See below for the webinar recording and more details about the deal
ROYAL SIENNA APARTMENTS
This is a fantastic value-add opportunity in Missouri City, Houston, TX
royal SIENNA apartments
- Royal Sienna is a 330-unit brand- new build completed in 2021. The property is currently 98% occupied with 85% economic occupancy. As the only new property in the area that is completing lease-up, we will leverage a proven strategy to burn-off concessions, enhance amenities, and optimize staff and operations.
- The best-in-class amenity set has driven resident demand with the property averaging 28 units of absorption per month in 2021 and over 34 units per month over the trailing 3 months.
- Upward rental momentum with last leases showing 18% growth over the in-place rent roll.
- Average household income within 1-mile radius of Property of $138,000 with booming population – 92% population growth within 1-mile radius of Property from 2010-2020.
★ 506(c) offer For Accredited Investors Only ★
- Property is located in the Sugar Land/Sienna submarket within a 30 minute commute to over
560,000 employees and 20 minutes to downtown Houston
- Burn off concessions (no property in that submarket offers it) and stabilize occupancy
Conservatively projecting only 6% rental growth in year 1 against the 18% actual market
growth, with 4% in year 2, and tapering to 3% thereafter
- Fully capture additional income that is prevalent in the market. This includes the following:
There are 148 carports on the property at $50 per carport per month
There are 124 private garages available at $135 per garage per month
Valet trash generates income at $30 per month per tenant
Tenants will reimburse the property for water & sewer usage
Implement a bulk cable contract generating $94,050 in net income per year
- Improve operational and staffing efficiency.