Shadow Park Apartment Homes

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Address: 420 Garland Dr, Lake Jackson, TX 77566, USA
Created date: November 28, 2023
Date last updated: December 15, 2023

EXECUTIVE SUMMARY

  • Assumable loan at 5.13% interest rate, matures 2030, balance $9,380,311, 73.3 % LTV
  • Price reduced $1.7MM below current owner’s investment.
  • Capex expenditures over $1.1 MM 2019-23. Previous owner spent over $2 MM 2015-18 interior and exterior.
  • 39 premium units upgraded commanding rent increases up to $214/mo.
  • Washer/Dryer connections in 104 units. Remaining 64 units added with improvements could bring rent increases up to $200 premium.
  • Upside potential enhancing units with granite counter tops, stainless steel appliances, new cabinets as nearby competitors have in achieving increased rent premiums up to $200.
  • Owner now restriping parking to double or triple reserve parking. Now offering 20 spaces at $25 per space.
  • Average household income $83K, per Costar in 1 mile radius.
  • Lake Jackson sits at the heart of the world’s largest petrochemical complex, including the 2 largest chemical companies DOW and BASF. $31 billion in regional capital investment by petrochemical companies since 2013.   $2.6+ billion in new projects announced plus DOW $157MM plant under construction, new plant $715MM start 2023; Chevron Chemical $230MM plant underway; Phillips $500MM plant expansion underway; Freeport LNG $2.4 BIL. New plant 2023 start.  Volkswagen consolidating two Texas port operations into a new hub at Freeport.

Property Description

Shadow Park is a 168-unit, multifamily community located in the city of Lake Jackson in Brazoria County, TX - part of the Houston metro area. Built in 1980, renovated in 2014-18 and 2020, the garden-style property is comprised of 11, two-story apartment buildings of wood frame construction with vinyl panel siding and pitched roofs. Shadow Park offers a variety of spacious one- and two-bedroom floor plans with amenities including all electric kitchens, dishwashers, ceiling fans, washer/dryer connections and fireplaces in select floor plans. The grounds span 6.14 acres and feature controlled gated access, an on-site management office, renovated laundry facility, business center, dog park, covered cookout pavilion, free movie rental center, BBQ and picnic area, swimming pool, fitness center and mature landscaping.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments
Price: $12,800,000
No. of Units: 168
Cap Rate: 5.99%
Average Occupancy: 86
Year Built: 1980
Building Size: 119,880 Sq ft
Lot Size: 6.14 Acres
No. of Stories: 2
APN: 2115-0126-000, 2115-0009-000
Zoning Code: 2/27/17 CJC
Opportunity Zone: No
Price per unit: $76,190
Property Website Click Here
Address: 420 Garland Dr, Lake Jackson, TX 77566, USA

Additional contacts

Full name Phone number Email address
David Felty, Owner 7139575030 dfelty2003@yahoo.com

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