Our
Investments

Closed December 2022, 344 Units, GP & LP

Why we like this property -

1. B+ location, a high-demand area with 100% occupancy. Located 15 minutes from Dallas Galleria and Dallas Love Airport

2. 100% classic interior units with many new potential income streams

3. Same ownership for 27+ years, this creates opportunities including operational efficiencies through professional property management

4. The business plan includes: Increasing rent to local market rents (proforma is below existing market comps), interior upgrades, increasing curb appeal, and enhancing community amenities

Closed June 2022, 322 Units, GP & LP

Why we like this property -

1. Consistent cash flow property with 94% average occupancy over the last decade

2. 17% rent growth in submarket over the last 12 months with an additional 9.7% organic rent growth projection in 2022

3. Property located in highly desirable and well-diversified Clear lake submarket in affluent neighborhood, A-rated school district. Current administration proposed the largest 2023 budget for NASA to date - $26 billion.

4. Business plan includes: Upgrade remaining ~50% units to premium designer quality (quartz countertops, ss appliances) which is already a proven strategy on this property

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Closed December 2021, 262 Units, GP & LP

Why we like this property -

1. Strong cash flowing asset - underwrote with proforma rent below current market comps, expecting even higher returns for our investors

2. Job growth - $1.23 billion Bush IAH (airport) expansion beginning in May 2022. Coupled with completed projects -  Hilton Hotel renovation, Rockstar Energy Bike & Skate Park, Coco-Cola and Amazon distribution centers.

3. Loan assumption at a low, fixed rate. With inflation rates expected to rise, we are taking advantage of predictability in unprecedented times.

4. Business plan includes: Remodel leasing office community areas, add curb appeal with cedar wraps and solar screens, upgrade ~70% of the units 

Closed September 2021, 124 Units, LP

Why we like this property - 

1. Located in Alabama's largest city, with the nation's highest concentration of engineers per 1000 employees

2. Nation's #1 STEM employer, including Blue Origin (Jeff Bezos' aerospace company) 

3. Achieved proforma rents while property was under contract

4. Business plan includes: remodel clubhouse and poolside community spaces, platinum updates with granite, lighting and modern cabinets 

Closed September 2021, 155 units, LP

Why we like this property - 

1. Fantastic location in Galleria/Uptown submarket with mostly class A & five-star properties

2. Combined 2 off-market properties under 1 management to gain even greater efficiencies

3. Large value creation opportunities, such as classic value-add interior upgrade program, garage and on site storage unit rentals

4. Business plan includes: renovate leasing office and pool area, add W/D connections, modernize kitchen and offer garage and storage unit rentals

Closed August 2021, 260 units, LP

Why we like this property - 

1. Submarket is currently rated #1 in absorption, according to CoStar

2. Located nearby ~30,000 employment opportunities in healthcare alone. Over 70% of current residents are employed in education, healthcare, construction, distribution or professional services

3. Qualifies for 100% bonus depreciation in year 1

4. Business plan includes: rebranding, enhance curb appeal,  upgrade interiors with granite countertop and stainless appliances, digital smart home package