22715 Imperial Valley Dr Houston, TX 77073

Property Details for 22715 Imperial Valley Dr

Year built

1982

Lot size

10.44 lot acres

Property type

Apartment buildings

Description

Redstone Vista is a 274-unit, garden-style apartment community situated on 10.44 acres in Houston's desirable Cypresswood neighborhood. Built in 1982 and extensively renovated in 2019, this Class B property features two-story buildings totaling 223,927 square feet of net rentable space. The property boasts 274 units, all with washer/dryer connections and individual hot water heaters. 234 units have undergone upgrades, including faux wood flooring (downstairs) and carpet (upstairs) with two-toned paint. Patios and balconies are standard, and some units offer covered parking for an additional $35 per month. A clubhouse with a business office and on-site staff (8 total) are also included. The property benefits from its location in the Spring ISD and easy access to major freeways (east of I-45 and north of FM 1960), with a 30-minute commute to downtown Houston. A significant advantage is a recently approved Housing Finance Corporation (HFC) structure, resulting in a 90% tax abatement. All roofs were replaced in 2017. The seller will assign insurance proceeds and is open to offers or recapitalization. A few remaining units are expected to be completed within 60 days. The property shows a strong upward rental trajectory, with the Cypresswood area experiencing a 5.4% increase in rental income over the past year. Most tenants rent washer/dryer units for $40/month. Kitchen cabinets are original, but many doors have been replaced.