6300 Westpark

Houston, TX

  • Target Annual Cash 7%
  • Target IRR 17.8%
  • Target Equity Multiple 1.92x
  • Asset Profile Value Add
  • Min. Investment $50K
  • Estimated Hold 3-5Y
Presidium Group Austin, TX

Office Property

About this Property

Presidium is currently seeking $4.65M of equity for the acquisition of the 6300 Westpark flex space building, a 102,000 square foot retail and office center located in Houston, Texas. This acquisition represents an excellent opportunity to acquire a well located asset adjacent to another 40 acres of Presidium owned assets.

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Key Points

  • The property was built in 1965 and consists of two one-story office buildings totaling 102,000 square feet situated on an 8.00 acre parcel. A rare opportunity arises where Presidium is under contract at an attractive basis, at only $70/NRSF or $21/Land SF.
  • The property has been owned and operated by a not-for-profit church for the previous four years and the current ownership is not in the business of effectively operating and leasing real estate. Presidium believes current rents are well below market compared to surrounding assets, including our adjacent office property. Operations will be greatly benefited by inserting a fresh and best-in-class management team, along with a highly effective leasing team.
  • Presidium’s Houston operations team is headed by Garrett Weiss, whom upon taking over management at 6250 Westpark (the adjacent office) has increased occupancy from 67% to 97% since December 2016. In addition, rents have increased from $14 to $17 per square foot annually MG during the same period.
  • 6300 Westpark is currently 95% occupied, however rents currently average $8.05 per square foot annually MG. A majority of the 6300 Westpark’s leases are set to expire over the next three years. Presidium, and its Houston based operations team, is confident in its ability to increase the in-place rent of $8.05 to $11.30 per square foot annually MG over the first three years of the hold period, given the success that has been achieved at adjacent and surrounding office buildings.

Financials

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Offering Financial

Location Details

Houston, TX

Located at 6300 Westpark Dr. in Houston, TX, the property sits approximately 9 miles west of downtown Houston. Interstate 69, a major thoroughfare with a high density of traffic that connects downtown and Sugarland, one of Houston's major suburbs, is easily accessible from the property. 6300 Westpark Dr. is located in one of the most densely populated zip codes in Houston (77057).

The immediate surrounding of 6300 Westpark Dr. is comprised of retail, multifamily communities, and office space. Over 13,000 multifamily units are located within a 1 mile radius of the property. The Galleria Mall in Uptown, which is the largest mall in the state of Texas, is located just 2.5 miles east of the property and features high end national retailers including Saks Fifth Avenue, Louis Vuitton, and Neiman Marcus. This area is considered a second business district for the city of Houston due to the mall and the numerous major corporations, such as Marathon Oil, who have offices in the area.

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Documents

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Offering Agreement Documents

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The funding deadline is September 20th, 2018.

The first projected distribution is scheduled for April 2019.

Distributions are scheduled to go out on a quarterly basis.

No, this offering is only available to US residents.

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Have a Question?

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