Overview
Park Texas Apartments
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Park Texas Apartments

Houston, TX

Fund:

Auerbach Opportunity Fund II, L.P.

Type:

Residential/ Multi-family

Size:

478,960 SF / 587 units

Key Tenants/Features:

Address:

11911 Martin Luther King Jr Blvd, Houston, TX 77048

Description:

Park Texas Apartments is a 587 unit, 478,960 SF multifamily asset comprised of 48 two-story garden style apartment buildings situated on 24.97 acres, complete with three laundry facilities and 764 parking spaces on site.

The Asset, originally constructed in 1970 in several phases is located in the Southeastern Houston residential market, which is currently undergoing rapid revitalization. The property is located near Hobby Airport, and about halfway between Interstate 610 and Sam Houston Tollway in the South Houston area. The complex will benefit from several substantial investments in the area including the $44.6 million Veterans Home project and corresponding roadwork extension funded by the State of Texas and U.S. Department of Veterans Affairs, and a $72 million construction project for the new Sterling Aviation High School.

The property features studio, one-, two-, and three-bedroom floor plans ranging from 580 square feet to 1,224 square feet. Park Texas is approximately 50% occupied with upgraded units complete with resurfaced countertops, new cabinets, ceiling fans and more. In addition, the property has recently been improved with brand new split AC units on 392 of the apartment units, and newly replaced shingled roofs on 21 of the buildings.

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