Multi-Housing

Life at Emerald Oaks

7440 Tx-6 Hitchcock, Texas United States 77563
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 2001
Building Area
Land Area
Number of units 160

Property Description

The Life at Emerald Oaks is garden-style, low-density multi-housing community in Hitchcock, Texas and is centrally positioned between Houston and Galveston with 20-minute commutes to both destinations. The 2001 vintage, 160-unit asset is immaculate, well-maintained and primed for growth in a barriers-to-entry submarket. It offers a natural pathway to significantly raise income due to the ability to increase rents on legacy LIHTC units that are transitioning market-rate, the continuation of value-add interior renovations and the opportunity boost other income with utility reimbursements and monetization of garage rentals on the converted units. The Life at Emerald Oaks is available on an All Cash basis.

Investment Highlights

  • Well-maintained, low-density garden-style community with abundant greenspace
  • Strategic unit mix for suburban location with 70% 2B and 3B units
  • 94% average occupancy since 2015
  • 160 detached garages available (1:1 ratio with units)
  • Exiting LIHTC program, completed the Qualified Contract (QC) program, and will complete decontrol period in December 2021
  • 40% of units will be available to convert to market-rate units at end of decontrol period
  • Income-restricted units currently average $220/month lower rents than market-rate units
  • Can add additional revenue with RUBS and garage income on converted units
  • Zoning restrictions in Hitchcock, limited Class A supply in submarket, and no new construction
  • Class A rents have increased 37% since 2015 in submarket
  • #4 ranked submarket in Houston MSA (out of 42) for overall performance, including 10.7% rental rate growth over the past 3 months (annualized)
  • Well-located locally with visibility and accessibility to Hwy 6, primary local thoroughfare with expedient access to local employers, schools and parks
Last Updated Date: 29 Sep 2020
Christopher Young
Christopher Young
Senior Director, Capital Markets
License details
TX-630674
Joey Rippel
Joey Rippel
Senior Director, Capital Markets
License details
TX-654288

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Last Updated Date: 29 Sep 2020

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