Today I’m very excited to share with you a limited opportunity to invest in new construction, Class A small multi-family in the Greater Houston market.
For years, there has been a shortage of well-located, high-quality, new construction properties in our market. If you wanted multi-family, your choices were either 1) newer buildings in bad locations or 2) old buildings in good locations. Until today…
After speaking with the Builder this afternoon, they’ve just released 27 lots on a Class A small multifamily project (2 unit) for pre-construction sales.
This project is located in the heart of Conroe – just 7 miles from the Woodlands and less than a mile to I-45 with easy access to great shopping and dining. Also, residents will be able to get to Lake Conroe in 15-20 minutes. The area is zoned to good schools in Conroe ISD (same school district as The Woodlands). The location is close to strong centers of employment like the Exxon Campus, Southwestern, Texas Childrens and MD Anderson hospitals and more. The area is poised to benefit from the incredible growth that the Houston area is expected to experience over the next coming years.
The Builder is offering four floorplans – Two are one-story and two are two-story.
- One-Story units are 3
bedroom 2 bath 2 car garage, brick and stone exterior, 2573sf and 2662sf - Two-Story units are 3
bedroom 2.5 baths, 2 car garage 2930sfand 3004sf
Both will have large fenced-in backyards, premium wood-look tile flooring throughout the first floor and the bathrooms, granite counters in kitchen, stainless appliances.
Purchase prices of $446,500 and $455,300 for one story plans and $465,100 and $472,200 (two story) and they lease for $1725 and $1850 per unit.
Properties will be managed professionally by Signature Real Estate (that’s us!) at a favorable rate of 5% and the cash flow numbers include professional property management fees. We will be starting the leasing process in January with a goal of pre-leasing as many units as possible even before closing.
Also, the Builder has agreed to cover the leasing fee for your first Tenants which should boost returns for the first 2-3 years (the average duration of a lease on Value Builders past projects)
Construction has begun with the best estimate of completion at this point is April-July 2019 (depending on weather and order of construction) for a very favorable spring/summer leasing season.
Based on
Click below to download a complete marketing package with financials, floorplans, and more.