132 Oyster Creek Dr
Lake Jackson, TX 77566

The Pearl at Oyster Creek Apartments is a two story, garden-style, apartment community located in the Lake Jackson submarket. The asset was built in 1970. Residents enjoy ample amenities which include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets. Currently there are no reported leasing concessions. The prpoerty appears to have excellent driveby. On a recent tour, the street was packed. The property underwent a "to the studs" rehab in 2014. There is a small vacant tract that reportedly was a 12 unit apartment building but it had a fire and the building was scraped. The owner says that per the City of Lake Jackson, this could be rebuilt on the same footprint as was previously in place, but no other construction, such as a miniwarehouse or retail is permissable. This site could be used for a fancy dog park or as a children's playground. The Brokers feel that the exterior paint and landscaping could be updated as well as the interiors. New on site management in place should increase in place collections. Loan terms: WRT Freddie SBL,  interest only until November with a 20 year term, 30 year amortization and  4.2% fixed for 7 years. Per owner, there is a contract with Coinmach.  However, half the property has washers/dryers in unit so, the laundry facility does not generate much revenue.  Ideally, shrinking the laundry room and making it usable as a party space would help. The owner also suggests adding a playground and perhaps a soccer field on the vacant lot.