REO Sale: Falls of Deer Park Apartments | Pasadena
- 441 Units Across 50 Two-Story Buildings: Garden community on 23.4 acres with 1BR, 2BR, 3BR and townhome floor plans averaging 1,000 SF.
- 229 Vacant Units in a 94% Occupied Submarket: Pasadena/Southeast Houston submarket was 94.0% occupied in Q4 2025, with rent comps at 87% to 98%.
- Prior LURA Lifted With the Foreclosure: The former 266-unit low-income set-aside no longer applies, per the seller; buyers should confirm.
- Family-Sized Floor Plans Averaging 1,000 SF: Mix of 1BR, 2BR and 3BR flats plus 2BR townhomes; most units include washer and dryer connections.
- Three-Street Access Near SH 225 and Beltway 8: Curb cuts on Spencer Hwy, Glenwood Ave and Carrie Ln; SH 225 is about 1.5 miles north of the site.
- Zoned to Deer Park ISD, Not Houston ISD: A better school district than Houston ISD, adding a key differentiator for family-oriented renters.
More information at this link.
Property Description
Brokered by Kidder Mathews and powered by RealINSIGHT Marketplace, Falls of Deer Park, 7201 Spencer Hwy, Pasadena, TX 77505 is a 441-unit, Class C garden-style apartment community offered as an REO sale. Built in 1972 and renovated in 2018 on 23.4 acres, the property comprises 50 two-story apartment buildings, two two-story leasing offices and a one-story fitness center, with 1,098 surface parking spaces. Floor plans include one-, two- and three-bedroom flats plus two-bedroom townhomes averaging 1,000 SF, and most units have washer and dryer connections. The property was 48% occupied at the April 2026 inspection, against a Pasadena/Southeast Houston submarket that was 94.0% occupied in Q4 2025 with no new completions that quarter, and the appraiser projects a 24-month lease-up to stabilization. The Land Use Restriction Agreement that previously reserved 266 units for low- and very low-income families was lifted with the foreclosure. A 2025 property condition assessment identifies deferred maintenance, including roof damage, fire- and water-damaged down units, an inoperable pool and parking lot repairs. A portion of the site lies within a FEMA flood zone, and flood insurance is required. The property is zoned to Deer Park ISD, which consistently outperforms Houston ISD in state rankings. Amenities include two pools, two laundry rooms, a fitness center, clubhouse, playground and fenced gazebo, with access from Spencer Highway, Glenwood Avenue and Carrie Lane.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Auction |
| Price: | $6,000,000 |
| No. of Units: | 441 |
| Average Occupancy: | 52.05 |
| Year Built: | 1971 |
| Year Renovated: | 2015 |
| Building Size: | 444,753 Sq ft |
| Lot Size: | 23.40 Acres |
| No. of Stories: | 2 |
| Opportunity Zone: | No |
| Price per unit: | $13,605 |
| Parking Spaces: | 1098 |
| Property Website | Click Here |
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