fountains echanted - loopnet · [email protected] 713-355-4646 ext 102 4295 san felipe, suite 355...
TRANSCRIPT
Echanted
94 Unit Multi-Family Asset in Gulfton Area of Southwest Houston
Fountains
KET Enterprises Incorporated I 4295 San Felipe, Suite 355 I Houston, TX 77027 I 713.355.4646 I www.ketent.com
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
Apartments for Sale
Units: 94
Avg Size: 756
Date Built: 1966
Rentable Sq. Ft.: 72,580
Acreage: 2.82
Occupancy: 97%
Class: C
SALIENT FACTS:
♦ Available on an All Cash or New Loan Basis ♦ Ideal to Upgrade
♦ Located in the Gulfton Submarket of SW Houston ♦ Gulfton has a high concentration of Hispanic residents
♦ LIHTC Tax Credits put on in 1993 (expiring in 6 yrs) ♦ Maintains high occupancy
♦ 94 Apartment units and 2 storage units! ♦ Candidate for City of Houston revitalization funds
♦ 100% of the units at 60% AMI ♦ Existing Rents under Market!
MARKET
For More Information Please Contact:
Tom Wilkinson [email protected]
713-355-4646 ext 102
4295 San Felipe, Suite 355 Houston, TX 77027
www.ketent.com License #406902
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
Valuation Est Mkt Rent (Jun-17)
Price Per Unit Amortization (months) 3 Mo Avg
Price Per Sq. Ft. Debt Service
Stabilized NOI Monthly P & I
Interest Rate
Date Due
Water Meter / Master RUBS Est Res for Repl/Unit/Yr
Yield Maintenance
Pitched/Flat
PRO-FORMA INCOMECurrent Street Rent with a 35% Increase $73,953 / Mo
Estimated Gross Scheduled Income $73,953 / Mo
Estimated Loss to Lease (2% of Total Street Rent) 2%
Estimated Vacancy (4% of Total Street Rent)Estimated Concessions and Other Rental Losses (4% of Total Street Rent) 4%
Estimated Utilities IncomeEstimated Other Income $35 / Unit / Yr
Estimated Total Rental Income
ESTIMATED TOTAL PRO-FORMA INCOME $68,684 / Mo
3 Mo Avg Income Annualized
Fixed Expenses2016 Tax Rate & Future Assessment
Estimated
$644 per Unit $807 per Unit
Gas
Total Utilities $855 per Unit $855 per Unit
Other ExpensesGeneral & Admin & MarketingRepairs & Maintenance higher than normal
Labor Costs higher than normal
Contract ServicesManagement Fees 4.91% $376 per Unit 4.00% $351 per Unit
Total Other Expense $3,691 per Unit $2,469 per Unit
Total Operating Expense $5,191 per Unit $4,131 per Unit
Reserve for Replacement $300 per Unit $300 per Unit
Total Expense $5,491 per Unit $4,431 per Unit
Net Operating Income (Actual Underwriting)
Asking Price "All In" Price
Estimated Utilities
$15,593 $166 per Unit $15,593 $166 per Unit
Utilities
Total Fixed Expense
Utilities
Electricity $78 per Unit$7,326
60,547
$57,460
75,862
(17,749)
(35,497)
$47,479
PRO-FORMA
887,436
824,212
3,302
(35,497)
22,218
Proposed Loan Parameters
$505 per Unit
2.37395Tax Rate (2016)
Est Future Tax Assessment $2,000,000
$1,554,302
2017 Taxes
Est Future Taxes
Property Tax Information
$236 / Unit / Yr
Estimated Fixed Expenses
Estimated Expenses
Yes
2.82Land Area (Acres) $407,671
6/17 operating statement$342 per UnitTaxes
EXPENSE
$719,948
Fixed Expenses
1966
Indiv
Date Built
Units per Acre
A/C Type: HVAC-Indiv
July 2016 thru June 2017 Expenses
33.290
Elec Meter
Roof Style
Physical Information
Number of Units
Net Rentable Area
MARKET
Avg Unit Size
Financial Information
94
756
72,580
DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to
independently confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD
CAREFULLY VERIFY EACH ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the
right to withdraw this listing or change the price at anytime without notice during the marketing period.
$24,440
$174,146
$35,376
$28,992
$81,786
$26,695
$870 per Unit
MARKETMARKET
$284 per Unit
487,921
$308 per Unit
NOTES: ACTUALS: Income and Expenses calculated using owner's 6/17 operating statement. PRO FORMA: Income is Pro Forma as Noted. Taxes were calculated using 2016
Tax Rate & Future Assessment. Insurance is estimated. Management Fees calculated as 4.% of Gross Income, Other expenses are Estimated for the Pro Forma. Window
coverings ($1,515) moved to capital
$103,400$1,853 per Unit
516,121
203,827
80,379
$57,460
97%
4%
$302
300
$300
4.3%
2017 Tax Assessment
$36,898
887,436
Est Ins per Unit per Yr
$54,780
$59,996
10 Yrs
$28,383
824,212
Operating Information
Est New Loan @ 75% of Value
Physical Occ (Jun-17)
$450 per Unit
$260 per Unit
$42,300
$611 per Unit
$ per Unit$0
Estimated Other Expenses
MODIFIED ACTUALS
$7,326 $78 per Unit
$302 per Unit$28,383
$32,164
80,379
$611 per Unit
$302 per Unit
$47,479
Trash
Water & Sewer
$ per Unit
Insurance
INCOME
28,200
346,995
Other Expenses
$308 per Unit$28,992
$1,100 per Unit
416,542
232,100$32,968
28,200
388,342
407,671
8/7/2017 EnchantedFountains
PROPERTY OVERVIEW
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081 Keymap: 531F
Construction Quality: C
Age: 1966 Access Gates Park & Ride Nearby Mortgage Balance
Elec Meter: Indiv Cable Ready Walk-In Closets Amortization Houston ISD $1.206700
A/C Type: HVAC-Indiv Club House School Bus Pick-up P & I Harris County $0.416560
Water: RUBS Laundry Rooms Shuttle Route Type Harris County Flood Control $0.028290
Wiring: Copper or Alum? Mini Blinds Patios/Balconies Assumable Port of Houston Authority $0.013340
Roof: Pitched/Flat Pool Laundry contract - Monthly Escrow Harris County Hospital District $0.017179
Paving: Concrete/Asphalt Bookshelves renewed in 2013 Origination Date Harris County Education Dept $0.005200
Materials: Brick/Wood Outside Storage Access gates with a Due Date Houston Community College $0.100263
# of Stories: 2 Ceiling Fans card key entry Interest Rate City of Houston $0.586420
Parking: Gulfton Municipal Mgt Dist $0.000000
Buildings: 4 Yield Maintenance 2016 Tax Rate/$100 $2.373952
Units/Acre: 33.29 Transfer Fee 2017 Tax Assessment
*In Select Units HCAD Improvement Sq.Ft. 72,550
12 Mo Avg 59,124$
July 2016 58,229$
Aug 2016 58,375$ 9 Mo Avg 59,344$
Sept 2016 58,788$
Oct 2016 58,493$ 6 Mo Avg 59,563$
Nov 2016 59,270$
Dec 2016 58,962$ 3 Mo Avg 59,996$
Jan 2017 58,618$
Feb 2017 58,918$
Mar 2017 59,852$
Apr 2017 60,108$
May 2017 59,668$
June 2017 60,211$
$1,554,302
COLLECTIONS
PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.
PROPERTY HIGHLIGHTS
PROPERTY INFORMATION TAXING AUTHORITY - HARRIS COUNTYEXISTING MORTGAGE
ACCT NO: 0370580220021
AMENITIES
$57,000
$57,500
$58,000
$58,500
$59,000
$59,500
$60,000
$60,500
The Enchanted Fountains Apartments, is a two story, garden-style, apartment community located in the Gulfton submarket of SW Houston,Texas. The property is a
tax credit property and has maintained occupancies in the low to mid 90's for more than 3 years. The asset was built in 1966. Residents enjoy ample amenities which
include: mini-blinds, kitchen pantries, ceiling fans, laundry facilities, patios and balconies and walk-in closets. Currently there are reportedly no leasing concessions. 26
units were totally or partially rebuilt after two fires. Payroll includes one manager, one porter and one maintenance man.
There is currently a LURA on the property which is set to expire in 6 years. 100% of the units are limited to 60% of AMI, per the LURA. Buyers must be approved by
TDHCA.
The current rents are approximately $200 under the 2017 max TDHCA 60% AMI limit. This along with cutting the Payroll and R&M expenses, gives the property great
upside potential.
The owner reports that the laundry contract was renewed in 2013 for either 5 or 7 years.
Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any.
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081 Unit Mix
Unit Floor Type No. Units Sq Ft Total SqFtMarket
RentTotal Rent Rent/SF
2 Bed/2 Bath 4 980 3,920 $725 $2,900 $0.74
2 Bed/2 Bath 4 980 3,920 $685 $2,740 $0.70
2 Bed/1 Bath 6 1,000 6,000 $725 $4,350 $0.73
2 Bed/1 Bath 6 1,000 6,000 $645 $3,870 $0.65
1 Bed/1 Bath 16 680 10,880 $525 $8,400 $0.77
1 Bed/1 Bath 8 680 5,440 $540 $4,320 $0.79
1 Bed/1 Bath 17 680 11,560 $500 $8,500 $0.74
1 Bed/1 Bath 1 680 680 $550 $550 $0.81
1 Bed/1 Bath 8 975 7,800 $540 $4,320 $0.55
2 Bed/1.5 Bath 8 680 5,440 $725 $5,800 $1.07
1 Bed/1 Bath 6 680 4,080 $575 $3,450 $0.85
1 Bed/1 Bath 2 680 1,360 $540 $1,080 $0.79
1 Bed/1 Bath 6 680 4,080 $560 $3,360 $0.82
1 Bed/1 Bath 2 680 1,360 $540 $1,080 $0.79
Storage 2 30 60 $30 $60 $1.00
96 756 72,580 $560 $54,780 $0.75
Apartment Amenities Community Amenities
UNIT MIX APRIL 2017
TOTALS AND AVERAGESTotal
Units
Average
Sq. Ft.
Total Sq.
Feet
Average
Rent/UnitTotal Rent Average Rent/ SF
8%
13%
70%
9%
2 Bed/2 Bath 2 Bed/1 Bath 1 Bed/1 Bath 2 Bed/1.5 Bath
UNITS BY TYPE
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
PROPERTY LOCATION
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
RENT COMPARABLES
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
1 Villa Feliz*
6300 Rampart
2 Scottwood
5704 Edgemoor
3 Pelican Pointe
6009 Bellaire
4 Santa Monica*
7001 Hillcroft
5 Ashford at St Cloud*
6525 Hillcroft
* - Tax Credit and or Subsidized Housing
EWG-Resident Pays E(Electric), W(Water), G(Gas)
Totals/Averages Comps 1969 97% 174 901 $794 $0.881
Enchanted Fountains
6909 Renwick Dr
Sub-Market Averages(Gulfton) 94% 16,900 810 $733 $0.905
Houston Market Avgs 88% 628,534 881 $867 $1.098
RENT COMPARABLES (July 2017 ADS) Sorted by Avg Rent/Unit
P/SF
1969 99% 180 825 $704 E 0.853
Property Name Yr Blt Occ #Units Avg SF Avg Rent EWG
0.810
1965 94% 156 931 $814 EW 0.874
1975 99% 72 941 $762 E
1.035
1973 97% 302 1015 $844 EW 0.832
1962 97% 162 794 $822 N/A
$0.7551966 97% 96 756 $560 EW
ENCHANTED FOUNTAINS
APARTMENTS
3
2
1
4
5
SALES COMPARABLES
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
1 Santa Clara
7600 Marinette
2 White House
7525 Hillcroft
3 Fountain Oaks
5601 Chimney Rock
4 Barrington
5959 Bonhomme
5 Monticello Square
5312 Clarewood
Totals/Averages Comps $12,561,200 195,872 $55,369 $67.25 1970 240
Enchanted Fountains
6909 Renwick Dr
SALES COMPARABLES (Sorted by Price/Sq. Ft.)
Built
$20,150,000 381,300 $46,644 $52.85 1969 432
7/17 $3,172,000 49,830 $52,000 $63.66 1968 61
Asking
Property Name Date Sold Price Sq. Ft. Price/Unit Price/SF Units
MARKET 72,580 1966 96
6/16
$9,900,000 122,352 $75,000 $80.91 1964 132
UC $13,568,000 197,676 $51,200 $68.64 1968 265
UC $16,016,000 228,200 $52,000 $70.18 1981 308
ENCHANTED FOUNTAINS
APARTMENTS
1
4
3
2
5
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
HOUSTON, TEXAS 2 0 1 7 A T A G L A N C E
The City of Houston, the largest city in Texas and the fourth largest city in
the United States, is located on the coastal prairies of southeast Texas
and is home to a diverse array of industries and cultures. Houston is
located in Harris County, the nation’s third most populous county. The
Houston region, officially designated as the Houston - Woodlands -
Sugar Land Metropolitan Statistical Area (MSA), comprises Harris County
and eight other counties: Austin, Brazoria, Chambers, Fort Bend,
Galveston, Liberty, Montgomery, and Waller. The Houston MSA has a
population of approximately 6,656,947 according to new U.S. Census
Bureau estimates. The nine county metropolitan area is the fifth-largest
metropolitan area in the nation and covers 9,444 square miles. The most
urbanized portions of the Houston area are in Harris County, the
southern part of Montgomery County, and the eastern section of Fort
Bend County. Houston is home to the tenth largest port in the world and
is in close proximity to Mexico, a key trading partner. It has a temperate
climate and an affordable cost of living.
With a population exceeding 2.3 million, the population base includes a
wide variety of racial and ethnic groups that give Houston a rich
diversity and cosmopolitan feel.
The U.S. Bureau of Economic analysis estimates metro Houston's Gross
Domestic Product (GDP) at around $503.3 billion. If the MSA were an
independent nation, its economy would rank 23rd largest in the world,
behind Taiwan ($523.6 billion), but ahead of Sweden ($499.4 billion).
Source: Greater Houston Partnership Research, December 2016
Despite
Ever since its founding as a port city, Houston
has been a dynamic international
marketplace, attracting capital and people
from all over the world. Today, Houston is the
nation's fourth largest economy, and what
Forbes calls "America's next great global city."
Houston’s annual trade growth is among the
highest in the nation with a total annual trade
value growth of 84.6 percent, from $136.451
million in 2005 to $251.855 million in 2015;
exceeding the nation’s growth rate of 45.2
percent during that same period.
Houston is already a leading exporter, and our
exports have increased 189% since 2003. In fact,
Houston is the #1 metro exporter in the top
energy related industries. But recent low oil
prices have slowed our rate of growth. A plan to
boost goods exports can further diversify our
economy, help existing companies grow, and
create more jobs.
Houston's export plan will connect small and
medium-sized enterprises to growing markets,
while positioning the region as a location of
choice for global investors.
Source: Greater Houston Partnership Research, December 2016
Despite Setbacks Houston Still has a Strong Economy
From 2010 to 2014, Houston added nearly half a million jobs. This period
of phenomenal growth provided the momentum needed to sustain the
region through the early stages of the energy downturn that began at
the end of '14. As oil prices and rig counts fell through '15 and early '16,
Houston's job growth began to slow. In '15, the region added 15,200
jobs, and added 13,400 jobs in the 12-months ending Oct '16. In spite of
the energy industry's worst downturn in history, Houston managed to
post 12-month net job gains throughout this period.
A strong U.S. economy, momentum from the previous economic boom,
robust population growth, and the $50 billion in petrochemical plant
expansions have helped offset losses in upstream energy and
manufacturing.
The goods-producing industries (mining and logging, construction, and
manufacturing) peaked at 586,300 jobs in December '14, then fell to
536,400 jobs in October '16. Mining and logging, primarily oil and gas
extraction and support activities, lost 25,600 jobs, a 22.9 percent
decrease. These losses rippled through the economy, triggering
declines in other sectors, particularly durable goods manufacturing,
wholesale trade and professional and business services.
Construction, helped by the petrochemical plant expansions on the
eastside of Houston, gained 6,100 jobs over the same period.
Manufacturing lost 30,400 jobs and fabricated metal products lost
12,100 jobs. Construction and mining machinery lost 14,200 jobs, and
computer and electronics lost 2,300 jobs.
The service-providing industries added 66,600 jobs between December
'14 and October '16. Gains in industries that rely on population growth
offset losses in sectors tied to energy. Trade, transportation, and utilities
lost 1,400 jobs, financial activities added 3,000 jobs, and professional,
scientific and technical services cut 7,700 jobs.
Healthcare and social assistance added 24,500 jobs, accommodation
and food services added 27,600, and government gained 14,700 jobs.
Houston's Service-Providing Sector Continued to
Add Jobs During the Energy Downturn
No Single Industry or
Sector Dominates
Houston Employment
Source: Texas Workforce Commission Aug '16
The service industries account for 4 out of 5 workers in the
region
The goods-producing sector accounts for nearly 1 in 5 of
the region's jobs
Renowned Real Estate Economist States:
Source: Greater Houston Partnership Research, December 2016
2 0 1 7 E c o n o m i c F o r e c a s t
According to an article written by Jim Gaines, a research economist at the Real Estate
Center at Texas A&M University, dated January 6, 2017, in the Houston Business Journal,
"the economic downturn that began in November 2014 seems to be over." Jim Gaines
states that there is generally a two-to three-year lag between the time the energy sector
goes into a slump and all of its impacts on the economy are felt. Houston's energy slump
unofficially began on November 27, 2014, when OPEC announced it would not adjust oil
production levels. Gaines said that Houston should see some of the slump's final lag
effects in 2016.
Gaines also noted that 2016 is poised to be the best year on-record for Houston home
sales. The Greater Houston Partnership recorded that November 2016's home sales were
the best November on-record for single-family home sales.
Much of that boom can be attributed to Houston's population growth. Despite the
oil slump, few residents are leaving Houston. In 2016, Houston welcomed 132,000
new residents (45,600 households). Gaines also states that Houston's population
is expected to rise to 7.4 million by 2020 and should double to 14 million by 2050.
Additionally, according to an article dated January 11, 2017, by G. Scott Thomas of
Buffalo Business First, a sister paper to the Houston Business Journal, Houston is on the
brink of a population milestone. Buffalo Business First has developed a computer
formula that uses 15 years of demographic data to estimate the population of any
community at any given moment, and according to predictions by Business First,
Houston will reach 6.9 million on March 13, 2017 and 7.0 million on November 17, 2017.
What are other signals the downturn is
over?
As stated by the Greater Houston Partnership's '2017 Houston Employment Forecast':
West Texas Intermediate (WTI) the U.S. benchmark for light, sweet crude, now trades
near $50/barrel. WTI traded as low as $26 in mid-February 2016.
The number of drilling rigs working in the U.S. reached 593 in mid-November 2016. Only
404 rigs, the fewest in recent history, were in the field in mid-May 2016.
After 21 months below 50, the Houston Purchasing Managers Index hit 51.1 in October
2016. Readings above 50 signal pending expansion; below 50, contraction.
The region created 13,400 jobs in the 12 months ending October 2016. Annualized
growth had sunk as low as 3,200 jobs in May 2016.
The forecast also asserts, "the recent downturn could be compared to a tropical storm.
The damage done depended on where one stood as the system passed over Houston.
Those businesses closest to the energy industry felt the full fury of the storm. Those distant
from oil and gas, to extend the metaphor a bit further - on the dry side of the storm -
were buffeted but not blown away."
The forecast calls for the strongest job growth in manufacturing, wholesale trade, retail
trade, finance and insurance, real estate, business, professional and technical services,
other services and government.
Renowned Real Estate Economist States: ' The Downturn Seems to be Over'
Source: Greater Houston Partnership Research, December 2016
Source: www.bizjournals.com, 1/6/16, Cara Smith
Since December 2014, developers have added more than 37,000 units to local inventory. Another 15,000 units are under construction, the majority scheduled to open in the next 12 months. That equates to 52,000 units delivered in a market that is just beginning to recover. Over the past 12 months, Houston has absorbed about 6,500 units. The over supply of apartments cut overall occupancy to 88.5% in January 2017, down from 91.5% at its June 2015 peak. Occupancy rates below 90% favor tenants. Rents have responded accordingly, dropping between 2% and 6% depending on the apartment class. The market absorbed 14,000 Class A units through the first 10 months of 2016, but this performance came at the expense of Class B, C and D properties, which collectively lost 7,500 tenants over the same period. Traditional Class B and C tenants have been enticed into the Class A market with deposit waivers, free rent (as much as 3 months) and other enticements. Whether these tenants renew their leases remains to be seen, but is however, doubtful. If one uses the industry rule of thumb that for every six jobs created, the market absorbs one unit, then Houston needs to add 156,000 jobs to cut the current surplus in half. Once the economy recovers, growth should return to the long-term trend - 50,000 to 60,000 per year.
MULTI-FAMILY.....
Moving Forward
Cautiously
Ignoring Class B and C Apartment
Market is a 'Big Mistake' During the economic downturn some Class B and C tenants were lured into
the Class A market with large free rent waivers and other concessions. With
the improving conditions, a large portion of these tenants will most likely not
renew and will return to the Class B and C market. In an article in the
Houston Business Journal, dated September, 28, 2016, by Paul Takahashi,
Todd Marix of Holliday, Fenoglio, Fowler (HFF) observed that ignoring the
Class B and C apartment market is a 'big mistake'.
As stated by the article, when Todd Marix brought Broadstone Grand
Parkway to market he expected to receive bids from six or seven interested
buyers - par for the oil downturn.
The 342-unit garden apartment complex, built in 2009, had solid occupancy
in the high 90th percentile but was offering two months free rent amid
increasing competition from nearby apartments in Katy.
However, Marix's multifamily investment team at HFF received a whopping
18 bids for the property. The deal is still under contract but Marix said it
sparked a bidding war between local and out-of-town private equity firms.
"We were shocked by the level of participation," Marix said. "We haven't
seen this kind of bidding behavior in a long time. It tells me there's some
optimism in the market."
Despite the oil slump, many opportunistic apartment buyers are returning to
Houston in search of good deals, according to Marix.
Young apartment investors are also looking to get into the market during the oil slump, Marix said. These buyers are willing to
accept lower rents for one or two years and hope that Houston's apartment market will recover around 2018.
"Buyers like Advenir are relatively new to Houston, but they like the recovery aspect," Marix said. "These buyers have patient
capital and want to buy in Houston at an advantageous time. They know things will be bumpy for the next year or two but are
hoping they will come out the other end with a great deal."
Most of these new Houston buyers are focusing on the city's Class B and C apartment market during the energy downturn,
Marix said.
Marix estimates there are about 620,000 apartment units in Houston, of which the majority - two-thirds - are Class B and C
apartments.
Source: Greater Houston Partnership Research, December 2016
Source: www.bizjournals.com, 9/28/16, Paul Takahashi
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
DEMOGRAPHICS
1 Mile
Radius3 Mile Radius 5 Mile Radius
2017 Estimated Population 42,677 116,126 234,267
2022 Projected Population 47,658 129,788 261,291
2010 Census Population 38,808 104,689 212,545
2000 Census Population 41,688 105,212 207,135
Projected Annual Growth 2017 to 2022 2.3% 2.4% 2.3%
Historical Annual Growth 2000 to 2017 0.1% 0.6% 0.8%
2017 Median Age 30.3 31.9 33.2
2017 Estimated Households 14,231 42,112 96,484
2022 Projected Households 15,890 46,965 107,291
2010 Census Households 12,576 36,878 84,930
2000 Census Households 13,740 38,526 85,517
Projected Annual Growth 2017 to 2022 2.3% 2.3% 2.2%
Historical Annual Growth 2000 to 2017 0.2% 0.5% 0.8%
2017 Estimated White 50.8% 54.1% 56.4%
2017 Estimated Black or African American 8.9% 10.4% 12.3%
2017 Estimated Asian or Pacific Islander 8.8% 9.2% 10.5%
2017 Estimated American Indian or Native Alaskan 0.9% 1.3% 1.0%
2017 Estimated Other Races 30.6% 25.0% 19.8%
2017 Estimated Hispanic 69.9% 59.2% 46.4%
2017 Estimated Average Household Income $60,158 $80,121 $97,518
2017 Estimated Median Household Income $49,552 $64,237 $76,387
2017 Estimated Per Capita Income $20,117 $29,099 $40,208
2017 Estimated Elementary (Grade Level 0 to 8) 25.1% 21.1% 14.4%
2017 Estimated Some High School (Grade Level 9 to 11) 8.0% 6.7% 5.2%
2017 Estimated High School Graduate 28.0% 22.7% 18.4%
2017 Estimated Some College 13.6% 15.2% 15.6%
2017 Estimated Associates Degree Only 3.1% 3.8% 4.0%
2017 Estimated Bachelors Degree Only 12.7% 16.7% 23.1%
2017 Estimated Graduate Degree 9.6% 13.7% 19.3%
2017 Estimated Total Businesses 1,875 7,034 15,002
2017 Estimated Total Employees 14,103 58,020 143,593
2017 Estimated Employee Population per Business 7.5 8.2 9.6
2017 Estimated Residential Population per Business 22.8 16.5 15.6
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51%
9%
9%
31%
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White Black Asian Other Hispanic
$64,552
$72,073
$60,000
$62,000
$64,000
$66,000
$68,000
$70,000
$72,000
$74,000
Subject Houston
30.1%
69.9%
Non-Hispanic
Hispanic
ENCHANTED FOUNTAINS 6909 RENWICK DR HOUSTON, TX 77081
A 268 UNIT CLASS "B-/C+" GARDEN APARTMENT COMMUNITY
N/A