8/4/2019 Ashford Park
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AshfordParkApartmentsMultiFamilyOffering
JimHurd7137836262
TomWilkinson7133554646
Good WestheimerCorridorLocation
C+GradePropertyinaB MarketArea92%Occupied
AskingPrice~$5,000,000$27,777/Unit
$29.25/SF
8/4/2019 Ashford Park
2/18
BROKER: Jim Hurd BROKER: Tom Wilkins
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-46Broker's License #0393404 Email: [email protected] Broker's License #0406902 Email: [email protected]
2700 Dairy Ashford
Key Map: 488V
Units:
Avg Size:
Date Built:
"E" Mtr/"W" Mtr:
Roof:
Land Area (Acres):
Rentable Sq Ft:
Mth.
Coll.
0.80.70.8
0.6.0.70.7
$0.7avg$
6,208 $575790 22,910 $675 $19,575
#Units Type Notes SF/Unit Total SF Rent Total Rent
776829 11
UNIT AMENITIES (Features vary by Individual Floor Plan)
8 $51,680$760
1,125$6,080
$19,176$6,392
avg sf
$760$799$799
8,904
950 $125,703
1,113
THFP
total rent
1,142
OneoftheUnitsisbeingusedastheLeasingOffice
FP=Fireplace,TH=Townhome
92%180
24
1982
180
950
8
FP
3232
170,932 $698
$100,968
222
2
Den
1,10368 THFP
$5,000,000
$27,778
$29.25
Indiv / Mast.
170,932
6.49
Ashford Park Apartments
PROPERTY INFORMATIONFINANCIAL INFORMATION
Houston, TX 77082
Composition/Pitched
Asking Price:
Price / Unit:
Price / SF:
Seller's Equity: $5,000,000
Good Value Add Investment
Opportunity Post Rehab &
Stabilization
622
UNIT MIX (Rents as of Mar, 2011)
FP 21,77035 11 $520 $18,200$4,600
Ren
Per S
Jul2011 May2011 Apr2011
TOTALCOLLECTIONS(Approximately92%Occupancyasof72511)
$109,668 $104,517
Jun2011
avg renttotal/sftotal units Occ.
Property Highlights$109,474
27,0009,136
11 FP
75,004
FP
Directions from Downtown Houston: Take I10 W., travel 14.5
miles, take the Dairy Ashford Rd. exit, travel 0.2 mile, turn left onto
N.DairyAshfordRd.,travel3.6miles,thepropertyisontheright.
1. Recent Foreclosure ~ Available "All Cash" / No Owner Financing ~ Buyer
to Obtain new financing. Grade C+ Property in a "B" market area.
2. Good Westheimer Corridor Location. Located in the desirable Greater
West Houston area surrounded by upscale neighborhoods with much higher
than average median household incomes and home values. The property is
less than 1 mile from the prestigious Westside Tennis Club and Westside
Golf Club just a few miles from the Energy Corridor and the Westchase
District of Houston.
3. "B" Grade Occupancies are in the mid to high 90% range within a mile
radius of the property.
4. Good Upside Potential ~ The property has a low turnover rate, a new
owner should see upside in the collections with interior upgrades and
correction of deferred maintenance on this property. Some units may be
heavy turns.5. There are approx. 8 tenants that receive rent subsidy from the
government.
40%
42%18%
ByUnitType
11 22 32
19%
5%16%
38%
5%13%
4%
BySq.Ft.
622 776 790 1,103
1,113 1,125 1,142
Unit Mix Stats
Ashford Park Apts.
Recent Foreclosure ~ Good Value Add Deal ~ with interior upgrades and th
correction of deferred maintenance. Available All Cash ~ No Owner Financin
The property is 91% occupied as of 72511. The Ashford Park apartme
community has a good Westheimer co rridor location placing its residents with
minutes of over 35,000 sf of prime commercial space found in the Galler
Financial District and the Westchase Financial District just to the east of th
community. Numerous major retail outlets including Randall's, WalMart, Sam
Club, Walgreen's, Lowes and Home Depot are basically within walking distan
from the site. Its location near Beltway 8 (which loops around Houston) and
proximity to the Westpark Tollway and IH10 allows the property to have acce
to most of the major employment areas of Houston as well as shopping an
dining. The property's unit mix consists of seven different 1, 2 and 3 bedroo
floor plans which includes some townhomes.
RecentForeclosure~Available"AllCash"~
BuyertoObtainNewFinancing
WoodBurningFireplace,CentralAir/Heat,CarpetedFloors,Huge
WalkInClosets, Individual HotWaterHeater,Dishwasher,FullSize
Washer/Dryer Connections, BreakfastBarwithServingArea,Large
SpaciousPantry,CeilingFans,VaultedCeilings,
OutsideStorage
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Page 1 of 16
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BROKER: Jim Hurd BROKER: Tom Wilki
Ashford Park Apartments2700 Dairy Ashford
Houston, TX 77082
AskingPrice Lender ToBeDetermined CurrMktRent{Jul11}Est.PerUnitPrice Est.InterestRate RentsUsedonProForma
Est.PerSFPrice Est.NewLoanAmount: Collections{JulT4Avg}
Est.Rehab/Upgrades/Unit Est.P&I: Collections{Jul2011}
TotalEst.Rehab Amortizing(months): EstPhy.Occ.{7252011}DateBuilt AskingPrice+Rehab Term:eMet Est.Reserve/Unit :
Down Pmt. On Ask Price 35% Est.LoanConstant: 2010Rate/$100ofValueRoofStyle Composition/Pitched Down Pmt. With Rehab 35% 2011TaxAssmt
INCOMECurrentMarketRentwitha{%}RentIncreasewhichequatestoanavgrentof{$698}/Uor{.735}/SF $125,703/Mo
LosstoLease{1.0%}ofTotalStreetRentEstimated 1.0%
EstimatedGrossPotentialIncome 99.0%
VacancyEstimatedat{7.0%} 7.0%
Credit/Concess/Admin/OtherRentalLossesEstimatedat{7.0%} 7.0%
TotalRentalIncome{Estimated} {80%}ofCurrentMarketRents {85%}ofProFo
OtherIncome{IncludesLaundry,ForfeituresandMisc.} 398/Unit/Yr $333/Unit/Yr
TotalIncome $106,157/Mo $111,848/Mo
EXPENSEFixedExpenses
Taxes 2010Assmt.and2010Rate ProFormaAssmt.and2009RatInsurance
TotalFixedExpense $1,072/Unit $1,114/Unit
UtilitiesElectricity Actual
Water/Sewer ActualWater/RUBS Not Implemented Est. 55%PenetrationGas Actual
TotalUtilities $561 / Unit $334 / Unit
OtherExpensesGeneral&Admin EstimatedAdvertising/Marketing EstimatedRepairs&Maintenance EstimatedLaborCosts EstimatedContractServices EstimatedManagementFees 3.5% 3.5% Based on above income
TotalOtherExpense $2,148/Unit $2,161/UnitTota Operat ngExpense $3,780/Unit $3,609/Unit
ReserveforReplacementEstimated $300/Unit $300/Unit
TotalExpense $4,080/Unit $3,909/Unit
NetOperatingIncome $2,997
/
Unit $3,547
/
Unit
AskingPrice/AskingPrice+Rehab withrehab
CapRateDe tEquityDe tServ ce
as ow
CashonCash
Individual10Years
$2,000
$5,360,000EST. BUYER'S EQUITY REQUIREMENTS
Good Value Add Potential Post Rehab
1982 Est.InsperUnitperYr $
Except where noted Except where noted
Tax Assmt. @ 95% of Asking Price
PropertyTaxInformation
$4,717,7
Income is EstimatedDue to Foreclosure Expenses are Pro Forma Expenses are Estimated
MODIFIED ACTUALS STABILIZED PRO FORMA
$1,876,000
EstimatedLoaniswiththeEstimated
RehabDollarsIncluded
Income is Actual July 2011 Annualized
HVACSystem Individual
$23,524
PhysicalInformation FinancialInformation Estimated OperatingInformation
LandArea{Acres} 6.49
$360,000 300
$3,484,000
AvgUnitSize(SF) 950 $27,778 6.50%
NewLoanParameters
NumberofUnits 180 125,7
NetRentableArea 170,932 $29.25
UnitsperAcre 27.7
8.10%$300
2.707wMeter Master $1,750,000
1,493,352
1,508,436(15,084)
71,670 60,000
(105,591)(105,591)
Estimated Estimated
1,202,211 1,282,171
FixedExpenses FixedExpenses
$127,735 $710perUnit $128,608 $714perUnit
1,273,881 1,342,171
192,895 200,608
Utilities EstimatedUtilities
$65,160 $362perUnit Estimated $72,000 $400perUnit Estimated
$23,223 $129perUnit $24,000 $133perUnit
$76,280 $424
per
Unit $77,000 $428
per
Unit
$1,391 $8perUnit $1,400 $8perUnit
$perUnit$0 $235perUnit($42,350)
100,894 60,050
OtherExpenses EstimatedOtherExpenses
$22,500 $125perUnit $22,500 $125perUnit
$72,000 $400perUnit $72,000 $400perUnit
$22,500 $125perUnit $22,500 $125perUnit
`
$180,000 $1,000perUnit $180,000 $1,000perUnit
$45,000 $250perUnit $45,000 $250perUnit
$44,586 $248perU $46,976 $261perUBasedonaboveincome
54,000 54,000
386,586 388,976680,375 649,634
5,000,000 5,360,000
10.8% 11.9%
734,375 703,634
539,506 638,537
withoutrehab
282,291
356,246
3,484,000
1,876,000
DISCLAIMER: Theinformation contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent rolls, etc provided by the Owner. Notwithstan
Houston Income Properties, Inc. does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountan
attorneys for tax and legal advice. This offering is "As-Is, Where-Is" and subject to prior withdrawal without notice. Answers to specific inquiries will haveto be supplied by the Owner and are available upon requ
Rates of return on this apartment investment vary daily. No representations are made concerning environmental issues, if any. Information about Brokerage Services has been provided with this offering memorandu
19.0%
NOTES ON ACTUALS: Income is July 2011 T-4 annualized, Expenses are Actual 2010 and Pro Forma where noted.
NOTES ON PRO FORMA: Income is Pro Forma as Noted. Expenses are Estimated. Taxes are estimated using the 100%Asking Price for the assessment and 2010 rate.
$5,000,000
$109,4
$125,7$106,
$4,750,0
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Page 2 of 16
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BROKER: Jim Hurd BROKER: Tom Wilkinson
Number of Units: 180 170,932
Date of Construction: 1982 950
Roofs: Composition/Pitched $125,703 $698 / Unit $.735 / SF
$125,703 $698 / Unit $.735 / SF
HVAC System: Individual $450,000 $2,500 / UnitMetering: Electric Individual 2.707531
Water Master $4,717,755
Est. Current Occupancy: 92% $5,000,000 Assmt is 100% of the Asking Price
Income
Current Market Rent with an approximate {0%} Rent Increase (Post Rehab) 1,508,436 125,703
Gain/(Loss) to Lease (15,084) 1%
Vacancy, Credit and other Losses (105,591) 7%Credit/Concess/Admin/Other Rental Losses Estimated at {7.0%} (105,591) 7%
Total Rental Income 1,282,171 85%
Total Other Income 60,000 $333 / UnitTotal Estimated Gross Annual Income 1,342,171 $111,848 / Mth
Expenses
Fixed ExpensesProperty Taxes (taxes are at 2010 Rate and pro forma assessment) 135,377 Pro Forma $752 / Unit
Insurance 72,000 Est. $400 / Unit
Total Fixed Expenses 207,377 $1,152 / Unit
Management Fee (Pro Forma is Estimated @ 3.5%) 46,976 $261 / Unit
Payroll plus Burden 180,000 $1,000 / Unit
Utilities (Water, Gas, and Electricity for all units) 102,400 $569 / Unit
Water Reimbursement @ 55% penetration (RUBS Implemented) (42,350) $235 / Unit
Repairs, Maintenance and Make Ready 72,000 $400 / UnitMarketing 22,500 $125 / Unit
Contract Services (Landscaping, Pest Control, Refuse Removal, Courtesy Patrol) 45,000 $250 / Unit
General and Administrative Costs 22,500 $125 / UnitEstimated Reserve for Replacement 54,000 $300 / Unit
Total Expenses ~ (average Unit size is {950} Sq. Ft.) 710,403 $3,947 / Unit$4.16 / SF
Estimated Stabilized Net Operating Income $631,768
$40,112 / U $42.24 / SF
$38,998 / U $41.07 / SF
$37,944 / U $39.96 / SF9.25%
Value Generated
Post Rehab Stabilized Rents Used:
Est. Rehab Needed Per Mgmt.:2009 Tax Rate:
2009 Tax Assessment:
Post Sale Assessment Used:
$6,829,925
Potential Stabilized Value ~ Post RehabAshford Park Apartments
Property Information
STABILIZED PRO FORMA
$7,220,207
Approximate Net Rentable Area:
Average Unit Size:
Current Monthly Market Rent:
Estimated Potential Value Based on a Stabilized NOI of $631,768
$7,019,645
Cap Rate8.75%9.00%
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Page 3 of 16
8/4/2019 Ashford Park
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BROKER: Jim Hurd BROKER: Tom Wilkinso
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-464Broker's License #0393404 Email: [email protected] Broker's License #0406902 Email: [email protected]
2700 Dairy AshfordHouston, TX 77082Key Map:
Blt. #/U
$5,553,210
$42.04 1983 275
$36,334
$32,727214,079
$37.03 1982 195
Stabilized
$40.87Almost Stabilized
Jan-11 $11,300,000 $45.19
Green Tree PlaceJan-11 158,580 748 $8,860,000 $41,792 $55.87 1984 212
Stabilized
Almost Stabilized
778 $9,000,000
$28,478
AshfordParkApartments
Sold
Water SongSep-10
3111981editerra At Westchas
250,044 804
Sold Date: UC
Located 1.6 miles southeast of the Subject
Located 1 mile northwest of the Subject
NW Houston ~ Almost Stabilized at sale ~
Sold Date:
$9,000,000
Price Per Unit:
2571982$11,550,000
Place at Green TrailsOct-10
208,822 $11,550,000
Almost Stabilized
Almost Stabilized
Sales Price:
$31,428
Located 2.8 miles northwest of the Subject
Price Per SF: $55.31
$42,463
Sold Date:
Price Per SF: $42.04
Water Song ~ St abilized at sale ~
Price Per SF:
Price Per Unit: $32,727
10/24/10
Sales Price:
Mediterra At Westchase ~ Almost Stabilized at sale ~
$11,300,000
Sold Date:
Price Per Unit:
Price Per SF:
Green Tree Place
$8,860,000
$41,792
1/10/11
$45.19
$36,334
Ashford Park Apartments
488VWindemere Apts ~ Almost Stabilized at sale ~
Sales Price: $8,077,000
Sales Price:
Avg/SFTotal SF
Place at Green Trails ~ Almos t Stabili zed at sale ~
$55.87
1/1/11
Apartment Sales Comparables (sorted by $/per/unit)
Price Per Unit:
Price Per SF:
Located 3.3 miles northwest of the Subject
Sold Date: 8/1/09
Sold Date:
Price Per Unit:
Located 8.7 miles northwest of the Subject
Aug-09
$31,428
$40.87
Located 3.9 miles northeast of the Subject
Sales Price:197,633
9/1/10
Windemere Apts769 $8,077,000
Property Number
Price Per SF: $37.03
Price Per Unit: $28,478
Sales Price: $5,553,210
1978 272
180
1982 254
1982
Pr./SFPr./UPrice
$5,000,000 $27,778
$35,537$9,056,702
$29.25170,932 950
773 $46.05AverageCompsOnly
$42,463
196,519
NW HoustonUC 149,955 769
$55.31768
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BROKER: Jim Hurd BROKER: Tom Wilkins
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-46Broker's License #0393404 Email: [email protected] Broker's License #0406902 Email: [email protected]
2009 O'Connor & Associates
Occupancy and Rent Survey - {Rent Comps)
Custom Market Area, March 2011
Project Address Yr. Built Units SF/Unit Rent/Unit Rent/SF Occ..
Charleston 2800SDairyAshford 1980 312 725 $581 $0.81 72.00%HuntersPoint 12580PipingRockLn. 1983 72 749 $719 $0.98 94.00%MansionsofShadowbriar 12200Overbrook 1983 328 1004 $826 $0.83 97.00%WestOaks 2400BriarwestBlvd 1982 671 725 $631 $0.89 90.00%Gables,The 12730Whittington 1983 140 895 $729 $0.82 99.00%WestChaseCrossing 2475GrayFalls 1982 366 763 $567 $0.74 90.00%Whittfield 12735Whittington 1983 195 681 $609 $0.91 97.00%AshtonPark 1910WestMead 1982 720 812 $556 $0.71 89.00%BriarwoodVillageI&II 2215AvenidaLaQuinta 1983 342 819 $638 $0.78 96.00%WaldenPond 12850Whittington 1982 416 721 $573 $0.80 95.00%
RentCompAverages 3562 789 $643 $0.83 91.90%
AshfordParkApartments 180 180 950 $698 $0.74 91.67%
SubmarketAverages"B"Properties 10,918 870 $690 $0.81 89.00%Houston"B"MarketAverages 232,493 839 $683 $0.83 87.19%
Rent Comparisons within a 1 mile radius
Dist From Subj.
0.10.40.5
0.9
0.60.80.80.80.90.9
$0 $100 $200 $300 $400 $500 $600 $700 $800 $900
AshtonPark
WestChaseCrossing
WaldenPond
WestChaseCrossing
Charleston
Whittfield
WestOaks
BriarwoodVillageI&II
AshfordParkApartments
HuntersPoint
Gables,The
MansionsofShadowbriar
RentCompAverages
Subject's"B"Market
Houston"B"Market
$556
$567
$573
$567
$581
$609
$631
$638
$698
$719
$729
$826
$643
$690
$683
Rent/Unit
RentComparisonChart
SUBJECT
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BROKER: Jim Hurd BROKER: Tom Wilkinso
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-464Broker's License #0393404 Email: [email protected] Broker's License #0406902 Email: twi [email protected]
Key Map: 488V
Harris County
Alief ISD
2010 Rate / $100 of Value
Hot Water: Wiring:Materials:# of Stories:
# Buildings:
0.61602
Port of Houston Authy 0.02054
0.63875
$2.7075
AREA INFORMATION
PROPERTY TAX INFOR.
Ashford Park Apartments
Taxing Authority
Houston, TX 77082
Rate/$100
HCAD NO.
AMENITIES (Features Vary By Individual Floor Plan )
2700 Dairy Ashford
402250010001
1.34000
2011 Tax Assmt $4,717,755
0.09222
2011 Ap pr ox . To tal Tax $127,735
City of Houston
Houston Community Colleg
2010 DEMOGRAPHICS - Geography - 3 Mile Radius
Roof:
Indv. Hot Water Htrs
CONSTRUCTION
Access Gates:
Individual
Water Meter:Yes
MasterAC: IndividualElec Meter: Brick and Hardiplank
Composition/Pitched
Copper
AERIAL ~ Ashford Park Apartments
Parking:2
2827.73Units/Acre:
Open
Asian, 14.60%
Black, 16.50%
White, 55.60%
Multi-Race, 4.40%
Other, 8.90%
2009 Est. Hispanic Ethnicity-3 Mile Radius
Ashford Park is conveniently located in west of Downtown Houston of
Dairy Ashford and Westheimer Rd. The location has good access to most areas oHouston via Beltway 8, Hwy 6, Westpark Tollway, Westheimer and S. Gessner D
The property is just a few miles from two of the most premier business districts in
Houston, Galleria Uptown and the Westchase District. Also located within a shor
commute are the bedroom communities of southwest Houston such as Sugar Land
(approximately 6 miles), Stafford (approximately 12 miles), Bellaire (approximatel
11 miles). The area has excellent cross town access via Beltway 8, WestPar
Tollway, Gessner, Westheimer all of which c onnect to one of the major freeway
of the area and are just a few miles from the property allowing good access to
most of the important business center in the Houston area, including a
approximate 19 mile commute to Downtown Houston. The property's tenant
have convenient access to major retail centers and numerous entertainment an
dining venues as well.
The Westchase District ~approximately 3 miles east of the property, covers 4.
square miles (2,700 acres) and is one of Houston's premier business addresses
The District employs more than 56,000 people. This area is home to 14.4 milliosquare feet of office space and is becoming one of the fastest growing busines
centers in Houston, housing over 83 major tenants.
The Galleria Area ~just under 11 miles east of the property and houses more than
23.6 million square feet of commercial office space which represent
approximately 12 percent of Houstons total office space, making it second in siz
to Downtown Houston. It is home to approximately 2,000 companies, rangin
from small to large sized commercial businesses, representing a variety of divers
industries.
2010 Housing UnitsTotal Housing Units: 80,584
Occupied: 65,675
Owner Occupied: 28,607Renter Occupied: 37,068Vacant Units: 14,873
Estimated Average Income 1 Mile RadiusAvg. Income Subject: $85,140Avg. Income Houston: $71,127
Estimated Population 20101 Mile Radius - 20,9743 Mile Radius - 162,222
UnitAmenities~PrivateBalcony/Patio,Miniblinds,Dishwasher,Disposal,CeilingFans,
Pantry,
Walk
In
Closet,
Frost
Free
Refr.,
Wood
Burning
Fireplace,
Washer/Dryer
Connections,VaultedCeiling,ExtraOutsideStorage,PropertyAmenities ~FitnessCenter
TennisCourt,VideoLibrary,Clubhouse,CableTVAvailable,SwimmingPools,Convenient
LaundryCenters,DiningRooms,VarietyofFloorPlansincludingsomeTownhomes,
Playground,PerimeterFence,EntranceGate,Park&RideNearby,SchoolBusPickUp
Population withina 3 mile radius
Good Upside Potentialwith Stabilization
OfHispanicEthnicity
31%
NotHispanic
69%
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BROKER: Jim Hurd BROKER: Tom Wilkinso
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-464Broker's License #0393404 Email: [email protected] Broker's License #0406902 Email: [email protected]
2700 Dairy AshfordHouston, TX 77082Key Map:
Area and Regional Economic Information
Ashford Park Apartments
488VAshford Park is located in the Far West submarket oHouston. This market consists of mainly "B" grade apartmen
communities with a few "A" properties.The property's location is within a few miles of the Energy
Corridor and the Westchase District, two of Houston's mosprestigious business districts and top performing office marketsThese business districts have over 20 million square feet of officespace, over one million square feet of retail space, and workforce of over 100,000. The property is within 1/2 mile othe Westside Tennis Club, one of the better clubs of its type inHouston. The single family residential neighborhoods tothe north of the property are upscale neighborhoods withmuch higher than average median household incomes and
home values.Well maintained Multi-family properties with good tenan
services within a mile of Ashford Park seem to maintainoccupancy in the mid to upper 90% range, and above averagerents compared to similar properties in other areas of Houston.
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 21stcentury 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, DallasFort 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
outmigration. Houston is the fourth largest city in U.S. but the
population growth rate has taken this metropolis at 2nd position. A
remarkable difference can be seen in the population growth of the
state in last decade. The well educated environment has even not let
this factor affect the development of the state. 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.
A study by the Brookings Institution indicates that Houston is
impressively outpacing many other global cities heading out of therecession . 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. 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 growthrather
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 whitecollar workforce.According to the Praxis Strategy Group, Houston's ranks of college
educated residents grew 17% between 2005 and 2010. 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 innercity
neighborhoods and expanding museums, recreational areas and other
amenities. In contrast with recessionbattered places like Phoenix,
Houston remains remarkably open to legal migrants from the rest of
America and abroad.
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9/18
BROKER: Jim Hurd BROKER: Tom Wilkinso
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-464Broker's License #0393404 Email: [email protected] Broker's License #0406902 Email: twi [email protected]
2009 O'Connor & Associates
A B C D
Total # Projects 41 41 19 2 103
Total # Units 12,062 10,918 3,448 453 26,881
Total # Units 0BR 0.20% 0.50% 0.00% N/A 0.70%
Total # Units 1BR 22.70% 23.40% 2.10% 0.30% 48.50%Total # Units 2BR 17.40% 15.80% 5.70% 0.80% 39.70%
Total # Units 3BR 2.60% 3.00% 3.80% 0.70% 10.10%
Total # Units 4BR N/A 0.10% 0.90% N/A 0.90%
Avg Units per Project 294 266 181 227 261
Avg SF 976 870 1149 1250 959
Total # Units Under Construction N/A 144 N/A N/A 144
Total # Units Proposed N/A N/A N/A N/A N/A
A B C D
Avg Physical Occupancy 88.00% 89.00% 82.92% 89.22% 87.29%
Avg Leased Occupancy 94.55% 92.81% 76.50% 73.34% 91.10%
A B C D
Avg Market Rent/SF $1.16 $0.81 $0.70 $0.58 $0.95
Avg Market Rent/SF 0BR $2.00 $0.99 $0.69 N/A $1.23
Avg Market Rent/SF 1BR $1.21 $0.84 $0.77 $0.64 $1.01
Avg Market Rent/SF 2BR $1.12 $0.77 $0.70 $0.58 $0.91
Avg Market Rent/SF 3BR $1.08 $0.74 $0.68 $0.55 $0.79
Avg Market Rent/SF 4BR N/A $0.58 $0.61 N/A $0.61
Avg Market Rent/Unit $1,128 $690 $776 $713 $893
Avg Market Rent/Unit 0BR $1,080 $496 $483 N/A $635
Avg Market Rent/Unit 1BR $954 $593 $555 $556 $760
Avg Market Rent/Unit 2BR $1,311 $790 $734 $657 $1,008
Avg Market Rent/Unit 3BR $1,643 $936 $916 $836 $1,103
Avg Market Rent/Unit 4BR N/A $1,028 $1,021 N/A $1,021
A B C D
Current Month-to-Date 89 5 0 0 94
Current Quarter-to-Date 65 134 90 -7 283Year-to-Date -31 124 87 -7 173
Overall
Overall
Rental Rates
Mar-11
Property / Unit InformationOverall
OccupancyOverall
Absorption (In Units)
SubMarket of Houston: Far West
1-800-856-REAL
Apartment Mar et Statistica
Overview - SummaryFar West Submarket
of Houston
TEXAS MULTI-FAMILY BROKERAGE
HOUSTON INCOME PROPERTIES, INC.KET ENTERPRISES INCORPORATED
Page 8 of 16
8/4/2019 Ashford Park
10/18
BROKER: Jim Hurd BROKER: Tom Wilkinso
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-464Broker's License #0393404 Email: [email protected] Broker's License #0406902 Email: twi [email protected]
2009 O'Connor & Associates
A B C D
Total # Projects 595 1,098 775 154 2,622
Total # Units 160,100 232,493 139,768 20,503 552,864
Total # Units 0BR 0.10% 1.00% 0.70% 0.00% 1.80%
Total # Units 1BR 14.40% 22.30% 12.50% 1.50% 50.60%
Total # Units 2BR 10.40% 17.10% 11.00% 1.90% 40.40%
Total # Units 3BR 1.30% 3.00% 1.80% 0.40% 6.50%
Total # Units 4BR 0.00% 0.40% 0.10% 0.00% 0.50%
Avg Units per Project 269 212 180 133 211
Avg SF 954 839 826 903 868
Total # Units Under Construction 2,081 2,519 N/A N/A 4,600
Total # Units Proposed 1,383 968 N/A N/A 2,351
A B C D
Avg Physical Occupancy 92.16% 87.19% 81.39% 83.55% 87.06%
Avg Pre-Leased Occupancy 93.63% 88.48% 82.93% 85.19% 88.49%
A B C D
Avg Market Rent/SF $1.18 $0.83 $0.72 $0.63 $0.89
Avg Market Rent/SF 0BR $1.57 $1.05 $0.93 $0.84 $1.04
Avg Market Rent/SF 1BR $1.23 $0.88 $0.76 $0.67 $0.94
Avg Market Rent/SF 2BR $1.11 $0.79 $0.68 $0.62 $0.83
Avg Market Rent/SF 3BR $1.05 $0.74 $0.66 $0.57 $0.77
Avg Market Rent/SF 4BR $0.98 $0.64 $0.68 $0.60 $0.66
Avg Market Rent/Unit $1,118 $683 $583 $555 $768
Avg Market Rent/Unit 0BR $857 $482 $431 $416 $489
Avg Market Rent/Unit 1BR $960 $597 $502 $466 $673
Avg Market Rent/Unit 2BR $1,280 $763 $644 $585 $855
Avg Market Rent/Unit 3BR $1,487 $883 $800 $720 $975
Avg Market Rent/Unit 4BR $1,740 $872 $927 $762 $897
A B C D
Current Month-to-Date 320 262 294 9 886
Current Quarter-to-Date 970 271 301 60 1604Year-to-Date 604 -190 -3 46 457
Overall
Overall
Overall
Rental Rates
Market(s): Houston
1-800-856-REAL
Apartment Mar et Statistica
Overview - SummaryHouston Rental Market
Overall
Property / Unit Information
Occupancy
Mar-11
Absorption (In Units)
TEXAS MULTI-FAMILY BROKERAGE
HOUSTON INCOME PROPERTIES, INC.KET ENTERPRISES INCORPORATED
Page 9 of 16
8/4/2019 Ashford Park
11/18
BROKER: Jim Hurd BROKER: Tom Wilkinso
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-4646Broker's License #0393404 Email: [email protected] Broker's License #0406902 Email: [email protected]
Ashford Park Apartments
TEXAS MULTI-FAMILY BROKERAGE
HOUSTON INCOME PROPERTIES, INC.KET ENTERPRISES INCORPORATED
Page 10 of 16
8/4/2019 Ashford Park
12/18
BROKER: Jim Hurd BROKER: Tom Wilkinso
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-464Broker's License #0393404 Email: jhurd@houstonincomepropert ies.com Broker's License #0406902 Email: twi [email protected]
Ashford Park Apartments
TEXAS MULTI-FAMILY BROKERAGE
HOUSTON INCOME PROPERTIES, INC.KET ENTERPRISES INCORPORATED
Page 11 of 16
8/4/2019 Ashford Park
13/18
BROKER: Jim Hurd BROKER: Tom Wilkinso
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-464Broker's License #0393404 Email: jhurd@houstonincomepropert ies.com Broker's License #0406902 Email: twi [email protected]
Ashford Park Apartments
Disclaimer: The information contained herein has either been given to us by the owner of the property or obtained from sources that
we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. Vacancy factors used herein are an arbitrarypercentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of the investment isdependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket and other factorswhich your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACHITEM OF INCOME, EXPENSE, AND ALL OTHER INFORMATION CONTAINED HEREIN, and should also perform a detailedinspection of the property. We have not determined whether the property complies with city ordinances and recommend that youdetermine whether or not the property complies with deed restrictions and the City of Houston life safety ordinance, whether or not acertificate has been issued, and whether or not the property contains asbestos, lead paint and/or mold and whether or not theproperty lies within a flood plain .
TEXAS MULTI-FAMILY BROKERAGE
HOUSTON INCOME PROPERTIES, INC.KET ENTERPRISES INCORPORATED
Page 12 of 16
8/4/2019 Ashford Park
14/18
BROKER: Jim Hurd BROKER: Tom Wilkinso
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-464Broker's License #0393404 Email: jhurd@houstonincomepropert ies.com Broker's License #0406902 Email: twi [email protected]
Ashford Park Apartments
Disclaimer: The information contained herein has either been given to us by the owner of the property or obtained from sources that
we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. Vacancy factors used herein are an arbitrarypercentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of the investment isdependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket and other factorswhich your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACHITEM OF INCOME, EXPENSE, AND ALL OTHER INFORMATION CONTAINED HEREIN, and should also perform a detailedinspection of the property. We have not determined whether the property complies with city ordinances and recommend that youdetermine whether or not the property complies with deed restrictions and the City of Houston life safety ordinance, whether or not acertificate has been issued, and whether or not the property contains asbestos, lead paint and/or mold and whether or not theproperty lies within a flood plain .
TEXAS MULTI-FAMILY BROKERAGE
HOUSTON INCOME PROPERTIES, INC.KET ENTERPRISES INCORPORATED
Page 13 of 16
8/4/2019 Ashford Park
15/18
BROKER: Jim Hurd BROKER: Tom Wilkinso
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-4646Broker's License #0393404 Email: [email protected] Broker's License #0406902 Email: [email protected]
Ashford Park Apartments
TEXAS MULTI-FAMILY BROKERAGE
HOUSTON INCOME PROPERTIES, INC.KET ENTERPRISES INCORPORATED
Page 14 of 16
8/4/2019 Ashford Park
16/18
BROKER: Jim Hurd BROKER: Tom Wilkinso
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-464Broker's License #0393404 Email: jhurd@houstonincomepropert ies.com Broker's License #0406902 Email: twi [email protected]
Ashford Park Apartments
Disclaimer:While the floodplain data that is shown on the map is the same, this map is not an official effective FEMA Flood InsuranceRate Map (FIRM).This map is for informational purposes only. For an official flood zone determination please contact your insurance agentor floodplain administrator.Please visit the FEMA Map Store at http://msc.fema.gov to create a FIRMette which is an official FEMA FIRM.
TEXAS MULTI-FAMILY BROKERAGE
HOUSTON INCOME PROPERTIES, INC.KET ENTERPRISES INCORPORATED
Page 15 of 16
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AshfordParkApartmentCommunity
Exclusively Presented By:
Houston Income Properties, Inc.
KET Enterprises Incorporated
HoustonIncomeProperties,Inc.
License# 0393404
JimHurdBroker7137836262
HOUSTON6363Woodway#370
Houston,Texas77057
7137836262
AUSTIN912S.CapitalOfTexasHwy#230
Austin,Texas 78746
5126108000
KETEnterprisesIncorporated
License# 0406902
TomWilkinsonBroker7133554646
HOUSTON4295SanFelipe#355
Houston,Texas77027
7137836262
8/4/2019 Ashford Park
18/18
BROKER: Jim Hurd BROKER: Tom Wilkinso
HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-464Broker's License #0393404 Email: jhurd@houstonincomepropert ies.com Broker's License #0406902 Email: twi [email protected]
Ashford Park Apartments
TEXAS MULTI-FAMILY BROKERAGE
HOUSTON INCOME PROPERTIES, INC.KET ENTERPRISES INCORPORATED