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

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 1979
Building Area
Land Area
Number of units 177

Property Description

Champions at Ponderosa is a well-located and accessible, garden-style multi-housing community in highly livable Northwest Houston. Current ownership spent more than $2 million in capital improvements to thoroughly address deferred maintenance and fully modernize the community. Their substantive efforts will greatly benefit new ownership with lower expenses and provide a more definitive path for revenue growth.


The successfully repositioned asset has a healthy balance sheet, steady occupancy, and stable cash flow with long-term rent growth and value appreciation potential. Champions at Ponderosa is available on an All Cash basis.

Investment Highlights

  • 98% current occupancy and 94% average since restabilization after renovations
  • 57% 2B and 3B units with opportunities to add private yards
  • Add washer/dryers to 69 units with connections for $40/month premium (+$33K additional annual income)
  • Effective rents have increased 15% since renovations
  • 15% higher rent levels have been consistently maintained over the last 12 months
  • Last 40 leases have averaged 3.7% higher rents than current rent roll average
  • Healthy rent gaps with Class A ($351) and Class B ($160) averages in submarket
  • Rent comparables are achieving 11% ($108/month) higher rents
  • Limited new supply submarket with 2.9% rent growth over the last 12 months and 6.0% rent growth over the last 3 months (annualized)
  • Projected rent growth average of 2.7% from 2021-2023 by Axiometrics and 3.2% by YardiMatrix
  • 68 Walk Score compared to Houston average of 49, a testament to the livability and accessibility of immediate area
  • Walking distance to Ponderosa Elementary School, grocery options, and METRO bus stop
  • Five minutes from regional medical hub, anchored by Houston Northwest Medical Center
Last Updated Date: 05 Oct 2020
Joey Rippel
Joey Rippel
Senior Director, Capital Markets
License details
TX-654288
Christopher Young
Christopher Young
Senior Director, Capital Markets
License details
TX-630674

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Last Updated Date: 05 Oct 2020

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