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$3M Buyer Revs Up Turnaround Plan

HOUSTON-The local buyer will spend up to $700,000 on renovations of the 179-unit Glenview Apartments, a class C complex with a 74% occupancy. The post-renovation plan calls for hiking rents about 15%.

By Jennifer Brenner Andrade | Updated on July 12, 2004

HOUSTON-A local investor has picked up 179 class C units for a repositioning plan seeded with a $500,000 to $700,000 renovation. Sources say Glenview Apartments brought $2.5 million to $2.9 million at the closing.

Trustee John Miller bought the 74%-leased complex at 8311 Winkler Rd. from the Schuhmacher Investment Co. of Houston. G. Wayne Reyes in the Houston office for Dallas-based Henry S. Miller Commercial tells GlobeSt.com that the property has significant upside potential in rents as well as occupancy. Rent averages 68 cents per sf, but Reyes says that could go up about 15% after the exterior is renovated. The interiors were completed prior to the sale, he says.

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