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Multifamily Apartments - GreenCrest Capital
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✅ [1] 2023 Deal -- Lakes Apts, Baytown, Texas (6MB PDF)
✅ [2] 2023 Deal -- WestView, Round Rock Austin, Texas (20MB PDF)
Escrow Closed March 2022 - Azure Apartments, Austin Texas
Verandas at Bear Creek Apartments (Escrow Closed)
in Houston, Texas
Thank you to all our equity partners and investors. The Verandas Property Escrow is closed now. The property has been purchased and is operational.
Verandas at Bear Creek Apartments, Houston, TX
Prime Location
Attractive Location in Houston, TX
Close to major hubs
160 Unit Property
Renovated 2016, High Occupancy Apartment
community thriving in Houston
Strong Rental Market
Well-defined Value Add Business Plan and Exit Strategy, Clear Roadmap to Boost NOI and Asset Value
Strong Job Market and Employers Located Nearby
Fortune 500 Employers, Strong Job Growth Market, Energy Sector, Ports, HealthCare Sector, Aerospace, Aviation Industry
92%+ Occupancy, Strong Leasing Pipeline
Strong Population Growth Uptrend, Wage and Earnings Growth leading to continued High Occupancy at the Property
Monthly Income + Capital Growth
Co-Buyers and Investors to earn consistent ongoing cash-flow income from Day-1, Immediate TAX depreciation deduction and Capital Growth
High Growth Momentum
High % Organic Rent Growth (Source: Costar), 7.2% projected population growth (within 1 mile radius), Household income: 59K within 1 miles radius
Property Photo Gallery and Rental Listings ( View Here )
Property is professionally managed. Well designed amenities and Unit interiors make this one of the top choices for Professionals, Families, and Local residents
Verandas Apts Property Rental ListingsInvestment Summary
• Purchase Price: $17.5 mil
• Equity Raise: $4.7 mil
• Investor Average annual cash on cash : 8.4%+
• Hold Period : 3 to 5 years
• Common Equity (LP) Preferred Return: 6%
• IRR: ~15.5%+
• Equity Multiple: ~1.9X
• Rents are below market rent on average.
• Cost segregation assessment estimates 90%+ Bonus Depreciation
• Total Number of Units: 160
• Year Built: 1982 (2016 Remodeled)
• Average Unit Size: 702 SF
• Occupancy: 92%
• Median Household Income: $59K+ / year
• Current Rent: $1.29/SqFt
• Market Rent: $1.33/SqFt
• CoStar Rating: 3-Star
• Located 20 minutes to downtown Houston
• Easy access to major freeway connecting to Downtown Houston
• Located in a rapidly changing area of the city experiencing 10%+ organic rent growth in the last 12 months (Costar).
• 45% of unit mix is 2 bedrooms
• High resident referral rate
Detailed Prospectus ( View Here )
Review detailed projected cash flow model, Business Plan, Exit Strategy, Property Financing, Rent Comps and Other vital due diligence information
investment Property PDF Prospectus
Video Review of Property and Prime Location
Houston Market Highlights
About Houston:
• Houston is the fifth-most populous metro statistical area in the United States with 7mil+ residents. Population has grown 17% in the last decade, per the 2020 Census.
• Houston is known as "Energy Capital of the world" due to significant Oil&Gas industry presence
• Fast emerging hub for biomedical research, aeronautics, and technology
• Home to 24 fortune 500 companies
• Home to Texas Medical Center, 2.1 sq. miles medical district employing 106K+ people
• Average household income increased by 24.3% since 2010
• 1-Mile median household income $60,000 approximately
Property High Level Summary:
• Property Size: 160 units
• 1983 class B asset with deep value add opportunity to bring it up to the next level.
• Location: 20 mins. from Downtown Houston.
• Current Occupancy: 95% occupancy
Detailed Prospectus ( View Here )
Review detailed projected cash flow model, Business Plan, Exit Strategy, Property Financing, Rent Comps and Other vital due diligence information
investment Property PDF ProspectusApartment Owners ‘Golden Age’ Primed to Continue in 2022 ( View Here )
Rents are rising at record rates, and investors are spending more to snap up apartment buildings. Read This Story Here.
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Benefits Of Passive Multifamily Investment ( View Here )
Rents are rising at record rates, and investors are spending more to snap up apartment buildings. Read This Story Here.
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