TRAILS OF WOODLAKE.xlsm

Transcription

Trails of Woodlake
2222 Westerland
Houston, TX 77063
Key Map:
490T
RECENT FORECLOSURE FINANCIAL INFORMATION
Asking Price:
Price / Unit:
Price / SF:
Seller's Equity
$10,000,000
$40,984
$31.29
$10,000,000
Property is condo converted,
therefore, the units could be sold off
individually
PROPERTY INFORMATION
Units:
Avg Size:
244
1310
1972
Date Built:
"E" Mtr/"W" Mtr: Indiv. / Wtr. "RUBS"
Roof:
Composition / Pitched
Land (Acres) Per HCAD:
17.18
319,582
Rentable Sq Ft:
PRO FORMA TOTAL COLLECTIONS (Approximately 89% Occupied)
Offered "all cash" the buyer is to obtain new financing. ~ "B" Grade
Avg-Mth.
Coll.
Oct 2010
2009 Avg
$178,906
$195,321
Property Highlights
1. Offered "all cash" buyer to obtain new financing.
2. "B‐" Grade Property located in a B+ Grade rental market area.
3. The possibility of individual unit sales exists as the property is already condo
converted. There are 267 total units of which 23 have been sold to individuals
(see page 13 for specific units ).
4. Good upside potential in the rents and collections.
5. Washer and Dryer Connections in all units.
6. Located in the Woodlake area of west Houston. It is approx. 3.2 miles from
the Memorial City Mall and the Memorial Hermann Hospital Complex,
approximately 2 miles from the Westchase District of Houston, approximately 7
miles to the IH‐10 Energy Corridor as well as an 11 mile commute to downtown
Houston.
7. There is an HOA in place which covers the water/sewer, vacant electric and
house lights, and common area maintenance, exterior building and common
area insurance, gas.( this will need to be verified during due diligence).
Please do not visit the property witout an appointment .
Property ~ in a B+ market area. The property is condo converted,
therefore, the units could be sold off individually. The community is
approx. 89% occupied. The Trails of Woodlake apartment community is
located in the Woodlake area of west Houston. Its location places its
residents within minutes of the Memorial City Shopping Mall, City Centre
Shopping and dining, the Energy Corridor, Loop 610, Galleria and
multitudes of businesses and dining along the I‐10,Beltway 8 and Hwy 59
corridors. The property is located approximately 1.52 miles inside
Beltway 8 in west Houston, approximately 3 miles south of I‐10, 1.5 miles
north of Westpark and 1/2 a mile fromPiney Point Rd. The property has
good cross‐town access via all the above mention transportation arteries.
UNIT MIX (Rents as of October 2010)
#Units
Type
60
29
25
30
30
41
29
244
1‐1
2‐2
2‐2
2‐2.5
2‐2.5
3‐2.5
3‐2.5
total units
Trails of Woodlake
Rent
Per SF
Notes
SF/Unit
Total SF
Rent
Total Rent
TH
TH
TH
TH
89%
807
1,114
1,154
1,282
1,568
1,690
1,904
1,310
48,420
32,306
28,850
38,460
47,040
69,290
55,216
319,582
$725
$885
$895
$960
$1,105
$1,220
$1,405
$1,001
$43,500
$25,665
$22,375
$28,800
$33,150
$50,020
$40,745
$244,255
$0.90
$0.79
$0.78
$0.75
$0.70
$0.72
$0.74
$0.764
Occ.
avg sf
total/sf
avg rent
total rent
avg$/sf
FP = Fireplace, TH = Townhome, WD = Washer and Dryers
Unit Mix Stats
22%
24%
By Unit Type
25%
1‐1
2‐2
By Sq. Ft.
25%
12%
29%
2‐2.5
3‐2.5
12% 10%
12%
807
1,568
12%
17%
1,114
1,690
1,154
1,904
1,282
UNIT AMENITIES (Features vary by Individual Floor Plan)
Directions from Downtown Houston: Take 59 S., travel 6.8 miles, take the
Chimney Rock Rd. exit, travel 0.2 miles, turn right onto Chimney Rock Rd., travel 0.8
miles, turn left onto Westheimer Rd., travel 3.3 miles, turn right onto Westerland Dr.,
travel 0.2 miles, the property is on the left.
Frost Free Refrig., Pantry, Dishwasher, Standard appliance package,
Ice Maker, Private Patio/Balcony, Mini‐blinds, Spacious Walk‐In Closets, Personal Outside Storage, Full Size W/D Connections in all units, Wood Burning Fire Place, Built in Book Shelves, Ceramic Tile, Microwave, Self Clean Ovens, Separate Dining Rooms, Eating Bars
Page 2 of 17
Good Value Add Potential
Trails of Woodlake
2222 Westerland
Houston, TX 77063
Recent Foreclosure - there is no current operating data available. The actual data used below
is from the prior owner and the current owner does not warrant its accuracy.
Physical Information
Financial Information
Number of Units
244
Avg Unit Size (SF)
1310
Net Rentable Area 319,582
Land Area {Acres}
17.18
Units per Acre
14.2
Date Built
1972
e‐Met
Individual
w‐Meter
Master "RUBS"
Roof Style
Individual
HVAC System
Asking Price
$10,000,000
Est. Per Unit Price
$40,984
Est. Per SF Price
$31.29
$2,000
Est. Rehab/Upgrades/Unit
$488,000
Total Est. Rehab
$10,488,000
Asking Price + Rehab
EST. BUYER'S EQUITY REQUIREMENTS
Est. Down Pmt. On Ask Price
30%
Est. Down Pmt. With Upgrades 33%
INCOME
$3,000,000
$3,488,000
Estimated New Loan Parameters
Lender
To Be Determind
5.25%
Est. Interest Rate
$7,000,000
Est. New Loan Amount:
$38,654
Est. Mthly. P & I :
$463,851
Yearly Debt Serv:
360
Amortizing (months) :
10 Years
Term:
$300
Est. Reserve/Unit :
6.63%
Est. Loan Constant:
The estimated loan parameters are after stabilization of the property
Operating Information
Curr Mkt Rent {Sep‐10}
$244,255
Rents Used on Pro Forma
$244,255
Collections {2009 Avg}
$195,321
Collections Used {Oct 2010}
$178,906
Phy. Occ. 89%
Est. Ins per Unit per Yr
$400
Property Tax Information
2009 Rate / $100 of Value
2.52370
2010 Tax Assmt
$9,500,738
$9,500,738
Post sale Tax Assessment is
Estimated at {95%} of the Asking Price
Modified Actuals
STABILIZED PRO FORMA (1 YR OUT)
Income is Oct 2010 annualized
Expenses are ACTUAL 2009
except where noted
Income is Estimated,
Expenses are Pro Forma
except where noted.
2,931,060
(29,311)
2,901,749
(205,174)
(234,485)
2,462,090
73,200
2,535,290
Current Market Rent with a {0%} Rent Increase which equates to an avg rent of {$1001}/U or {.764}/SF
Loss to Lease {1.0% } of Total Street Rent‐Estimated
Estimated Gross Potential Income Vacancy Estimated at {7.0%}
Credit/Concess/Admin/Other Rental Losses Estimated at {8.0%}
2,076,464 {71%} of Current Rents
Total Rental Income {Estimated}
70,407 $289 / Unit / Yr
Other Income
2,146,871 $178,906 / Mo
Total Income
EXPENSE
Fixed Expenses
Taxes
Insurance
Total Fixed Expense
Modified Actuals
Estimated
Fixed Expenses
Fixed Expenses
$239,770 $983 per Unit
$32,371 $133 per Unit
2010 Assmt and 2009 Rate $239,770 $983 per Unit
Interiors Only
$37,000 $152 per Unit
272,141 $1,115 / Unit
Utilities
Electric
$20,715
$0
Gas Expense (Is in the HOA)
Trash Exp
$0
Water Exp
$0
Water Reimbursement (244 Units Only) ($72,053)
Total Utilities
Other Expenses
General & Admin HOA Dues for all units*
Advertising/Marketing
Repairs & Maintenance
Labor Costs
Contract Services
Management Fees
Total Other Expense
Total Operating Expense
Reserve for Replacement Estimated
Total Expense
Net Operating Income
Utilities
$86 per Unit
$ per Unit
$ per Unit
$ per Unit
$295 per Unit
$244,255 / Mo
1.0%
99.0%
7.0%
8.0%
{84%} of Pro Forma Rents
$300 / Unit / Yr
$211,274 / Mo
Pro Forma Assmt. and 2009 Rate
Estimated Interiors Only
276,770 $1,134 / Unit
Estimated Utilities
In the HOA
In the HOA
In the HOA
Water Exp. is in HOA
(51,338) $210 / Unit
Other Expenses
$37,938 $155 per Unit
See Notes Below*
$632,280 $2,591 per Unit
$44,156 $181 per Unit
$75,145 $308 per Unit
$273,240 $1,120 per Unit
$4,878
$20 per Unit
$83,940 3.9% $344 per Unit Based on Income above
1,151,577 $4,720 / Unit
1,372,380 $5,625 / Unit
$21,000
$0
$0
$0
($72,053)
$86 per Unit
$ per Unit
$ per Unit
$ per Unit
$295 per Unit
Estimated Other Expenses
$36,600 $150 per Unit
$632,280 $2,591 per Unit
$43,920 $180 per Unit
`
$85,400 $350 per Unit
$274,500 $1,125 per Unit
$6,100 $25 per Unit
$88,735 3.50% $364 per U Based on Income above
1,167,535 $4,785 / Unit
1,393,252 $5,710 / Unit
73,200 $300 / Unit
1,445,580 $5,925 / Unit
701,291 $2,874 / Unit
In the HOA
In the HOA
In the HOA
Water Exp is in the HOA Dues
(51,053) ‐$209 / Unit
73,200 $300 / Unit
1,466,452 $6,010 / Unit
1,068,838 $4,380 / Unit
Asking Price / Asking Price + Rehab
10,000,000
10,488,000
Cap Rate Debt
Equity Debt Service ( P & I )
Cash Flow before Amoritization
Cash on Cash
7.0%
$7,000,000
$3,000,000
(463,851)
$237,440
7.9%
10.2%
$7,000,000
3,488,000 Incl Upgrades
(463,851)
$604,987
17.3%
NOTES ON ACTUALS:
Income is Oct 2010 annualized, Expenses are ACTUAL 2009 ,except where noted, *HOA pays for Water/Sewer, Gas, Electric Common Area and
Vacants, Grounds Maintenance, Building and Common Area Insurance, and Trash Removal. The expense line items are not shown for these expenses
only the amount paid into the HOA that covers them is shown. Items included in the HOA should be verified during due diligence.
NOTES ON PRO FORMA:
Income is Estimated, Expenses are Pro Forma except where noted.
Page 3 of 17
Potential Stabilized Value
Trails of Woodlake
Property Information
Number of Units:
Date of Construction:
Roofs:
244
1972
0
Approximate Net Rentable Area:
Average Unit Size:
Current Monthly Market Rent:
319,582
1,310
$244,255 $1,001 / Unit $.764 / SF
HVAC System:
Metering:
Electric
Individual
Individual
Post Rehab Stabilized Rents Used:
Est. Rehab Needed :
$244,255 $1,001 / Unit $.764 / SF
$488,000 $2,000 / Unit
2.5237
Water
Master "RUBS"
2010 Tax Assmt
$9,500,738
89%
Post Sale Assessment Used:
$9,500,738
Est. Current Occupancy:
STABILIZED PRO FORMA
Income
Current Market Rent with an approximate {0%} Rent Increase (Post Rehab)
Gain/(Loss) to Lease
2,931,060
(29,311)
244,255
1%
Vacancy, Credit and other Losses
Credit/Concess/Admin/Other Rental Losses Estimated at {8.0%}
Total Rental Income
(205,174)
(234,485)
2,462,090
7%
8.0%
84%
Total Other Income
Total Estimated Gross Annual Income
73,200 $300 / Unit
2,535,290 $211,274 / Mth
Expenses
Fixed Expenses
Property Taxes (taxes are at 2010 Rate and 2009 assessment)
Insurance
Total Fixed Expenses
Management Fee (Pro Forma is Estimated @ {3.50%}
Payroll plus Burden
Utilities (Water, Electricity)
Repairs, Maintenance and Make Ready
Marketing
Contract Services (Landscaping, Pest Control, Refuse Removal)
General and Administrative Costs
HOA Dues
Estimated Reserve for Replacement
239,770 Pro Forma
37,000 Est.
276,770
88,735
274,500
(51,053)
85,400
43,920
6,100
36,600
632,280
73,200
Total Expenses ~ (average Unit size is {1310} Sq. Ft.)
$983 / Unit
$152 / Unit
$1,134 / Unit
$364 / Unit
$1,125 / Unit
-$209 / Unit
$350 / Unit
$180 / Unit
$25 / Unit
$150 / Unit
$2,591 / Unit
$300 / Unit
1,466,452 $6,010 / Unit
$4.59 / SF
Estimated Stabilized Net Operating Income
$1,068,838
Estimated Potential Value Based on a Stabilized NOI of $1,068,838
Cap Rate
8.25%
8.50%
8.75%
Value Generated
$53,097 / U $40.54 / SF
$12,955,615
$51,535 / U $39.35 / SF
$12,574,567
$50,063 / U $38.22 / SF
$12,215,294
Page 4 of 17
Internal Rate of Return Analysis
Trails of Woodlake
UNITS
SQ FT
Avg Unit Size
Original Sales Price (At Asking Price) $ 10,000,000
Rehab @ {$2,000} a Unit $
488,000
"All In" Cost
$ 10,488,000
Yr 1 includes
a {0%} Rent
Increase
MONTHLY
Year 1
244
319,582
1310
Year 1
Year 2
Year 4
Year 5
Potential Income
Other Income
$244,255
$6,100
$2,931,060
$73,200
$3,018,992
$75,396
$3,109,562
$77,658
$3,202,848
$79,988
$3,298,934
$82,387
GROSS INCOME
$250,355
$3,004,260
$3,094,388
$3,187,219
$3,282,836
$3,381,321
($468,970)
16%
$2,535,290
($483,039)
16%
$2,611,349
($497,530)
16%
$2,689,690
($512,456)
16%
$2,770,380
($527,829)
16%
$2,853,492
($1,393,252)
$5,710
($73,200)
($1,435,050)
$5,881
($73,200)
($1,478,101)
$6,058
($73,200)
($1,522,444)
$6,240
($73,200)
($1,568,118)
$6,427
($73,200)
($1,466,452)
$6,010
($1,508,250)
$6,181
($1,551,301)
$6,358
($1,595,644)
$6,540
($1,641,318)
$6,727
$1,068,838
$1,103,099
$1,138,388
$1,174,736
$1,212,174
(463,851) $
Amort
$604,987
$98,704
$703,691
(463,851) $
Amort
$639,248
$104,012
$743,260
(463,851) $
Amort
$710,885
$115,501
$826,386
(463,851)
Amort
$748,323
$121,713
$870,036
INCOME
VAC./OTHER LOSSES
Rate Used for Vacancy/Other Losses
EFFECTIVE GROSS INCOME
EXPENSES
Operating Expenses
Expenses/Unit
Reserve for Replacement @ {$300} per unit
TOTAL EXPENSES
Total Expenses/Unit
NET OPERATING INCOME
DEBT SERVICE
$
ANNUAL CASH FLOW
Amortization Estimated
ANNUAL CASH FLOW INCLUDING AMORTIZATION
Year 3
(463,851) $
Amort
$674,537
$109,606
$784,143
Debt Service Assumptions Used
$10,488,000
"All In" Cost
33%
% Down of "All In" Cost
$7,000,000
Est. New Loan Amt
$3,488,000
CASH EQUITY
5.25%
Est. Interest Rate
($463,851)
Annual Debt Service
21.31%
22.48%
23.69%
24.94%
CASH ON CASH RETURN
20.17%
Assumptions taken for this Analysis are; Income was increased at 3% per year from year one and Expenses were increased at 3% per year from
year one. Debt Service was calculated using the information in the Debt Service box above.
Future Sales Price
$14,260,871
Cap
8.50%
INVESTMENT AND INTERNAL RATE OF RETURN SUMMARY
5th Year NOI
$1,212,174
YEAR 1
YEAR 2
YEAR 3
YEAR 4
YEAR 5
LEVERAGED
Cash Equity
Annual Cash Flow (Includes Amortization)
Net Proceeds from Sale (96% of the Sales Proceeds)
Total Cash Flow
Total Discounted Cash In-flow {Rate Used is 9%}
($3,488,000)
$0
$0
($3,488,000)
$0
$703,691
0
$703,691
$645,588
$0
$743,260
0
$743,260
$625,587
$0
$784,143
0
$784,143
$605,503
$0
$826,386
0
$826,386
$585,433
$0
$870,036
$6,690,437
$7,560,472
$4,913,788
$0
$1,138,388
0
$1,138,388
$879,045
$0
$1,174,736
0
$1,174,736
$832,213
$0
$1,212,174
$13,690,437
$14,902,611
$9,685,674
5TH YEAR SALE ~ LEVERAGED INTERNAL RATE OF RETURN IS {31.71%}
UNLEVERAGED
Cash Equity
Annual Cash Flow (Without Debt Service)
Net Proceeds from Sale (96% of the Sales Proceeds)
Total Cash Flow
Total Discounted Cash In-flow {Rate Used is 9%}
($10,488,000)
$0
$0
($10,488,000)
$0
$1,068,838
0
$1,068,838
$980,586
$0
$1,103,099
0
$1,103,099
$928,457
5TH YEAR SALE ~ UNLEVERAGED INTERNAL RATE OF RETURN IS {15.27%}
Discount Rate Used is {9%}
Total Discounted Cash Flow (LEVERAGED)
Original Investment
Total Discounted Cash Flow (UNLEVERAGED)
Original Investment
$7,375,899
$3,488,000
Leveraged
$13,305,974 Unleveraged
$10,488,000
Page 5 of 17
Yr. 5 Sales Summary
Cash Equity Sales Proceeds 5th Yr Cash Flow
$3,488,000
$6,690,437
$870,036
$10,488,000
$13,690,437
$1,212,174
IRR
31.71%
15.27%
Trails of Woodlake
2222 Westerland
Houston, TX 77063
490T
Key Map:
STONEY BROOK ~ Stabilized at sale ~
● Sold Date:
● Avg Sq. Ft. Unit:
● Sales Price:
1203
$5,000,000
● Price Per Unit:
$44,248
● Price Per SF:
$36.77
CONSTITUTION SQ ~ Almost Stabilized at sale ~
● Sold Date:
● Sales Price:
Dec‐09
730
$2,700,000
● Price Per Unit:
$34,177
● Price Per SF:
$46.83
FAIRFIELD CREEK ~ Stabilized at sale ~
● Sold Date:
● Sales Price:
Jul‐09
781
$27,000,000
● Price Per Unit:
$38,793
● Price Per SF:
$49.68
CRYSTAL FALLS ~ Stabilized at sale ~
● Sold Date:
● Sales Price:
<>
Jan‐10
Jul‐09
710
$6,500,000
● Price Per Unit:
$39,394
● Price Per SF:
$55.48
CAMDEN WEST OAKS ~ Stabilized at sale ~
● Sold Date:
Jun‐09
Apartment Sales Comparables
726
Property Number
● Sales Price:
<>
$28,000,000
● Price Per Unit:
$41,729
● Price Per SF:
$57.49
LENOX ~ Stabilized at sale ~
● Sold Date:
● Sales Price:
Jul‐09
725
$7,700,000
● Price Per Unit:
$46,951
● Price Per SF:
$64.77
Sold
STONEY BROOK
Jan‐10
Stabilized
CONSTITUTION SQ
Dec‐09
Almost Stabilized
FAIRFIELD CREEK
Jul‐09
Stabilized
CRYSTAL FALLS
Jul‐09
Stabilized
CAMDEN WEST OAKS
Jun‐09
Stabilized
LENOX
Jul‐09
Stabilized
Ttl/Average Comps
Trails of Woodlake Page 6 of 17
Total SF Avg/SF
Price
Pr./U
Blt.
#/U
135,972 1,203
$5,000,000
$44,248
$36.77 1972
113
57,651
730
$2,700,000
$34,177
$46.83 1972
79
543,516
781
$27,000,000 $38,793
$49.68 1982
696
117,154
710
$6,500,000
$39,394
$55.48 1984
165
487,036
726
$28,000,000
$41,729
$57.49 1982
671
118,880
725
$7,700,000
$46,951
$64.77 1972
164
$12,816,667 $40,882
$50.32 1977
315
$10,000,000
$31.29 1972
244
812
319,582 1,310
$40,984
Pr./SF
Competitive Properties within a 1 mile radius
Address
Project
Dist From Subj.
Yr. Built
Units
SF/Unit
1
0.1
0.8
0.4
0.9
0.4
0.8
0.9
0.6
0.4
1978
1973
1978
1976
1977
1972
1974
1968
1977
1973
1975
258
564
142
131
240
222
144
504
270
511
2986
244
14340
233982
895
826
967
1093
880
1035
923
832
935
1203
959
1310
818
838
Madison Park of Westchase
9851 Meadowglen
9545 Ella Lee Ln
Park at Woodlake, The
2901 Elmside
Pathway, The
Quadrangle of Woodlake, The 2021 S Gessner
3030 Elmside
Stonecrossing of Westchase
Sunblossom at Woodlake
2200 S. Gessner
Victoria Place
8740 Westheimer
2501 Lazy Hollow Dr
Westpoint/Creekside
Woodchase
2900 S Gessner
9449 Briar Forest
Woodlake on the Bayou
Rent Comp Ttls / Averages
Trails of Woodlake Submarket Averages "B" Properties
Houston "B" Market Averages
1972
Rent/Unit Rent/SF
$724
$631
$825
$877
$738
$911
$757
$851
$712
$943
$808
$1,001
$633
$682
$0.81
$0.78
$0.86
$0.82
$0.85
$0.89
$0.82
$1.03
$0.77
$0.80
$0.84
$0.76
$0.79
$0.83
Occ..
95.00%
87.00%
93.60%
85.00%
91.00%
87.00%
89.60%
91.00%
87.00%
94.00%
90.02%
89.00%
82.42%
87.10%
$682 $633 Houston "B" Market Averages
Submarket Averages "B" Properties
Rent Comp Averages
$808 SUBJECT
Trials of Woodlake
Quadrangle of Woodlake, The
Westpoint/Creekside
Pathway, The
Victoria Place
Woodchase
$1,001 $943 $911 $877 $851 $825 Rent Comparison Chart {Rent / Unit}
$757 $738 $724 $712 $631 $0
$200
$400
$600
$800
$1,200
$0.83 $0.79 $0.84 Houston "B" Market Averages
Submarket Averages "B" Properties
Rent Comp Averages
$1.03 Westpoint/Creekside
Pathway, The
Victoria Place
Quadrangle of Woodlake, The
Woodchase
Trials of Woodlake
$0.10
$1,000
$0.89 $0.86 $0.85 $0.82 $0.82 $0.81 $0.80 $0.78 $0.77 $0.76 SUBJECT
$0.20
$0.30
$0.40
$0.50
$0.60
Page 7 of 17
$0.70
$0.80
$0.90
$1.00
Rent Comparison Chart {Rent / SF}
PROPERTY AMENITIES
Trails of Woodlake
2222 Westerland
Houston, TX 77063
Key Map:
490T
Property Amenities ~ Social Activities, Park & Ride Nearby, Playground, School Bus
Pick‐up, Laundry Room, Perimeter Fence, Fitness Center, Club House, 3 Pools, Gated
Community with Controlled Access Gates, Near I‐10 Energy Corridor, the Katy Freeway
(IH‐10), Beltway 8, Hwy 59, Many TH Units, Assigned Covered Parking, Major
employment areas in close proximity as well as dining and shopping.
Good Upside Potential
with Stabilization
PROPERTY TAX INFOR.
HCAD NO.
Numerous Cad #'s
Rate/$100
Taxing Authority
0.61967
Harris County
0.63875
City Of Houston
0.01636
Port of Houston Authority
Houston Community Coll
0.09222
1.15670
Houston ISD
2010 Tax Assmt
2010 Approx. Total Tax
AREA INFORMATION
$2.5237
$9,500,738
$239,770
CONSTRUCTION
Age:
Elec Meter:
HVAC:
Water Meter:
Access Gates:
Roof:
Copper
Wiring:
1972
Hardi Plank/Brick/Stucco
Materials:
Individual
2&3
# of Stories:
Individual
Open / Covered / Parking Garage
Parking:
Master "RUBS"
34
# Buildings:
Yes
Composition / Pitched Units/Acre:
14.20
AERIAL ~ Trails of Woodlake
Trails of Woodlake is conveniently located on Westerland between Piney Point Rd
and S. Gessner in the desirable Woodlake area of Greater West Houston. It is
roughly bordered by IH‐10 to the north, Beltway 8 to the west, IH 59 to the south
and 610 Loop to the east. The area has excellent cross town access via all the
above mentioned major transportation arteries. Greater West Houston, an area of
approximately 1000 square miles in Houston's western suburbs, is one of Texas
fastest growing communities. It is characterized by large master planned suburban
communities and more urban‐styled living environments. Greater West Houston is
a burgeoning population and job growth region centered on 3 key regional activity
centers‐‐Memorial City, Energy Corridor and Westchase. Major retailing centers are
Katy Mills Mall, Town & Country Village, City Centre, Memorial City Mall and
Willowbrook Mall. Population of Greater West Houston in 2005 was 1.16 million
and employment was 521,000 according to the Houston Galveston Regional
Council. By 2035, population will reach 1.83 and employment will reach 770,000.
I‐10 Energy Corridor ~ approx. 7 miles northwest of the property, Strategically
located along IH 10 midway between Beltway 8 and the Grand Parkway, the Energy
Corridor is home to multi‐national and local growth‐oriented companies. This
corridor consists of a broad range of companies, from energy to healthcare,
engineering, and financial services. Currently, the Energy Corridor is the fourth
largest employment center in the region with more than 73,000 employees.
City Centre ~ approx. 3 miles northwest of the property, Houston's hip new Mecca
for hot retail, upscale dining, luxurious living and much more. This exciting new 37
acre mixed‐use urban development, conveniently located in West Houston at I‐
10W and Beltway 8 in the Memorial Villages area, is destined to become one of
Houston's iconic centers.
The Westchase District ~ approximately 2 miles southwest of the property, covers
4.2 square miles (2,700 acres) and is one of Houston's premier business addresses.
The District employs more than 56,000 people.
2009 DEMOGRAPHICS - Geography - 3 Mile Radius
Estimated Population 2010
1 Mile Radius - 19,592
3 Mile Radius - 179,611
Black, 11.8%
Asian, 11.2%
2010 Housing Units
Total Housing Units: 97,103
28,880
Occupied: 83,799
24,605
Owner Occupied: 26,023
13,920
Renter Occupied: 57,776
10,685
Vacant Units: 13,304
4,275
Estimated Average Income 1 Mile Radius
Avg. Income Subject: $96,364
Other, 12.0%
Ethnicity within a
3 Mile Radius
Multi-Race, 4.3%
White, 60.8%
Page 8 of 17
Avg Income
3 MileHouston:
Radius -$66,921
$89,697
Avg. Income
Avg Income Houston - $71,127
2010 Est. Hispanic Ethnicity
3 Mile Radius
Of Hispanic Ethnicity
37%
Not Hispanic
63%
Trails of Woodlake
2222 Westerland
Houston, TX 77063
490T
Key Map:
Area and Regional Economic Information
Houston and Its Economy: According to Forbes Magazine, Joel Kotkin,
distinguished in urban futures at Chapman University, states that, if you
want to see successful 21st‐century urbanism, go to Houston and the
Lone Star State. Houston added 141,000 residents, more than any
region in the U.S. save the city's similarly sprawling rival, Dallas‐Fort
Worth. Over the past decade Houston's population has grown by 24%‐‐
five times the rate of San Francisco, Boston and New York. In that time
it has attracted 244,000 new residents from other parts of the U.S.,
while older cities experienced high rates of out‐migration.
It is even catching up on foreign immigration, enjoying a rate comparable
with New York's and roughly 50% higher than that of Boston or Chicago.
What Houston has that these other cities lack is opportunity. Between
2000 and 2009 Houston's employment grew by 260,000. Greater New
York City‐‐with nearly three times the population of Houston‐‐has added
only 96,000 jobs. The Chicago area has lost 258,000 jobs, San Francisco
lost 217,000, Los Angeles lost 168,000 and Boston lost 100,004.
Other large cities talk about jobs, but by keeping taxes, fees and
regulatory barriers high they discourage the creation of jobs, at least in
the private sector. A business in San Francisco or Los Angeles never
knows what bizarre new cost will be imposed by city hall. In New York or
Boston you can thrive as a nonprofit executive, high‐end consultant or
financier, but if you are the owner of a business that wants to grow
you're out of luck. In Houston and the state of Texas these barriers are
reduced substantially in favor of small business.
The Texas economy is smoking. Since the collapse of the housing bubble
Houston has outperformed Sunbelt counterparts like Phoenix, Las Vegas
and Los Angeles. A big factor has been that manufacturing, professional
services, international trade and technology industries have been the
primary drivers of the city's economic growth‐‐rather than construction
and speculation. Ironically, this has increased home values. Since 2007
prices of homes in Houston have ticked slightly higher, while those in Las
Vegas, Phoenix, Los Angeles and the Bay Area each are down by more
than 35%.
Houston has considerably expanded its white‐collar workforce.
According to the Praxis Strategy Group, Houston's ranks of college‐
educated residents grew 13% between 2005 and 2008. That's about on
par with "creative class" capital Portland, Ore. and more than twice the
rate for New York, San Francisco or Los Angeles.
Houston's biggest advantage is ambition. Texas urbanites are busy
constructing new suburban town centers, reviving inner‐city
neighborhoods and expanding museums, recreational areas and other
amenities. In contrast with recession‐battered places like Phoenix,
Houston remains remarkably open to legal migrants from the rest of
America and abroad.
Trails of Woodlake is located in the Woodlake area of west Houston. The
neighborhood is boarded by Briar Forest Dr. to the north, Westheimer Rd. to the
south, Piney Point Rd to the east and Gessner to the west. The area of Piney Point
Village borders the property to the east and the Briarforest area borders the
property to the west, Bunker Hill Village is to the north and Weschase District is to
the south. The Woodlake area has many established and well known
neighborhoods with home prices ranging from $200,000 to well in excess of
$1,000,000. The Memorial Hermann Memorial City Medical Center (located across
from Memorial City Mall) and Memorial City Mall are two major employers in the
area. Small to medium manufacturing facilities predominate with retail, restaurant
and the service industries provide other employment. The area is very convenient
to major employment centers in Houston such as the Galleria, the Downtown
Business District, Greenway Plaza, the Westchase Business District, the I‐10
business and Energy Corridor, City Centre, and the Memorial Herman and
Memorial City Mall complex as well as numerous retail venues up and down IH‐10,
Beltway 8, Westheimer and Loop 610. Properties within a three miles radius of the
subject are primarily B quality assets built in the '80's. According to O'Connor &
Associates, the overall occupancy for the comparable properties in the Woodlake
sub‐market is 90.02% and the average rents are reported as $.84 per sq. ft. both of
which are above the average for all of the Houston sub‐markets combined.
Page 9 of 17
Apartment Market Statistical
Overview - Summary
SubMarket of Houston: Alief
SubMarket of Houston: Alief
Nov-2010
Property / Unit Information
Total # Projects
Total # Units
Total # Units 0BR
Total # Units 1BR
Total # Units 2BR
Total # Units 3BR
Total # Units 4BR
Avg Units per Project
Avg SF
Total # Units Under Construction
Total # Units Proposed
A
4
1,182
N/A
3.00%
2.00%
0.20%
N/A
296
917
N/A
N/A
B
57
14,340
1.70%
32.30%
24.50%
4.50%
0.40%
252
818
N/A
N/A
C
29
6,927
N/A
12.10%
15.00%
3.90%
N/A
239
901
N/A
N/A
D
2
74
N/A
0.00%
0.20%
0.10%
N/A
37
1367
N/A
N/A
Overall
92
22,523
1.70%
47.40%
41.70%
8.80%
0.40%
245
851
N/A
N/A
Occupancy
Avg Physical Occupancy
Avg Pre-Leased Occupancy
A
B
C
D
92.44%
93.03%
82.42%
84.56%
85.30%
81.30%
96.68%
93.39%
A
$1.03
N/A
$1.08
$0.97
$1.04
N/A
$935
N/A
$806
$1,074
$1,464
N/A
B
$0.79
$0.96
$0.83
$0.75
$0.70
$0.70
$633
$463
$551
$713
$835
$837
C
$0.69
N/A
$0.74
$0.66
$0.63
N/A
$609
N/A
$507
$644
$799
N/A
D
$0.59
N/A
$0.75
$0.61
$0.54
N/A
$798
N/A
$527
$883
$750
N/A
Overall
$0.77
$0.96
$0.82
$0.73
$0.67
$0.70
$642
$463
$556
$707
$832
$837
A
0
-11
21
B
0
25
239
C
0
3
212
D
0
0
4
Overall
0
18
476
Overall
83.86%
84.07%
Rental Rates
Avg Market Rent/SF
Avg Market Rent/SF 0BR
Avg Market Rent/Unit
Avg Market Rent/Unit 0BR
Absorption (In Units)
Current Month-to-Date
Current Quarter-to-Date
Year-to-Date
Page 10 of 17
Apartment Market Statistical
Overview - Summary
Houston Rental Market
Market(s): Houston
Nov-2010
Property / Unit Information
Total # Projects
Total # Units
Total # Units 0BR
Total # Units 1BR
Total # Units 2BR
Total # Units 3BR
Total # Units 4BR
Avg Units per Project
Avg SF
Total # Units Under Construction
Total # Units Proposed
A
588
158,647
0.20%
14.30%
10.30%
1.30%
0.00%
270
954
2,358
2,799
B
1,103
233,982
1.00%
22.40%
17.20%
3.00%
0.30%
212
838
2,346
1,032
C
769
138,730
0.70%
12.40%
11.10%
1.90%
0.10%
180
826
N/A
157
D
152
20,338
0.00%
1.50%
1.90%
0.40%
0.00%
134
905
N/A
N/A
Overall
2,612
551,697
1.80%
50.60%
40.40%
6.60%
0.50%
211
868
4,704
3,988
Occupancy
Avg Physical Occupancy
Avg Pre-Leased Occupancy
A
B
C
D
91.34%
92.91%
87.10%
89.03%
82.32%
84.19%
83.95%
85.60%
86.99%
88.81%
A
$1.18
$1.53
$1.23
$1.11
$1.05
$0.98
$1,118
$849
$959
$1,279
$1,485
$1,740
B
$0.83
$1.06
$0.88
$0.79
$0.74
$0.64
$682
$483
$595
$761
$883
$856
C
$0.72
$0.93
$0.75
$0.69
$0.66
$0.69
$583
$428
$499
$644
$802
$932
D
$0.63
$0.83
$0.67
$0.61
$0.57
$0.62
$555
$413
$466
$586
$723
$779
Overall
$0.89
$1.04
$0.94
$0.83
$0.77
$0.66
$767
$492
$671
$853
$972
$893
A
0
311
11621
B
-2
276
2535
C
-2
-150
-559
D
0
14
-35
Overall
-5
451
13562
Overall
Rental Rates
Avg Market Rent/SF
Avg Market Rent/Unit
Absorption (In Units)
Current Month-to-Date
Current Quarter-to-Date
Year-to-Date
Page 11 of 17
Trails of Woodlake
Page 12 of 17
Trails of Woodlake
HOA Dues for the 23 Individually Owned Units *The property has an HOA in place .
The management is
reponsible for collection of the dues from the individually
owned units as well as the 244 units that are for sale. The
chart to the right depicts the Mthly dues charged to each
individually owned unit. The HOA on the property is
reponsible for the water/sewer, vacant electric and house
lights, common area maintenance, exterior building and
common area insurance and Gas. ( this will need to be
verified during due diligence)
The management RUBS water/sewer to the other 244
rented units and shows it as an offset to Utilities.
Page 13 of 17
*
Trails of Woodlake
Two Bedroom , Two Bath
1,154 Sq Ft
Two Bed, Two and One-Half Bath
1,282 Sq Ft
One Bed, One Bath
807 Sq Ft
Three Bed, Two and One-Half Bath
1,690 Sq Ft
Two Bed, Two and One-Half Bath
1,568 Sq Ft
Three Bed, Two and One-Half Bath
1,904 Sq Ft
Page 14 of 17
Trails of Woodlake
Page 15 of 17
Trails of Woodlake
Disclaimer:
While the floodplain data that is shown on the map is the same, this map is not an official effective FEMA Flood Insurance
Rate Map (FIRM).
This map is for informational purposes only. For an official flood zone determination please contact your insurance agent
or floodplain administrator.
Please visit the FEMA Map Store at http://msc.fema.gov to create a FIRMette which is an official FEMA FIRM.
Page 16 of 17
Trails of Woodlake
Page 17 of 17

TRAILS OF WOODLAKE.xlsm

Transcription

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