Unscheduled update on Houston Apartments #1 and #2
September 15th, 2008 by KenricWell as you all know, Hurricane Ike rolled through Houston this past weekend. We got the damage report yesterday and it doesn’t look too bad.
So far it looks like on Apartment #1, we had some roof damage, carport damage, trees uprooted which damaged the asphalt parking lot. This is just preliminary so there could be more.
On Apartment #2 there was more damage. The brick veneer on one of the buildings collapsed. It fell on carports, air conditioners and cars. There was also some fallen trees and missing roof shingles. Some pictures below.
I realize there hasn’t been an apartment building update in a while. I was actually waiting for our cashflow distributions before I made a post about them. Before Ike, they were doing well with 94% and 96% occupancy. Not that they aren’t going to do well after Ike, but we’re definitely going to be out of some money due to Ike even if it’s just the insurance deductible.
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although there are some damages, the positive news is that, very likely, the occupancy will go to 100% with people that need to move and FEMA probably will cover the rents for them. This should help with the cashflow in the mid-term.
By Andres on Sep 15, 2008