Single Family Built-For-Rent
Our Projects
SFR Portfolio Acquisition – Independence Heights
Acquisition 87-home SFR portfolio in the Independence Heights submarket of Houston, TX across three different locations within the area: a) Donovan Homes (22 homes), b) Thornton Homes (26 homes) and c) Yale Homes (39 homes). This is a unique opportunity to acquire cash flowing properties as 36 of the units are already fully leased an in operation, 12 more are already under construction (expected delivery by Sep 24) and the remaining 39 units have secured permits and are shovel ready (expected delivery by Mar 25). This investment opportunity has a +20% IRR over a 5-year hold period considering a portfolio sale at the end of the hold period. The acquisition of the finished inventory is being made slightly below market and we are getting a discount for the in-process inventory which allows us to enter at a very attractive pricing considering this submarket is just beginning to experience the gentrification process that has been experienced in the adjacent submarket of the Heights.
Little Thicket Park Homes
Single Family for rent development over 2.1 acres of land in the Shady Acres subdivision of the Greater Heights area of Houston. Over the last 10 years the Heights has been a very active rental market made up mostly of single family residential neighborhoods. Given its central location near downtown, this area has become a target for many families looking for affordable options close to city center. The project will have 46 units between 2,000 and 2,400 sf. The units will be developed and leased over the proposed 5 year hold period.
Nantucket Homes
Single Family for rent development in a 14,600 sf lot in the Galleria/Uptown area of Houston. Nantucket Drive has been reconverting from large single-family homes into smaller more affordable units over the last 15 years. Cobra Carmo is building 4 units (Four 3,752 sf town homes). The units will be developed and leased over the proposed 5 year hold period.