We have a big vision. And all visions, to manifest, must be planned and worked with diligence.
In keeping with our core values of transparency, grit, and a growth mindset, we’re going to share the year’s quarterly commitments with you.
2021 Quarterly Outcomes
Quarter 1
Houston, Texas
March 17, 2021
Closed on Glen Oaks & Sun Prairie Apartments
Property Attributes
Built 1983/84
A mix of 1 & 2-bed units
Average unit size 900 sq ft
Exterior amenities: swimming pool, covered parking, bbq grills, picnic area, laundry facility, Kids playground gazebo, etc...
Interior Amenities: Private Patios and Balconies, Washer/Dryer Connections, Outdoor Storage Closets, Spacious Built-in-Pantries, etc...
Investment Highlights
Purchase Price: $15.6M
Workforce housing
A safe blue collar location
One of the lowest rent per square feet
5 year holding period
A Non-recourse Bridge Loan
High Level Business Plan
Exterior face-lift to at true a B-class
Unit upgrade (most units are in classic state)
Bring rents to market rate
Bring occupancy to stabilization rate then cash out refinance to agency loan
Upgrade leasing office to keep up with the comps
Operational efficiency and expense reduction
Cost segregation / accelerated bonus depreciation
Curb appeal improvement and community re-design
Add amenities such as; playground, grilling area, pergola, gaming area, dog park, etc