The Inverness Baytown & the Inverness Gardens
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The Inverness Baytown & The Inverness Gardens OFFERING BROCHURE 98 UNITS A Multifamily Investment Opportunity with Value-Add potential in Baytown, Texas PROPERTIES CAN BE PURCHASED TOGETHER OR SEPARATELY 907 n pruett st & 1300 e james st | baytown, texas | 77520 PROPERTIES OVERVIEW The Inverness Baytown and The Inverness Gardens are INVESTMENT HIGHLIGHTS a combined 98-unit multifamily opportunity located in Baytown, Texas. The Inverness Baytown is comprised of 66 • Located in Baytown, east of Houston units and was built in 1972. The Inverness Gardens has a total of 32 units and was built in 1960. • Rental rate upside as area class A rental The properties offers spacious one to three -bedroom floorplans ranging comps are achieving an average of $1.33 per from 565 to 1,122 square feet. The apartments include upgraded SF compared to the subject’s $1.16 per sf amenities, faux wood flooring, spacious kitchen & master bedrooms, walk average in closets, spacious living areas & community courtyards. • City inspection repairs of $100,000 spent in The properties are located just 25 miles east of Downtown Houston last 3 months on maintenance and upgrades with quick access to Interstate 10, Highway 146, & Grand Parkway. The (all city inspections passed) properties sits in quiet neighborhoods with quick access to Baytown’s most popular attractions. Located by the water, residents are conveniently • Capital Improvements of approximately near Baytown’s Houston Ship Channel & bays. $155,000 - The Inverness Baytown and The Port of Houston is made up of the Port of Houston Authority and $60,000 - The Inverness Gardens the 150+ private industrial companies along the 52-mile Houston Ship Channel. As one of the world’s largest seaports, The Port of Houston has • Little or no deferred maintenance been instrumental in Houston’s development as a center of international trade. There has been $50 billion worth of chemical plant constructions • According to Apartment Data Services, the since 2013 due to the petrochemical boom creating new job Baytown submarket currently ranks at #8 opportunities in the area. The industry is projected to help create 195,000 of 42 total in Houston’s Hottest Performing jobs in the area by 2023. Source: Port of Houston Authority Submarkets with an annualized growth of 7.5% in rental rates and 1.5% in absorption Baytown’s population has grown by more than 10% since 2010 - The over the past 3 months Inverness Baytown & The Inverness Gardens collectively have a 100% occupancy rate. The properties are located near major employers such as Exxon Mobil - the largest petroleum & petrochemical complex in • Within 25 miles distance east of downtown the United States , Chevron Phillips, Goose Creek Independent School Houston - the leading city in Harris County District, and Houston Methodist Baytown Hospital. HEB & Kroger are also with an employee base of of 1.11 million in the immediate trade area. employees The area offers several retail centers and entertainment venues such as: • Quick access to the Arts, Culture, & Town Square (1.2 miles),Baytown Nature Center (5.5 miles), Arts, Culture, COMMUNITY AMENITIES Entertainment District, Town Square, & several & Entertainment District (1.0 miles), & Kemah Boardwalk (17.3 miles) area parks . Fidelis Realty Partners acquired the San Jacinto Mall (4.9 miles) and plans to redevelop the space to “The San Jacinto Marketplace” which • Within the Goose Creek Consolidated will become the area’s premier shopping, dining, and entertainment Independent School District - the largest destination. public school district in Baytown The Inverness Baytown and The Inverness Gardens are an excellent investment opportunity with a unique position to capitalize on the • Baytown offers numerous outdoor activites for region’s population and rental rate growth. boating, fishing, golfing, & hike/bike trails PRICE TBD by Market TERMS All Cash 3 2 I N V E R N E S S B A Y T O W N33 3 I THE INVERNESS BAYTOWN N COMMUNITY AMENITIES § Sparkling swimming § Guest Parking pool V § On-call Maintenance § Laundry care center § Public Parks Nearby § Community E § Senior and Military courtyard Discounts § Beautiful Landscaping R § Easy Access to Freeways and Shopping N INTERIOR FEATURES § W/D Full Size § Dishwashers (all units) E Connections* § Disposal § 9ft ceilings § Mini-blinds § Refrigerator S § Covered Parking § Patio/Balconies* § Walk-in Closets* § Ceiling Fans* S § Coat Closet* § Hardwood Fllors § Kitchen pantries* § Faux Wood Floors* B § Ceramic Tile* § Baseboards § Two-tone paint* A § Vanities* Y * in select units T O W N 4 I N THE INVERNESS BAYTOWN : SITE INFORMATION ADDRESS UTILITIES 907 N Pruett St Electrical Individually metered V Baytown, TX 77520 Individual ground mounted & roof HVAC PROPERTY units Units 66 Total Rentable Sf 43,402 Water N/A E Year Built 1972 Number of Buildings 8 Hot Water Heating Method Gas Avg. Unit Sf 657 Stories 2 Hot Water Delivery Method Boiler Individual Heater Size N/A R Avg. Rent / Unit $778 Lot Size (Acres) 2.03 DEPOSITS/OTHER FEES Avg. Rent / Sf $1.18 Density (Units / Acre) 32.50 Physical Occupancy 97% Application Fee $50 per applicant N (May 2019) CONSTRUCTION 1 Bedroom Deposit $200 Style Garden-style 2 Bedroom Deposit $250 E Foundation Concrete slab 3 Bedroom Deposit $300 Framing Brick, Wood Pet Deposit $300 per pet S Exterior Brick, Wood Pet Deposit Refundable $0.00 Roof Shingle Pet Rent Charge $15 per month Pet Restrictions 2 pet max, up to 25 lbs Paving Concrete S Wiring Copper HVAC Individual ground-mounted & roof mounted units Plumbing Galvanized SCHOOLS School District Goose Creek I.S.D. B Elementary Lamar Elementary School Junior High Horace Mann Junior High School A High Lee High School PARKING Spaces 99 uncovered spaces, 15 covered, 4 handicap Y Ratio 1.79 spaces per unit T O W N 5 I N V E R N E S S B A Y T O W N 6 I N V E R N E S S B A Y T O W N14 7 I N SITE PLAN V E THE INVERNESS R BAYTOWN N N. PRUETT ST. E S S PARKING COVERED B = CLOTHES CARE CENTER A Y T N O W N 8 I N V FLOORPLANS E R N E S 1 Bedroom / 1 Bath 2 Bedroom / 1 Bath S 512 SF 729 SF B A Y 1 Bedroom / 1 Bath T 603 SF O 2 Bedroom / 1 Bath W 780 SF N 9 I N V THE INVERNESS GARDENS E COMMUNITY AMENITIES § Laundry care center R § Community courtyard § 24-hr Emergency N Maintenance E § Carports INTERIOR FEATURES S § 9ft ceilings § Refrigerator § Ceiling Fans (all units) S § All white appliances (all units) § Faux Wood Floors § Baseboards G § Two-tone paint § Dishwashers A § Disposal § Mini-blinds R § Walk-in Closets* * in select units D E N S 10 I N THE INVERNESS GARDENS : SITE INFORMATION ADDRESS UTILITIES 1300 E James St Electrical Individually metered V Baytown, TX 77520 HVAC Roof mounted units PROPERTY Water N/A Units 32 Total Rentable Sf 19,674 Hot Water Heating Method Gas E Year Built 1960 Number of Buildings 3 Hot Water Delivery Method Boiled Avg. Unit Sf 615 Stories 2 Individual Heater Size N/A Avg. Rent / Unit $683 Lot Size (Acres) 0.85 R DEPOSITS/OTHER FEES Avg. Rent / Sf $1.11 Density (Units / Acre) 37.74 Application Fee $50 per applicant Physical Occupancy 94% (May 2019) 1 Bedroom Deposit $200 N 2 Bedroom Deposit $300 CONSTRUCTION Style Garden-style Pet Deposit $300 per pet E Foundation Concrete slab Pet Deposit Refundable $0.00 Framing Brick, Wood Pet Rent Charge $15.00 per month Pet Restrictions 2 pet max, up to 25 lbs S Exterior Wood; Renoved in 2018 Roof Pitched with shingle Paving Concrete S Wiring Copper HVAC Roof mounted units Plumbing Galvanized SCHOOLS School District Goose Creek I.S.D. G Elementary Lamar Elementary School Junior High Horace Mann Junior High School A High Lee High School PARKING Spaces 6 uncovered spaces, 31 covered, 1 handicap R Ratio 1.18 spaces per unit D E N S 11 I N V E R N E S S G A R D E N S 12 I N V E R N E S S G A R D E N S 15 13 I N SITE PLAN V E N THE INVERNESS R GARDENS E. TEXAS AVE. N DANUBINA ST. E S S COVERED PARKING COVERED PARKING COURTYARD COVERED PARKING G A R E. JAMES AVENUE D E N S 14 907 n pruett st & 1300 e james st | baytown, texas | 77520 AERIAL BAYTOWN REFINERY HOUSTON CBD 7,000 EMPLOYEES (26 MILES WEST) THE HOUSTON SHIP CHANNEL 3,400 ACRES INVERNESS BAYTOWN N. PRUETT ST. E. TEXAS AVE. N. ALEXANDER DR. 1.4 MILES E. JAMES AVE. JAMES E. DANUBINA ST. 5/15/2019 Exxon Mobil OKs $2B Baytown chemical expansion project - Houston Business Journal MENU Account THE INVERNESSFOR THE EXCLUSIVE USE OF [email protected] NFrom the Houston Business Journal:GARDENS https://www.bizjournals.com/houston/news/2019/05/02/exxon-oks-2b-baytown-chemical-expansion-project.html Exxon OKs $2B Baytown chemical expansion project May 2, 2019, 2:00pm CDT Irving, Texas-based Exxon Mobil Corp. (NYSE: XOM), which has a major presence in Houston, has decided to move forward with a $2 billion project in Baytown. Exxon will expand its Baytown chemical plant, creating about 2,000 jobs during construction, according to a May 2 press release. The expansion is expected to start up in 2022. Once online, the expansion is expected to create at least 25 permanent positions paying at least $62,970 per year, according to documents filed last summer with the Texas COURTESY EXXON comptroller. The skyline of Exxon’s Baytown refinery.