210 Wells Fargo Dr, Houston, TX, 77090-4061, US

The Preakness

Asset Description

Jones Lang LaSalle Americas ("JLL") has been exclusively retained to offer qualified investors the opportunity to purchase the fee simple interest in The Preakness ("the Property" or "the Asset"), a 224-unit 1983 vintage garden-style with great value-add potential. The property is located off of Interstate 45 and FM 1960 and in close proximity to many employment centers. The community is ideally-located in the booming NW Houston submarket of Willowbrook/Champions/Ella and proximate to the city's major thoroughfares. New ownership has the opportunity to purchase a strong cash-flowing asset with significant upside potential through a value-add plan.

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Attributes

Number of units

224 units

Occupancy

95.00%

Year built

1983

Building area Net

14,613 m²

Land area net

2.82 ha (28,247 m²)

Media

Investment Highlights

Strong Value-Add Opportunity: Potential to Renovate 75% of The Property and Add Washer/Dryers to 40% of the Units
Proximate to Outstanding Demand Drivers: North Oaks Shopping Center, Cypresswood Commons, Willowbrook Mall, Universal Technical Institute, and Lone Star College
Proximity to Employment Centers:
- 10 minutes to North Houston Business District
- 10 mins to Pinto Business Park
- 15 mins to The Woodlands
- 15 mins to George Bush Intercontinental Airport
High Volume of Vehicles Traveled by The Property Daily on Major Thoroughfares
- FM 1960: 63k+ Vehicles
- I45: 285k+ Vehicles