Investment Summary

Flint at 290, formerly Savoy is a class B, garden-style apartment community constructed in 1984 in the booming, resilient Spring Branch area of Northwest Houston.  Located off the newly improved SH-290 thoroughfare, the property enjoys convenient access to a thriving job market and the Cypress-Fairbanks ISD.  The unit mix consists of 120 one-bedroom units and 72 two-bedroom. The property was built in 1984, has 280 parking spots, and features brick, siding (replaced in 2014), and pitched roofs (replaced in 2014).

Flint at 290 was diligently maintained and offered the following favorable attributes:

• Stabilized occupancy averaging 95%
• Not located in a Flood Zone nor has it flooded
• New roofs and siding as of 2014
• Light value-add conception 47% of units successfully achieving premiums of $75-$100
• Significant value to be captured through a more enhanced upgrade to unit interiors
• Qualifies for low interest rate non-recourse Agency financing
• Enhanced amenities-package locker system, poolside pergola/grill, dog park
• Opportunity to offer smart home packages and washer/dryer rentals
• Located 20 minutes from our other Houston properties allowing for economies of scale and a growing presence in the Houston Market

Interior Amenities

• Walk-in closets
• Fully equipped kitchens
• 50% washer/dryers connections
• 9-Foot ceilings
• Fireplaces*
• Sunrooms*
• Separate dining area*
• Private patios/balconies

Business Plan

The strategy for this asset is to:

• Implement vertically integrated management to control expenses
• Renovate unit interiors
• Add new income through RUBs, pet fees/rent, application/admin fees, reserved parking, storage unit rentals, valet trash, washer/dryer rentals, and smart home packages. 
• Sell or refinance within 3-5 years