Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2014
Building Area
Land Area
Number of units 240

Property Description

Sunrise Briar Forest is a Class A multi-housing community in highly livable West Houston. The low-density community spans more than 10 prime acres in the Energy Corridor with enviable visibility, accessibility, and excellent area amenities. It is positioned for strong cash flows and long-term value appreciation. Sunrise Briar Forest is available on an All Cash basis.

Investment Highlights

  • Below replacement cost
  • 2014 construction, garden-style with open surface parking
  • 94% occupied and 92% average occupancy since stabilization
  • Current rents on rent roll are only 23% of average resident income
  • Closest two properties have 9.9% higher rents
  • Return to peak rent opportunity
  • Private yard addition to select units would boost other income
  • Waking distance to parks, grocery-anchored shopping, and all zoned schools
  • One of only 6 communities in submarket zoned to #5 elementary school in Houston ISD
  • #6 highest rental rates in Houston outside Central Houston
  • Zero new multi-housing supply and significant premium to own in submarket
  • Affluent area demographics - $123,011 average household income and $426,416 median housing value
  • Energy Corridor (300+ companies, 107K+ jobs) proximity
  • Only 9% energy exposure on current rent roll
  • 4 of top 10 major employers in Energy Corridor non-energy related
  • Permanent need for housing in area with 9X more jobs than housing units
Last Updated Date: 20 Oct 2020
Todd Marix
Todd Marix
Senior Managing Director, Capital Markets
License details
TX-390880
Chris Curry
Chris Curry
Senior Managing Director, Capital Markets
License details
TX-0566750

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Last Updated Date: 20 Oct 2020

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