Waters at Westchase

Houston, TX

Property Overview

Summary

Units 260
Year built 1979
# of Buildings 15
Avg Rent / SF $1.20
Avg Unit Size 747
Avg Mkt Rent $900
Price Market
Offering Terms All Cash

Investment Summary

Waters at Westchase Apartments is a 260-unit community located in Houston’s sought-after Westchase District. Offering one-bedroom, and two-bedroom floor plans ranging from 600 to 970 square feet, the property features open living areas, walk-in closets, private patios, and efficient appliances. Select units include upgraded interiors with black appliances, accent walls, and washer/dryer connections. Recent renovations enhance the property with modern finishes and natural light.

Ideally situated near major highways, Waters at Westchase provides easy access to key employment hubs, shopping centers like The Galleria, and dining options. Outdoor enthusiasts will enjoy nearby parks, including Terry Hershey Park, while dining options like Escalante’s Fine Tex-Mex & Tequila and Crawfish & Noodles are minutes away. The property is also close to Houston Community College and major employers, with a Preferred Employer Program offering discounts.

On-site amenities include a large swimming pool, outdoor grilling stations, a laundry center, and a resident portal for rent payments and maintenance requests. Waters at Westchase presents an exceptional opportunity in a highly desirable location, offering strong investment potential.

Investment Highlights

• Strong rental area in southwest Houston near Chinatown and the Westchase District. Harwin Drive is a major thoroughfare well-known for wholesale and bargain shopping. Excellent access to Westpark Tollway and Beltway 8.

• The Average Household Income within a 1-mile radius is over $75,000. Median Household Income within a 1-mile radius is over $53,000.

• Rents appear to be approximately $250 on average below those of comparable properties and significantly lower than those of fully renovated peers. Property has not been receiving laundry income. New laundry contracct would allow potential for $10/unit/month or approximately $28k in landry income. Implementing a technology package would potentially allow for an additional $50/unit/month or $140k increase on other income.

• Within the last 4 years, over $2.6MM in extensive exterior, mechanical and interior renovations have been spent, including HVACs, boilers, plumbing, appliances, flooring and more.*

• Less than 6 miles from City Centre and the Energy Corridor (56,000 jobs). Approximately 10 miles from Galleria Uptown (58,000 jobs).

• All units have W/D connections except for 84 units, which is the smallest 1bed-1 bath floor plan (600sqft).