Shuttered 301-Unit Complex Getting New Life With Sale

BAYTOWN, TX-A 301-unit multifamily complex, shuttered for six years, will be reopening, vows the new owner. The 15-acre acquisition is Woodcreek Village, situated at 1601 Garth in Baytown, a suburb southeast of Houston.

Mark Hendricks of the Houston office of Hendricks & Partners tells GlobeSt.com that the Houston-based buyer, William M. Friedrichs, plans to put $3.1 million to $3.7 million into renovating the 28-year-old complex. That translates into $10,000 to $12,000 per unit. Hendricks isn’t discussing the selling price, but the property was on the market for $3.5 million.

Friedrichs goal is to be open for business at the start of 2203. The average unit size is 894 sf. The projected monthly rent will be $575.