800 Bellshire Drive
Conroe, Texas 77301  map
Montgomery County
(936) 756-8849
Community Room: (936) 756-7458

Units	Bdrms	Baths	SF	Rent
100	1	1	662	$563
	1	1 w/d conn.	662	$563
	1	1 w/d	662	$563
56	1	1	742	$563
	1	1 w/d conn.	742	$563
	1	1	856	$563
52	2	1 w/d conn.	856	$563
104	2	2	947	$749
312 Total

Management: Greystar Management Services
Year Constructed: Phase I – 1978; Phase II – 1981
Date of Acquisition: May 21, 2001
On-site Staff: 11
Land Area: 13.71 acres; 597,208 SF
Gross Building Area: 255,053 SF
Net Rentable Area: 232,144 SF
Number of Buildings: 37
Number of Stories: 2
Parking Spaces: 595

 

Bellshire Apartments

Amenities

In addition to beautifully landscaped grounds in a natural forest setting, the property enjoys three community swimming pools, six laundry facilities, tennis courts, basketball and volleyball courts, three playgrounds, BBQ areas, and washer/dryer connections in selected two-bedroom units. Each unit also includes: central air and heat, electric range/oven, frost-free refrigerators (most units), garbage disposal, dishwasher, vent hood, and private patio or balcony.

Resident Services

A spacious apartment has been converted into a community room. The Activity Coordinator directs a resident services program that addresses the needs of the resident community. Services and activities include Head Start, food pantry, Family Game Nights, holiday celebrations, martial arts, and nutrition programs.

Affordability

Bellshire Apartments has project-based Section 8 rental assistance for 45 one-bedroom and 131 two-bedroom units, totaling 176 units. This permits qualifying residents to pay no more than 30% of their income for rent and utilities. 40% of the units are reserved for individuals and families with incomes at or below 60% of Area Family Median Income (AFMI). In 2008, 60% of AFMI for a family of four in Conroe is $36,660.

Financing

The Montgomery County Housing Finance Corporation provided the primary financing through the issuance of $7,900,000 in Aaa Tax Exempt Multifamily Revenue Bonds and $838,000 in non-rated Bonds. The bonds were underwritten by U. S. Bancorp Piper Jaffray and were secured by a Fannie Mae mortgage underwritten by ARCS Commercial Mortgage. The Low Income Housing Fund financed the “gap” of $700,000 providing for a total transaction cost of $9,438,000.

Additional Information

The property is owned by Merced–Bellshire, LLC, a single member LLC, with Merced Housing Texas as its sole member.

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