Overview
ASHFORD SANTA FE (162 UNITS)
Conveniently located at 4010 W Bellfort Ave, this property features 162 units with one, two, and three- bedroom apartments ranging from 660 to 1,250 square feet. Built in 1968 and renovated in 2018, the property offers a net rentable area of 140,912 SF. Amenities include a picnic area, outdoor grills, two laundry rooms, 24-hour access, and a fitness center. The property has 259 parking spaces.
(OCCUPANCY: 95%)
ASHFORD WILLOW FALLS (174 UNITS)
Situated at 10100 Westpark Dr, this property comprises 174 units offering one and two-bedroom apartments ranging from 615 to 1,167 square feet. Built in 1976 and renovated in 2019, the property covers a net rentable area of 125,512 SF. Residents enjoy amenities such as a children’s playground, outdoor gazebo, swimming pool, BBQ area, business center, and a 24-hour fitness center. The property has 170 parking spaces.
(OCCUPANCY: 94%)
ASHFORD CASA BELLA (268 UNITS)
Situated at 10615 Beechnut St in Alief near Beltway 8, this property offers 268 units with a diverse mix of one, two, and three-bedroom apartments ranging from 680 to 1,200 square feet. Built in 1978 and renovated in 2018, the property boasts a net rentable area of 252,416 SF. Residents enjoy a swimming pool, outdoor BBQ grills, a party hall, and laundry facilities. The property has 300 parking spaces.
(OCCUPANCY: 84%)
ASHFORD CASA SERENA (314 UNITS)
Nestled at 6310 Dumfries Dr, this gated community offers 314 units featuring one, two, and three-bedroom apartments ranging from 752 to 1,258 square feet. Built in 1972 and renovated in 2020, the property covers a net rentable area of 305,152 SF. Residents benefit from a soccer field, gazebo, playground, and club room. The property has 400 parking spaces.
(OCCUPANCY: 96%)
ASHFORD BUENA VISTA (208 UNITS)
Located at 6000 Bissonnet St, this property boasts 208 units offering one, two, and three-bedroom apartments ranging from 666 to 1,350 square feet. With a net rentable area of 198,826 SF and built in 1970 and recent renovations in 2018, the property features community amenities such as three laundry rooms, a playground, swimming pool, 24-hour access, and security cameras. The property has190 parking spaces.
(OCCUPANCY: 82%)
ASHFORD SANTA CRUZ (452 UNITS)
Located at 15915 Kuykendahl Rd, this property features 452 units offering one, two, and three-bedroom apartments ranging from 545 to 1,150 square feet. With a net rentable area of 339,690 SF and built in 1979 and recent renovations in 2013, the property features community amenities such a community center with a library, swimming pool, 24 hour fitness center and a soccer field.. The property has 500 parking spaces.
(OCCUPANCY: 93%)
Investment Highlights
JOB GROWTH
Houston’s job growth is impressive, 176,000 new jobs were added in 2022 and job growth is expected to increase 4.5% between 2021 and 2026, with a current unemployment rate of only 4.1%.
POPULATION GROWTH
1.2 MILLION PROJECTED NEW RESIDENTS IN HOUSTON BY 2030, representing a 17.2% population growth. 265 RESIDENTS MOVE TO HOUSTON DAILY - One new resident moves to Houston every seven minutes, needing a place to live. 2023 Population was estimated to be 6,707,000. Houston’s diverse population, represented by over 90 spoken languages, aligns with the multifamily portfolio’s inclusive approach, making it an appealing choice for a broad spectrum of renters. With a projected population growth rate of 9.62 percent, Houston’s metro area is poised for expansion, ensuring sustained demand for rental properties.
VALUE-ADD UPSIDE POTENTIAL
There are currently 194 unrenovated units that can be renovated to increase rents by approximately $200/month, and 659 partially renovate units that can be taken to a full renovation to further increase the rents another $100/month, meaning a potential annual NOI increase of $1,256,400,and that is before regular annual rent increases that will increase the NOI even further.
PRIME PROXIMITY TO KEY DISTRICTS
One of the standout features of the portfolio is its prime proximity to key districts, including Downtown Houston, West University Place, and the I-610 Loop. Situated just a few minutes’ drive from these central locations, the portfolio offers residents unparalleled convenience and accessibility to major business, cultural, and recreational hubs.
VIBRANT RENTAL MARKET
Houston’s multifamily market is a lucrative investment opportunity, supported by its large population and diverse economy. Post-COVID-19 recovery has led to strong job growth and consumer confidence. The market sees rising demand with limited supply, evident in the more than 2.5% year-over-year increase in average rent in Q3 2023. Significant rental drivers include a 5.1% job growth rate in 2022, outperforming the national average, and a population growth rate higher than both state and national figures. The relative affordability of Houston’s housing market, with average rent lower than the national median (33% lower), further enhances its attractiveness to renters.
ROBUST ECONOMIC INDICATORS
Houston’s status as the seventh-largest metro economy in the U.S. and the 26th-largest economy globally showcases its economic resilience and strength.
AIRPORT TRAFFIC
Airport traffic in Houston rose meaningfully year over-year, with total passengers and total air cargo increasing 31.7% and 8.6% respectively.
RENTAL GROWTH
Job Growth + Population Growth = increased demand for housing, which in turn drives rental growth for you.
STRATEGIC LOCATIONS
This portfolio features five properties across prime Houston neighborhoods, ensuring unparalleled access to major highways like I-69, Loop 610 and Sam Houston Tollway. Employment centers like Energy Corridor (91,000 Employees), Texas Medical Center (106,000 Employees), and West Chase Districts (53,000 Employees) are within close proximity to the properties. Located in Southwest region of the city, each property strategically connects residents to essential amenities and thoroughfares.
DESIRABLE AMENITIES
Each property within the portfolio offers a diverse range of modern amenities meticulously designed to appeal to renters. From beautiful swimming pools and fitness centers to playgrounds and laundry facilities, these properties provide a rich living experience, ensuring tenant satisfaction and loyalty.
ROBUST CASH FLOW
The portfolio boasts a strong cash flow for investors, with impressive occupancy rates and competitive rental rates. The combined Dec T12 NOI is $11,438,341 and the projected 2024 NOI is $11,813,960 for the entire portfolio reflecting a very strong financial performance investment returns for you. The portfolio’s combined occupancy rate stands at 91.81%, outperforming the Houston multifamily market’s average vacancy rate of 89%. With the expected population growth over the next 5 years, occupancy will continue to strengthen to the mid to high 90 percent range, as there will be no new competitive product at this rent level.
