Sale of Project

The Cottages at West 18th Street

915 West 18th street Houston TX 77008 (before re-plat)

Executive Summary:

The cottages at west 18th street is a 6 townhome development project in the Shady Acres neighborhood of the Houston Heights. Located just blocks from the Heights Historical District and some of the best restaurants and attractions in Houston, we are in a prime location for development and real estate appreciation. Pre-development, Architectural engineering, re-platting, and water lines have been completed. Two forms for the development have also been dug out and completed. Permits are active and this project is shovel ready for a developer/investor to bring the project to completion.

Project History

The Cottages at West 18th Street began as a cooperative and joint investment effort between Tarek & Seham LLC, the lead owner and investor, and Archi Group, the engineering firm and developer. After completing several successful projects in the Heights the partnership acquired 915 West 18th Street in 2015. Archi Group then completed architecture, engineering, design and predevelopment for the project. Just as the project was entering the development phase the lead architect and builder suddenly became ill and passed away shortly thereafter. The project was put on hold while ownership sourced a new partner to assume the role of Archi Group. We sourced HS Partners as architectural consultants and performed a value engineering exercise with them to maximize the square footage of the units without changing any footprints of the buildings. After some time, ownership decided it would be best to sell the project to an investor/developer who is better positioned to bring the project to completion. Permits are currently active and work may resume immediately.

All records, drawings, Autocad files, permits, and filings are the property of Tarek & Seham LLC, and will be made available to the buyer to study and review upon entering into a sales and purchase agreement.

The Heights has seen tremendous commercial and residential growth and activity since the beginning of 2018. Many commercial and mixed-use buildings are currently in construction and near completion. The Heights is emerging as a commercial district to rival the likes of the River Oaks shopping center, Rice Village, and City Centre.

Asking Price: $699,900

Neighborhood profile: (Information from the sources listed)

A popular historic district, The Heights is also one of the Hottest Inner Loop Neighborhoods for accessibility and real estate appreciation. Houston Heights homes are popular thanks to:

ACCESSIBILITY: Houston Heights is ranked amongst the Most “Walkable” Houston Neighborhoods. The Heights has over 450 Yelp-rated establishments, many just a few blocks from residential communities.

PARKS & TRAILS: The Heights is also one of the top communities in the state for “Fun Family Activities” with outdoor hotpots like Heights Hike and Bike Trail and White Oak Bayou Trail nearby.

GREAT COMMUTE: The Heights offers an excellent commute to downtown, Houston’s Inner Loop, Medical Center, Galleria and major Houston highways.

STRONG REAL ESTATE APPRECIATION: The Height’s real estate market has been one of the best performing Houston neighborhoods over the past one, five and ten-year periods.

EMERGING SCHOOLS: Harvard Elementary (with a school zoning map covering parts of the Heights) is ranked as highly as elementary schools in premier neighborhoods like Memorial, Tanglewood, Bellaire and West University.

STRONG COMMUNITY: The Houston Heights Association (HHA) is one of the most active communities in Houston. They maintain historic sites, enforce deed restrictions, run the constable program and plan fabulous activities like the Lights in the Heights tours.

HISTORIC HOMES: The Heights is one of the few neighborhoods in Houston that features a fantastic collection of well-preserved Victorian architecture. Navigating the Houston Heights real estate can be tricky with the deed restrictions, proximity to major thoroughfares (which can hurt resale), homes with choppy floor plans (which can hurt resale), and diversity of builders (some are far superior to others).

Houston Heights median real estate price is $604,156, which is more expensive than 97.1% of the neighborhoods in Texas and 89.7% of the neighborhoods in the U.S.

The average rental price in Houston Heights is currently $1,291, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 64.4% of the neighborhoods in Texas.

Houston Heights is an urban neighborhood (based on population density) located in Houston, Texas.

Houston Heights real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Houston Heights neighborhood are relatively historic, built no later than 1939, and in some cases, quite a bit earlier. A number of residences were also built between 1940 and 1969.

NOTABLE & UNIQUE NEIGHBORHOOD CHARACTERISTICS

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Houston, the Houston Heights neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

NOTABLE & UNIQUE: PEOPLE

In a nation where 1 out of every 4 children lives in poverty, the Houston Heights neighborhood stands out as being ranked among the lowest 0.0% of neighborhoods affected by this global issue.

In addition, if you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the Houston Heights neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 97.3% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the Houston Heights neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for highly educated executives.

Also, some neighborhoods have residents that are more educated than others. But in this neighborhood there is a dramatic difference. NeighborhoodScout's exclusive analysis reveals that 36.0% of the adults here have earned a Masters degree, medical degree, Ph.D. or law degree. This is a higher rate of people with a graduate degree than is found in 96.9% of U.S. neighborhoods, where the average American neighborhood has 8.4% of its adults with a graduate degree. If you are highly educated, you may have much in common with many of your neighbors here.

NOTABLE & UNIQUE: DIVERSITY

Did you know that the Houston Heights neighborhood has more Swiss and French ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 2.0% of this neighborhood's residents have Swiss ancestry and 9.8% have French ancestry.

Houston Heights is also pretty special linguistically. Significantly, 1.6% of its residents five years old and above primarily speak German/Yiddish at home. While this may seem like a small percentage, it is higher than 95.4% of the neighborhoods in America.

THE NEIGHBORS

INCOME

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.

The neighbors in the Houston Heights neighborhood in Houston are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 84.2% of the neighborhoods in America. In addition, 0.0% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 100.0% of America's neighborhoods.

THE NEIGHBORS: OCCUPATIONS

The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.

In the Houston Heights neighborhood, 59.9% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 25.0% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (9.9%), and 5.2% in manufacturing and laborer occupations.

THE NEIGHBORS: ETHNICITY / ANCESTRY

Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.

In the Houston Heights neighborhood in Houston, TX, residents most commonly identify their ethnicity or ancestry as German (25.6%). There are also a number of people of Irish ancestry (15.1%), and residents who report English roots (13.1%), and some of the residents are also of Mexican ancestry (11.4%), along with some French ancestry residents (9.8%), among others.

THE NEIGHBORS: LANGUAGES

The most common language spoken in the Houston Heights neighborhood is English, spoken by 86.2% of households. Some people also speak Spanish (8.8%).

GETTING TO WORK

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Houston Heights neighborhood spend between 15 and 30 minutes commuting one-way to work (49.1% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (79.4%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (10.9%) and 6.9% of residents also ride the bus for their daily commute. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.

Additional resources: https://www.neighborhoodscout.com/tx/houston/houston-heights https://www.houstonproperties.com/houston-neighborhoods/houston-heights https://www.har.com/content/mls https://www.trulia.com/real_estate/Greater_Heights-Houston/6299/ http://www.city-data.com/us-cities/The-South/Houston-Economy.html

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