101142 . 92 Home BFR Houston, TX

07-27-2022
10-13-2022

101142 . 92 Home BFR Houston, TX, Houston, TX 77057

92 well-located Build-for-Rent townhomes located within 5 communities

All five communities are gated communities, and the homes have two-car garages

Exceptional opportunity in high rent growth sub-market

Immediate deployment opportunity on 32 of the 92 homes with a forward commitment on the remaining homes

15 homes are currently leased with average rents of $3,331 per month

17 homes are currently in lease-up with projected year 1 rents at $3,367 per month

The remaining homes will be delivered in monthly tranches at C.O. with January 2023 final completion

Houston is ranked 40 of the top 99 rent growth markets in the country

Seller is a highly experienced developer/builder with 25 years of experience headquartered in Houston, TX

All SVN® Offices Independently Owned & Operated

Local Broker License Information: www.SFRhub.com/realstatelicensing

Property Description

Visit www.SFRhub.com and search for portfolio 101142 for more information.

 

Contact:

TOM JOHNSTON

Director of Brokerage Services

SVN | SFRhub Advisors

T: 602.825.1780

C: 602.403.3695

tom.johnston@svn.com

License #: BR507919000

 

BOR:

Jeff Beard

SVN | J. Beard Real Estate Company

Managing Director

 

SVN | SFRhub Advisors is pleased to present this Class A, 92 Home, Scattered BFR Portfolio located in five communities in the heart of Houston, TX. The portfolio currently has 15 leases in place, 117 rent ready homes in lease-up, and the remaining homes to be delivered in monthly tranches at Certificate of Occupancy (C.O.). The anticipated completion of all homes are scheduled to be completed by January 2023. An investor has an opportunity to quickly acquire 25 completed homes and forward commit to purchasing the remaining homes at C.O. This is a significant opportunity to purchase an institutional quality new construction home portfolio with differentiated products in one of the country’s largest and fastest-growing cities. This scattered BFR portfolio are all within a 3.5- mile radius with strong market fundamentals. The investor for this portfolio will be the HOA declarant for all communities, as the new owner will have majority voting shares in each community, and the remainder of each community is owned by individual owner-occupants. The location provides excellent access to Houston’s major employment centers, quality schools, shopping, dining, and entertainment destinations near Houston’s downtown and premier single-family neighborhoods. With an already low supply of homes in the Houston market, the country’s 3rd fastest growing metro area, the current slowdown in the home building sector, and the increase in mortgage and rates should further drive rental demand for these Class A investment homes. Metro Houston has seen tremendous gains with a 16.9% YoY home price appreciation, 6.1% YoY employment growth, 3.8% median household income growth, and projected rent growth of 11.25% between July 2022 and 2025, according to John Burns Real Estate Consulting (JBREC). Population growth for the metro area is projected to be 5.25% between now and 2025, with an anticipated 8.3 million people living in metro Houston according to JBREC. The Seller of this package is a leading, fully integrated, multi-family and residential real estate investment, construction, and property management firm headquartered in Houston with more than 25 years of experience. Its principals have developed and invested in over 100 projects for aggregate values of multiple billions of dollars. Their team consists of highly skilled professionals providing extensive experience in residential, build-for-rent, and multi-family construction and development.

Key Property Information

Listing Status
Available
Multifamily type
Single Family Rental Portfolio
Price
$ 49,000,000
No. of Units
91
Cap Rate
4.05%
Year Built
2020
Building Size
183,978.99 Sq ft
Lot Size
230,000.00 sq ft
Opportunity Zone
No
Buy Side Fee
49.99%
Price per unit
$ 538,462
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