Multi-housing / PRS

Stonegate at Alvin

1277 Dickinson Rd Alvin, TX United States 77511-4093
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Key Facts

Year Built 2003
Building Area
Last Updated Date 13 Aug 2020

Property Description

JLL is pleased to present the exclusive listing of the Limited Partner Interest in the HFC Structure for Stonegate at Alvin, a LIHTC asset located in Alvin, TX. Located in the Houston MSA which is the 6th largest in the country with more than 7 million residents. Houston is home to 21 Fortune 500 companies, has over 3 million jobs and was the 3rd fastest growing MSA in the last decade. The investment opportunity includes a strong location in the Houston MSA, attractive assumable financing, strong amenities and an attractive value add component. A a 100% tax exemption affords potential buyers increased cash flow and removes the risk associated with an aggressive reassessment. In April of 2019 the current owners closed on a HUD 223(f) refinance. The assumable loan features a low monthly payment relative to the leverage level due to attractive provisions. The property features amenities that are more than competitive with the submarket including a playground, gated access, clubhouse, basketball court and business center. The inside of the units features dishwashers, garbage disposals, microwaves, refrigerators and washer/dryer hook-ups. 

Investment Highlights

  • A 100% tax exemption
  • Interest rate of 3.98% and a fully amortizing 35-year term
  • Features amenities that are more than competitive with the submarket 
  • The asset is currently 100% occupied with a waiting list on all unit types, providing a potential buyer the opportunity to raise in place rents up to 15% to the max allowable and realize impressive double digit returns
Michael Furrow
Michael Furrow
Director, Capital Markets
C.W. Early
C.W. Early
Senior Managing Director, Capital Markets

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