Details

ADDRESS: 13328 Westheimer Rd Houston, TX 77077

PURCHASE PRICE: $45.6 Million

NUMBER OF UNITS: 300

YEAR COMPLETED: 2017

NET RENTABLE AREA: 280,334 SF

AVARAGE UNIT SIZE: 934 SF

11 three story residential buildings
1 one story clubhouse building with leasing office
1 one story fitness center
1 maintenance shop
1 Mailroom
5 detached garage buildings

MARKET RENT PER UNIT $1,361


TARGETED RETURN PROFILE
5 Year hold
8% preferred return, annual compounding
Average Cash on Cash Return of 11%
Gross IRR 21%
Gross Equity Multiple of 2x LP Multiple


FINANCING TERMS
New First Lien Bridge Loan
Modeled Debt Assumption
$36,708,000 Initial Loan
3-Year (two 1-year extensions)
80% LTC + 100% Cap Ex
3 Years Interest Only
Floating Rate 325 + LIBOR


Parkway Flats, a Class A community that is well-located within the heart of West Houston’s Urban Core (250k+ employees). The Property is well positioned to benefit from limited future supply, as there is just one asset currently under construction and only one other has been delivered since 2017.

Additionally, Parkway Flats benefits from affluent surrounding demographics, as the average household income is $92k within a 1-mile radius of the Property. The asset’s desirable location, strong demographic base, and constrained supply pipeline suggests the asset is well positioned for outsized future rent growth. In addition, the Property is zoned to two top ranked schools within Houston ISD, Ray Daily Elementary and West Briar Middle School. Both schools have a 7 out of 10 ranking by GreatSchools.com and present a major selling point to current and future residents.

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Disclaimer: DealStream has not independently verified any of the information in this listing and makes no warranty as to its accuracy or completeness. This listing does not constitute an offer to sell, solicit or make an offer to buy an investment interest. Offers to sell, or the solicitation of offers to buy, any security can only be made through official offering documents, such as a subscription agreement and private placement memorandum.