Steepleway Downs Apartments Value-Add Offering

Houston, TX

  • Target Annual Cash 7%
  • Target IRR 15.3%
  • Target Equity Multiple 1.92x
  • Asset Profile Value Add
  • Min. Investment $50K
  • Estimated Hold 3-5Y
RealSource Equity Services Salt Lake City, UT

Multi-Family Property

About this Property

Steepleway Downs is a 224-unit, Class B garden-style community originally constructed in 1983. This garden-style community is in a job-rich location, including one of the best performing and fastest growing industrial submarkets in the nation and a regional health care hub with 14,000+ employees. The property is located in Harris County, the nation’s 3rd most populous county, as well as the desirable Cypress-Fairbanks Independent School District and is within one mile of four grocery anchored shopping centers.

Key Points

  • Proven value-add opportunity (please see the Executive Summary in the documents tab for complete details)
  • Strong rent-growth submarket, 7.8% over the past 6 months, driven by strong job growth and its ideal location
  • High absorption submarket with recent multifamily demand exceeding prior year's output fivefold
  • 7% preferred return

Financials

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Offering Financial

Location Details

Houston, TX

Steepleway Downs is located in the highly-regarded Cypress-Fairbanks Independent School District. The surrounding area is densely populated with institutional quality industrial assets including nearly 55 million square feet within a 5-mile radius with owners such as Barings, Bentall Kennedy, Clarion, Crow Holdings, Duke Realty and TH Real Estate. The #1 local industry anchor is health care with 1,767 businesses (16.6%) and 14,448 employees. The property is located within 10 minutes of 4 large grocery stores (HEB, Sam’s Club, Kroger, Walmart) and has accessibility to Highway 290 and Highway 6, quickly connecting residents to all three of Houston’s loops and Interstate 10.

Documents

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  • View, download, and print the detailed financial projections
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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 October 24th, 2018.

The first projected distribution is scheduled for January 2019.

Distributions are scheduled to go out on a monthly basis.

No, this offering is only available to US residents.

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