Cash Flowing Investment Opportunity.
Houston, TX
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Rare opportunity to acquire an extensively renovated, strong performing asset (2nd largest multifamily property) in the Sharpstown/Westwood submarket of the Houston MSA
Completely renovated, immaculate asset: Interior renovations include: New cabinets, granite countertops, new appliances, new flooring and new plumbing / lighting fixtures
Exceptional location and visibility at the intersection of two of Houston’s busiest thoroughfares, Bissonnet St. and the Sam Houston Tollway (Beltway 8)
Within a 3 mile drive to the Westchase District - home to more than 93,000 employees & 1,500 businesses and within 9 miles to the Galleria / Uptown District (over 82,000 employees / 2,000+ businesses)
Plentiful revenue enhancement opportunities such as adding washer / dryer appliances (full size washer / dryer connections in over 55% of the units), valet trash, pet rent and cable fees
12% growth in households (from 2010 - 2021) within a 1 mile radius of which over 88% are renter occupied
The Sharpstown/ Westwood submarket has experienced strong annualized rental rate growth of 7.7% over the last 3 months
Exterior renovations: New roofs, siding, flatwork, HVAC and perimeter gates
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Hundreds of deals come across our desk on a consistent basis. With our strict underwriting guidelines, we see one great deal to execute on every 100.
Generally, we focus on more high value-add plays, but sometimes we come across more stabilized deals that have.
Can we increase the NOI which will bring up the value of the asset? For example, current rents are below market rents due to unit quality, Can we rehab the units and increase rents?
Brokers love to provide buyers with financial projections (proformas) as if they were today’s numbers. We verify, and base our analysis and offer on ACTUALS.
We dive deep into the deals submarket to understand the rent trends
After all of the aforementioned, we come up with Maximum Allowable Offer (MAO), which is the maximum amount we can pay to acquire the deal.