MONTROSE PORTFOLIO is a 3 property, 75 unit deal located in the heart of the Montrose/Midtown area of Houston, TX. The assets can be acquired as a portfolio, or individually. Each property has been extensively rehabbed and is in excellent condition. Current rents are below market and all assets have certificates of occupancy and are registered for habitability inspections. The portfolio is covered under a blanket insurance policy that has better than full replacement coverage and a 2% deductible for wind, named storms and full liability. Currently there are no reported leasing concessions at any of the properties. These assets are ideal to hold for long term cash flow or as a covered land play.The 1919 Portsmouth Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston, Texas. The asset was originally built in 1961 and pre HCAD was rehabbed in 2016 and 2021. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, a full appliance package a beautifully landscaped courtyard and a swimming pool. The property appears to be in excellent condition. Per owner, 5 units are corporate housing units and 1 HAP unit.The 1903 Portsmouth Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston, Texas. The asset was originally built in 1961/1965 and per HCAD was rehabbed in 2009. Residents enjoy ample amenities which include mini-blinds, kitchen pantries, ceiling fans, a full appliance package a beautifully landscaped courtyard and a swimming pool. 1903 is "All Bills Paid" and is in excellent condition. Per owner, 6 units are corporate housing units and 2 are HAP units. There is a shared parking lot between 1903 and 1919 Portsmouth. Owner reportedly paid $50,000 for the lot.The 420 W Alabama Apartments, is a two story, garden-style, apartment community located in the Montrose submarket of Houston, Texas. The asset was originally built in 1968 and per HCAD was rehabbed in 2015. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, a full appliance package and a beautifully landscaped courtyard with a water feature. The property appears to be in excellent condition. Per owner, 1 unit is a corporate housing unit.
