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The Grove at Renwick 6909 Renwick Dr

94 Unit Apartment Building For Sale Houston, TX 77081

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Investment Highlights

All Cash or Assumption Basis
LIHTC Tax Credit LURA expires April 19, 2023
100% of the units at 60% AMI LURA (expires April, 2023)!

Located in the Gulfton Submarket of SW Houston
Maintains high occupancy
Ideal to resyndicate the tax credits

Executive Summary

The Grove of Renwick formerly known as Enchanted Fountains Apartments, is a two story, garden-style, apartment community located in the Gulfton submarket of SW Houston, Texas. The property is a tax credit property and has maintained occupancies in the low to mid 90's for more than 3 years. The asset was built in 1966. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets. Currently there are reportedly no leasing concessions.
The property is located in a targeted revitalization zone for the City of Houston to bring grants to accommodate upgrading and redevelopment. One strategy would be to resyndicate the tax credits. The Gulfton area contains perhaps the greatest concentration of Class C apartments in Houston, with over 20,000 units in an area defined by US 59, Chimney Rock, Bissonnet and Hillcroft as the boundaries.
There is currently a LURA on the property which expired April 19,2023. The units were limited to 60% of AMI. This asset is ideal to re-syndicate the tax credits or perhaps to get HOME funds from the City of Houston. Located in an Opportunity Zone. Starting May 1, 2023, Manager raised rents about $150/unit and is getting no pushback.

GroveatRenwick

BROKER DISCLOSURE FORM - TREC 11-2-15

Property Facts

Sale Type	Investment	Building Size	72,580 SF
No. Units	94	Average Occupancy	100%
Property Type	Multifamily	No. Stories	2
Property Subtype	Apartment	Year Built/Renovated	1966/2022
Apartment Style	Garden	Parking Ratio	1.98/1,000 SF
Building Class	C	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Lot Size	2.82 AC

Sale Type	Investment
No. Units	94
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Garden
Building Class	C
Lot Size	2.82 AC
Building Size	72,580 SF
Average Occupancy	100%
No. Stories	2
Year Built/Renovated	1966/2022
Parking Ratio	1.98/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.