Las Brisas Apartments

Location: Houston, TX
Type: Multifamily
Price: $5,150,000

SMC has provided a $5,150,000 ten-year fixed rate mortgage to refinance existing debt collateralized by Las Brisas Apartments, a 98.0% occupied, Class “B/C” garden-style apartment community with 148 units located in Houston, TX, 10 miles northeast of the downtown CBD. The improvements consist of 23 two-story garden-style apartment buildings, all of which were originally built in 1976 and combine for approximately 130,792 SF. Property amenities include a community pool, a playground, sundry shop, and common laundry facilities. The Sponsor has owned and managed the Property for nearly 20 years, achieving a 10-year average occupancy rate of greater than 95%. The community is located a quarter-mile west of I-69, 3 miles east of the Hardy Toll Road, and 2.5 miles south of the Sam Houston Tollway. Additionally, the George Bush Intercontinental Airport, is located 6 miles north of Las Brisas.