Property Details
Below Market Rents  Below Market Occupancy  Repositioning Opportunity  Repeat Sponsor 
Asset Profile
Value Add

Monte Carlo Apartments

Houston, TX

Multi-Family Property

This deal is oversubscribed

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Lurin Capital Dallas, TX
Lurin Capital
  • IRR 22%
  • Equity Multiple 1.8x
  • Hold Period 3-4Y
  • Minimum Investment $25K
  • Year 1 Cash on Cash 2%
  • Stabilized Cash on Cash 10% in Y2
  • First Distribution Sep 2020
  • Distribution Frequency Quarterly
  • Asset Profile Value Add
  • Loan-to-Value 74.3%
  • Current Occupancy 81%

About this Property

Lurin Capital is under contract to acquire Monte Carlo Apartments. This acquisition represents an opportunity to acquire a well-located multifamily asset in an in-fill location in Houston, TX. Lurin plans to use its management and construction teams to start interior and exterior renovations and to execute an aggressive marketing campaign. By strategically repositioning the property, Lurin will market the property’s desirable location to bring rents and occupancy in-line with properties of similar vintage in the immediate sub-market. The property is currently 81% occupied and current effective rents are approximately 20% below market.

About this Property

Lurin Capital is under contract to acquire Monte Carlo Apartments. This acquisition represents an opportunity to acquire a well-located multifamily asset in an in-fill location in Houston, TX. Lurin plans to use its management and construction teams to start interior and exterior renovations and to execute an aggressive marketing campaign. By strategically repositioning the property, Lurin will market the property’s desirable location to bring rents and occupancy in-line with properties of similar vintage in the immediate sub-market. The property is currently 81% occupied and current effective rents are approximately 20% below market.

Key Points

  • No new supply coming to market in the immediate area, with only two properties currently under construction within a 10-mile radius of the property (delivery dates are 2019 and 2020)
  • Current effective rents are about 20% below market ($0.87/sf/month vs an average market rent of $1.02/sf/month)
  • Approximately 60% of the property (or 367 units) has been partially upgraded, representing a significant upside potential to increase rental rates through interior and exterior renovations
  • Capital renovations totaling $15,525 per unit annually will generate a $205 per month rent premium over unrenovated units
  • Renovated properties in the area are achieving $150 - $400 rental premiums as compared to the current effective rents at Monte Carlo
  • Property is located within 10 miles of the Galleria, Texas Medical Center, Westchase District and the Energy Corridor

Offered By

Lurin Capital

Lurin Capital

Dallas, TX

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Assets Under
Management

Currently
$305MM less than 10 assets
Exited
$52MM less than 10 assets
Portfolio LTV
70%  
Historical
Realized Returns

Total IRR
N/R  
Equity Multiple
1.65x  
Annual Cash
N/R  
Years Of
Experience

As Principals
20+ years  
In Business
4 years  
Size
20 Staff * Dedicated investor relations
* All information is reported by Lurin Capital as of 3/13/2019.
Assets Under
Management

Currently
$305MM less than 10 assets
Exited
$52MM less than 10 assets
Portfolio LTV
70%  
Historical
Returns

Total IRR
N/R  
Equity Multiple
1.65x  
Annual Cash
N/R  
Years Of
Experience

As Principals
20+ years  
In Business
4 years  
Size
20 Staff * Dedicated investor relations
* All information is reported by Lurin Capital as of 3/13/2019.

Financials

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Offering Financial

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Diligence Preview

Location Details

Houston, TX

Monte Carlo Apartments, a 593-unit apartment community, has excellent accessibility to major highways in the area, including Sam Houston Tollway, Highway 6, and Westpark Tollway. In addition, it is conveniently located close to major employers including the Westchase Business District (over 1,500 businesses), Memorial City Plaza (2 million+ sf of office space), Memorial Hermann Memorial City (over 1,600 employees, 1,000 medical staff physicians) and the Galleria/Uptown (the 14th largest business district in the nation with over 2,000 businesses and 80,000 employees).

Documents

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Offering Agreement Documents

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