1208 N Chenango, Angleton, TX 77515

Four Palms Apartments located at 1208 N Chenango is a 23-unit, newly constructed multifamily asset completed in 2024 and offered at $2,200,000 through a lender-directed REO disposition. The property is priced at a significant discount to both replacement cost and the Houston market average of $136,423 per unit, placing the property at $95,652 per unit.

The REO ownership structure has suppressed operational performance — not the asset itself. The building is modern, fully leased, and structurally sound. What it lacks is professional management and two straightforward capital improvements that together transform the income profile. A buyer acquires a 2024-built, fully occupied asset at a below-replacement-cost basis with clearly defined, low-risk upside.

The property is currently master-metered, meaning the owner pays 100% of all utility costs for all 23 units. In 2025, this totaled $97,675, the single largest expense line on the P&L, exceeding property taxes, insurance, maintenance, and management combined.

Because this is a 2024 new construction, the building's plumbing and electrical systems were designed to be sub-meter compatible from day one. There is no demolition, no replumbing, and no rewiring required. Installing individual utility meters is a straightforward, low-cost capital improvement that immediately shifts the majority of utility costs to tenants.