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Chateau Nederland Apartments is a 178-unit , Class B multifamily asset located in Nederland, Texas (90 miles east of Houston). The property was substantially renovated in 2006 & 2007. Chateau Nederland has brick and hardiplank siding exteriors. Occupancy as of August 2015 is at 97%.
Chateau Nederland benefits from an excellent location at the intersection of Avenue B and Highway 347, just east of Highway 96/69/287. Residents have easy access to Interstate 10 via Highway 287 (12 miles northwest).
Currently, there are no apartments proposed or under construction in the Nederland submarket which creates a favorable opportunity for the property to raise rents.
The property is nearby major employment and service facilities including : Jack Brooks Regional Airport (10 minutes), Sunoco Logistics (6 minutes) Dupont (5 minutes) and The Medical Center of Southeast Texas (9 minutes).
Chateau Nederland is also near many entertainment and retail outlets such as : Central Mall (6 minutes), B&B Movie Theatre (6 minutes) Gulf Coast Youth Soccer Club (8 minutes) and the Babe Didrikson Zaharias Golf Course (8 minutes).
With a strong employment base and no comparable units being delivered to the submarket, Chateau Nederland is positioned to capture increased rents through a value-add program.
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The typical asking rate per listing is in the $10's per square foot per year. The Nederland submarket is experiencing a a rise in rates. In the last 3 months, the median rate went up $18 per sqft per year. That's a Inf% increase in rent.
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