A-Class community, 295 units, Richmond, TX
The Waterview is a A-Class garden style community built in 2022. The property has 295 units and a club house, gym, billiards room, sauna, resort style pool and more.
The Richmond area has proven to be the growth corridor of Houston, driven by state highway 99 which provides convenient access throughout Houston. The rapid growth has created strong tailwinds for the Katy/Richmond market driving median family incomes and class A rents higher.
Acquire the asset, reduce staffing, and other expenses, and bring rents to market levels. In place rents are between $200+ per unit below market. Raising rents only $200 per unit during the first year of ownership will add approximately $1M in yearly net operating income and >$20MM to the property's valuation.
Houston's multifamily rent growth is among the best in the country.
High growth market with excellent population and job fundamentals
Large supply/demand imbalance for quality housing will support rent growth for the foreseeable future
Newly built / quality construction for low operational maintenance
Resort style amenities to attract quality residents
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