Claremont Property Co., which has been on a buying binge for three years, plans to sink more than $4 million into the 1960s-vintage complex, which was in foreclosure, says Jeff Eisenhardt, a partner with Phoenix-based Hendricks & Partners' Houston office. He tells GlobeSt.com that West Point Village, located at 3633-35 S. Shaver St., has been on and off the market for years, but he tracked down the foreclosing lender, Ridges Loan Consolidation of Dallas, for the off-market transaction.
Claremont is well known for rehabbing and repositioning plays, Eisenhardt says. "In previous situations, they have taken similar properties down to the studs," he says, adding the firm plans to sink $10,000 per unit into West Point Village. "It's been very neglected and is very run down."
The renovation most likely will get under way in April. Eisenhardt expects Claremont will ditch worn-out chillers and replace them with individual HVAC systems. The interior and exterior renovation work will include replacement of kitchens, bathrooms, carpeting and hot water heaters.
The 12.8-acre development is comprised of 16 buildings. It is a mix of 81 efficiencies, 209 one-bedroom, 100 two-bedroom, 26 three-bedroom and six four-bedroom units that range from 650 sf to 1,600 sf. Monthly rents run from $460 to $895.
Ridges Loan Consolidation reported occupancy is 70%, but Eisenhardt says he's hard-pressed to confirm the asset's operating details. "We never could get confirmation on whether or not the rents were being paid and which units were occupied," he explains, adding reins have now been turned over to Claremont's in-house leasing and management team.
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