Investment Summary

Rise at Elmside is a 171 unit four-story midrise-style apartment community with a multi-level parking garage constructed in 1994 in the highly desirable and centrally located Westchase area of Houston.  Located near Sam Houston Tollway (Beltway 8), Westpark Tollway (IH-69), IH-10 and IH-610 and Westheimer Rd, residents enjoy convenient access to over 300,000 jobs.  The property was built in 1994 as a four-story construction with pitched roofs, stucco exterior, and 171 units with an average size of 914 square feet.  The unit mix consists of 44% one-bedrooms and 56% two-bedrooms. 

Residences 2727 is a rare offering with the following favorable attributes:

• Elegant mid-rise four-story construction with a multi-level parking garage, interior hallways with storage units, trash chutes and an elevator for residents
• Significant value to be captured through a more enhanced upgrade to unit interiors
• Current amenities have not been improved which allows new ownership to capture the value of enhancing the resident experience
• Impossible to duplicate in today’s market(purchasing below replacement cost)
• Not located in a Flood Zone nor has it flooded
• Institutional grade submarket
• Light value-add conception 58% of units
• Opportunity to offer smart home packages and washer/dryer rentals
• Located near our 3 Houston properties – Candleridge Park, ChartwellCourt, and SavoyManor – allowing for economies of scale and a growing presence in the Houston Market

Interior Amenities

• Fully Equipped Kitchens
• Walk in Closets
• Sprinklered for fire safety
• 100% Washer/Dryer Connections
• 10-foot ceilings and crown molding
• Fireplaces*
• Pantries
• Separate dining area
• Private patios/balconies

Business Plan

The current business plan contemplates a 5-year investment horizon to align with the growth in the Westchase submarket within West Houston over the next several years.  The Capital Budget is allocated to improve the overall community exteriors, amenities, and unit interiors.

With REEP Management, we will:

• Implement vertically integrated management to control expenses
• Renovate Unit Interiors and enhance common area amenities
• Improve other income such as RUBs, pet fees/rent, application/admin fees, reserved parking, storage unit rentals, valet trash, washer/dryer rentals and smart home packages.