Oak Crest is located near the heart of the Westchase Business District, which employs 93,000+ workers and features several major corporations including Haliburton, BMC Software, Emerson, Cameron, Philips 66, and National Oilwell Varco, and among several others. In addition, the Property provides excellent accessibility to Beltway 8 and Westpark Tollway, which conveniently connects residents to several other major employment centers. In addition to Westchase Business District, other close employment centers include West Houston Medical Center (1,200+ emp, directly adjacent to Camden Oak Crest), Energy Corridor (94,000+ emp), Texas Medical Center West (2,650+ emp), and Shell Technology Center (2,000+ emp).
The Property also boasts strong surrounding demographics with $85K+ household income in a 3-mile radius, average home values of $477K+ in a 1-mile radius, and a high concentration of white-collar employment with a 73% average in a 1-mile radius of the Property. Furthermore, due to the lack of supply in the surrounding area, the Property will foster more natural rent growth.
Built in 2003, the property consists of 364 units with an average unit size of 870 square feet, and consists of 12 three-story residential buildings, 1 clubhouse, and 1 maintenance shop. Its unit mix is made up of 1-,2-, and 3-bedroom units. All homes are equipped with either balconies or ground floor porches. The previous Seller completed a modest renovation plan on roughly 20% or 70 homes, so the opportunity remains to bring all 364 homes to a consistent higher end finish level by installing quartz countertops, vinyl plank flooring, white shaker cabinet fronts, upgraded lighting and plumbing fixtures, and interior paint. Additionally, 100% of the property – common areas and apartment homes – feature keyless entry powered by Chirp. TruAmerica also plans to conduct a full renovation of the clubhouse and fitness center, as well as make other upgrades to the amenities and exterior.
• Clubhouse/Leasing Center with Co-Working Stations and Coffee Bar
• Washer/Dryer Machines in 100% of the homes
• 9ft ceilings
• Resort-style pool with WiFi
• Resort-Style Pool and Spa with Stainless Steel Grill Station
• Large Fitness Center with Updated Equipment
• Controlled-Access Gates