Single Family Built-For-Rent

LITTLE THICKET PARK HOMES

35 home BTR development in the Greater Heights, the trendiestsubmarket within the inner loop of Houston where all the youngprofessionals and couples want to be given its proximity to uptown,downtown and the medical center as well as its restaurants, bars andoutdoor spaces. This project will be the first BTR community in an areathat has seen steady growth in rental rates and appreciation over thelast 10 years (even showing positive growth during the last 12 months).The project will be built over 2.1 acres of land which have already beenacquired. The pre-development phase is already underway with thedesign and engineering already completed. The team is currentlyworking on the replat which approval is expected by 2Q24 to begin thesite development. The project requires $9.5MM of equity of which$7.8MM have already been raised from FO and HWNI from Mexico andthe US. Cobra Carmo is raising the last $1.7MM of equity for a projectyielding +24% IRR over a five-year hold period.