Legends of Memorial

Highlights

• Almost all units received a first gen renovation which consisted of wood-plank flooring, crown molding, and generous storage space. All units have granite countertops and select units include breakfast bars, mosaic backsplashes, stainless steel appliances.
• High Barriers to Entry as Hunters Creek enforces strict zoning laws. Zoned to some of Houstons top rated Schools - Hunters Creek Elementary, Spring Branch Middle School, and Memorial High School.
• Situated in one of the most affluent zip codes in Texas, this property occupies both the west and east side of Silber Rd and is surrounded by exceptional demographics, with HAR.com citing an average home price of $4.34 million and $644 per square foot. The area boasts an average household income of approximately $548,884, placing Hunters Creek Village among the top three wealthiest cities in the state.
• The asset features covered parking garages and offers substantial upside through rent increases, as current rents are well below market comps. Additional value can be unlocked through interior upgrades and the installation of more washer/dryer connections.
• There is a cell tower that is on property that is currently being leased through 2047 with 3% annual escalation. The contract renews every 5 years and has a base rent of $3,750 per month + revenue sharing. The current rent is $5,520 per month ($66,240 per year).
• With nearly 15 years of stable ownership, there is a significant opportunity to reduce operational expenses. Immediate Expense Savings include Security Control, Chiller Maintenance Contract and Payroll. The property also includes an assumable insurance policy recently renewed at just under $700 per unit. This policy is Fannie / Freddie approved.

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