The Cove
Houston, TX
The Cove is an investment property located in Houston, Texas that has recently been acquired for $36.25 million. The property made up of 16, 2, and 3 story buildings and is located in a thriving part of the city, near the Johnson Space Center. It is considered a value-add property due to the potential for rental upgrades.
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Acquisition Data
Purchase Price
Total Acquisition Cost
Total Cost/Unit
Year 0 CAP Rate
$36,250,000
$41,703,973
$135,402
4.53%
Return Matrix
Project Level IRR
Equity Multiple
Avg. Cash-On- Cash
21.47%
2.48 X
10.29%
Property Statistics
Net Rentable Area
Number Of Units
Parking Spaces
Size Of Building
221,928 SQ FT
298
440
4 & 3 Story (6 Buildings)
Investment Thesis
Acquired from an institutional seller and located at the heart of Clear Lake, Houston, highly accessible to employment centers, retail and entertainment spots, this garden style 308 apartments property presents a prime value-add opportunity. The property will undergo a complete a value-add program which is expected to take approx. three and a half years. Upon stabilization the property will be held for approx. three quarters to season the stabilized cash flow and then either refinanced or sold, likely to another institutional buyer.