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The Montrose Portfolio

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The Montrose Portfolio THE MONTROSE 8 PORTFOLIO HOUSTON, TX 98 Units contacts & offer process presented by Investment Sales DEBT & STRUCTURED FINANCE BRETT BENTON RUSSELL JONES ADAM ALLEN DAVID SCHWARZ [email protected] [email protected] [email protected] [email protected] T 713-337-5800 T 713-425-5422 T 713-425-5433 T 713-337-5811 M 210-860-5515 M 832-541-1499 M 713-824-6066 M 713-412-9055 CARTER MIZELL MATT SAUNDERS TIP STRICKLAND PURVESH GOSALIA [email protected] [email protected] [email protected] [email protected] T 713-554-0133 T 713-554-1303 T 713-337-5810 T 713-300-7954 M 832-457-7843 M 281-300-1468 M 832-724-4288 M 313-570-5221 ZACH SPRINGER NEWMARK KNIGHT FRANK [email protected] 1700 Post Oak Blvd | 2 BLVD Place, Suite 400 T 713-425-5428 Houston, TX 77056 | T 713-599-1800 | F 713-599-1801 M 713-897-9670 offer process exclusive representation Newmark Knight Frank has been exclusively retained to represent the Seller in the disposition of THE MONTROSE 8 PORTFOLIO. All inquiries about the Offering or the Property should be directed to Newmark Knight Frank. offering process The Property is being offered on an “All Cash” or “Loan Assumption”basis to qualified purchasers. Prospective purchasers will have the opportunity to visit the Property through scheduled tours with Newmark Knight Frank. Please do not contact the on-site management directly. offer requirements Offers should be presented in the form of a non-binding Letter of Intent, and must include at least: » Asset Pricing » Due Diligence and Closing Time frame » Earnest Money Deposit » Description of Debt/Equity Structure » Qualifications to Close Purchase terms shall require cash to be paid at closing. Offers should be delivered to the attention of Brett Benton via email. financing For parties interested in receiving debt quotes, please contact our Capital Markets team, Adam Allen, Tip Strickland, David Schwarz or Purvesh Gosalia. Newmark Knight Frank facilitates agency, life company, bank, bridge, and mezzanine financing options. underwriting For questions regarding the underwriting presented in this offering memorandum please contact Carter Mizell at 713-554-0133 or [email protected]. property tours To accommodate the Property’s ongoing operations, Newmark Knight Frank requests 24-hour advance notice to schedule a tour. 2 table of contents DAVID SCHWARZ [email protected] T 713-337-5811 M 713-412-9055 PURVESH GOSALIA [email protected] T 713-300-7954 M 313-570-5221 NEWMARK KNIGHT FRANK 1700 Post Oak Blvd | 2 BLVD Place, Suite 400 Houston, TX 77056 | T 713-599-1800 | F 713-599-1801 pages pages pages 4-19 20-35 36-37 Executive Summary Property Summary Financial Analysis Investment Highlights Property Details Pro Forma pages pages 38-39 40-43 Market Overview Appendix Rent Comparables 3 executive summary NKF is pleased to represent the Seller in the disposition of The Montrose 8 Portfolio. With eight assets located in the heart of Montrose, it creates the opportunity for a future buyer to obtain top of the market boutique-style communities in one of Houston’s fastest growing centers. These eight properties have undergone a complete transformation from 2015-2018 and now sit atop the boutique apartment community boasting stainless steel appliances, premier countertops, tile backsplashes, shaker cabinets with pulls, SMART Home Systems, walk-in showers, updated light fixtures, remote controlled ceiling fans, and USB outlets. The Montrose submarket has experienced vast rent growth over the past several months including 9% over the last 6 months and 21% over the past 3 months, which is the highest of any submarket in the Houston MSA. The submarket is currently ranked the second hottest submarket in Houston by Apartment Data Services, with rents averaging $1.89, just shy of Downtown. Rents in the submarket are currently higher than most submarkets in Houston coupled with rent growth as high as 21%, suggests strong future rent and occupancy fundamentals for the Uptown/Montrose area. Montrose has been crowned Houston’s most desirable inner loop neighborhoods with a small town feel. Montrose features local cafes, restaurants, icehouses, live music venues along with timeless boutiques, galleries, and antique shops. The Montrose 8 portfolio consists of eight multifamily communities located amongst Westheimer and Montrose Boulevard, two of Houston’s major thoroughfares, which provides excellent walkability as well as transportation to Houston’s major employment centers. The irreplaceable location coupled with outstanding submarket rent growth presents a great opportunity for a future buyer to acquire eight fully renovated boutique communities in one of the hottest submarkets in Houston. 4 executive summary Central Business District | 158K Employees 45 SPUR 527 montrose blvd 3412 Graustark 400 Westmoreland 4321 Mt. Vernon 3414 Graustark 1423 Kipling dunlavy st westheimer rd 1717 Norfolk w alabama shepherd dr 2043 Sul Ross 2008 Colquitt richmond ave 1423 Kipling 3412 Graustark 3414 Graustark 2008 Colquitt 1717 Norfolk 2043 Sul Ross 400 Westmoreland 4321 Mt. Vernon Totals/Avgs Units 8 8 8 8 20 14 16 16 98 YOC 1965 1958 1965 1965 1953 1961 1965 1945 1960 Avg SF 800 722 659 950 570 820 678 511 683 Market Rents $1,313 $1,444 $1,434 $1,624 $1,334 $1,518 $1,431 $1,283 $1,407 Occupancy 100% 100% 100% 100% 95% 100% 100% 100% 99% All Cash or All Cash or All Cash or All Cash or Offering All Cash All Cash All Cash All Cash Assumption Assumption Assumption Assumption 5 INVESTMENT HIGHLIGHTS area map The Washington Corridor | Restaurants - Bars - Nightclubs Saint Arnold Bluefish Chatter’s Cafe & Bistro Molina’s Winston’s Darwin’s Theory Brewing Company Coco’s Absolve Wine Lounge Cafe Luxor Woodrow’s Heights Porch Swing Pub Taps Counter Burger Laurenzo’s Soma Sushi Hickory Hollow W Grill The Glass House AURA Zoe’s Kitchen Sawyer Park Washington Corridor Rebels Max’s Wine Dive Pearl Bar Ninja Ramen Les Givral’s Kahve University of St Elyusian Houston Ave Sawyer St Houston Downtown Spotts Park 10 Downtown Wortham Theater Main Street Area Retail Aquarium-Houston Lilly & Bloom Boots n Shoots Thai Cafe The Moonshiners Buffalo Bayou Market Square Memorial Dr Revention Music Center Line & Lariat Southern Table + Bar Park Park Roman’s Pizza Molly’s Pub Boomtown Coffee Main St Shay McElroy’s Irish Pub Hobby Center The Honeymoon Cafe & Bar Chipotle Mexican Grill Allen Pkwy The Pastry War Lone Star Taco Co Eleanor Tinsley Alley Theatre 1150 Wines The District Live Sports Bar & Grill Cafe Express Park 45 Prairie St Sam Houston The Commoner & The Flying Saucer Draught Park Boulevardier Emporium Whole Main St Foods W Dallas St Canal St Taft St Taft Montrose Blvd Montrose central business Minute Maid Park Waugh Dr district Rusk St 158,000 Employees GreenStreet River Oaks River Oaks Plaza montrose W Gray St Discovery Green Shopping Center Home Prices up to $3.2M BBVA Stadium Shepherd Dr Harrisburg Blvd Toyota Center River Oaks Shopping Center Warehouse Live Ann Taylor J. Jill Americas La Griglia George R. Brown Chico’s Jos. A. Bank Circa Lighting la Madeleine Convention Center Em & Lee Luke’s Locker Cafe Ginger Macaron by Patisse metrorail Events Talbots Oolong Art Paula Fridkin Designs Randalls GAP Barnes & Noble The Mad Potter Marble Slab Creamery Gymboree Bath Junkie Cafe Express Mia Bridal Couture Fairview St redline GreenStreet Forever 21 Cafe Bene House of Blues Hotel AlessandraPease St III Forks Steakhouse Pete’s Dueling Piano Bar Main St Studio Esperson Gallery PolkLucky St Strike Louisiana St McCormick & Schmick’s Make (Her) Boutique NRG Midtown Salata AT&T SportsNet Spencer Ogden Future Guadalajara Del Centro Mia Bella Trattoria Enertia Software 3412 Graustark Park Leeland St 3414 Graustark Whole Foods midtown Westheimer Rd Home Prices up to $1.3M 1423 Kipling Fannin St Midtown Retail Little Woodrow’s Midtown The Dogwood Brennan’s of Houston 2043 Sul Ross Crawford St Gloria’s Latin Cuisine Ricos Thein An Sandwiches Houston Weights + Measures JINYA Ramen Bar Phil & Derek’s W Alabama St Mai’s Emancipation DrLes Givral’s 3rd Floor The Menil University of 1717 Norfolk Community College The Breakfast Klub Pho Siagon Noodle House Wooster’s Garden Axelrad Beer Garden 13 celsius Howl at the Moon Collection St. Thomas Buffalo McGowen St 45 Soldiers Museum 4321 Mt. Vernon Richmond Ave Elgin St 2008 Colquitt Alabama St 400 Westmoreland 6 INVESTMENT HIGHLIGHTS EXTENSIVE INTERIOR RENOVATIONS COMPLETED - CONDO-QUALITY FINISHES Current ownership has completed extensive interior/exterior renovations and repositioned each property as a Class A+ boutique multifamily community with condo-quality finishes. Stainless Steel Appliances A new owner will benefit from zero deferred maintenance and the ability to continue pushing rents while maintaining a price point below new development in the area. The significant renovations completed also offer a new owner the ability to convert the units to condominiums. Interior Renovations Exterior Renovations • Stainless Steel Appliances • Siding Replacement • Granite/Quartz Countertops • Signage • Tile Backsplash • Roof Repairs/Replacement • Faux-Wood Flooring Throughout • Boiler Replacement Tile Backsplashes (including bedrooms) • PVC Plumbing • New Paneled Shaker Cabinets and • Copper Wiring Doors • HVAC Systems • 2’’ Blinds • Entrance/Exit Gates • Stand-Up Showers • Paint • Brushed Nickel Plumbing Fixtures • Modern Lighting Package • SMART Home Features • Washer/Dryer Units • Remote Controlled Ceiling Fans Stand-Up Showers Siding Replacement
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