sport court, office/clubhouse
- Roofs, parking lot, erosion, and stairwell repairs
Additional Revenue Sources:
- Washer/Dryer Revenue
- Purchasing 200 washer/dryers and leasing to tenants for $30/month
- Carport Revenue
- Adding 100 carports to the property and leasing to tenants for $35/month