New Multifamily Investment Opportunity In Booming Houston, TX
Candleridge Park Apartments
20%
PROJECTED AAR
8%
PREFERRED RETURN
5 YEAR
PROJECTED HOLD TIME
$50K
MIN INVESTMENT
Investment Highlights
Strategic Acquisition
Purchased below the 2023 tax-appraised value, offering immediate equity. Reduced competition with the nearest apartment complex over 1.5 miles away.
Immediate Cash Flow
Day-one cash flow with a strong Debt Service Coverage Ratio (DSCR) of 1.5
Prime Location In Houston
Candleridge Park's proximity to major employment centers ensuring high tenant demand. Safe, low-crime area enhancing tenant retention.
Operational Efficiencies
Optimized staffing and third-party services to reduce annual payroll expenses. Capital improvements with a flexible $1 million renovation budget.
Attractive Financing
Assumed loan at a competitive 3.82% fixed-rate. Principal and interest payments boosting equity and investor returns.
Projected Strong Returns
Projected Internal Rate of Return (IRR) of 15-16%. Competitive preferred returns: 8% for Class A investors and 7% for Class B investors.
Property Overview
Candleridge Park Apartments / 1601 Wooded Pine Drive, Houston, Texas, 77073.
128
Units
1985
Year Built
7
Buildings
2
Stories
MLDC
Management
96%
Occupancy
$1,050
Average Rent
Varies
Unit Size
Market Overview
Strong Market Fundamentals
Houston Is The 4th Largest MSA In The Nation And Has One Of The Most Thriving And Diversified Economies In The World.
Houston ranks #1 and #3 for total population and job growth through 2025, respectively, just behind New York and Los Angeles. In addition, Houston is ranked second in projected net migration at 296.8K. (Moody’s) Houston’s employment base has become increasingly diverse. In 1981, the economic base was dominated by energy-related businesses, with nearly 85 percent of all jobs in those sectors. Today, nearly half of all jobs are in nonenergy fields, such as business services, technology, aerospace, medicine, and manufacturing. Bolstered by the recent headquarters relocations of HewlettPackard Enterprise, Exxon and NRG Energy, Houston now has the third-largest concentration of Fortune 500 companies in the nation.
- #2 Corporate Headquarters (Business Facilities, 2023)
- #2 2nd Fastest Growing Metro Area In America (US Census Bureau, 2023)
- #3 Top Metro By New & Expanded Corporate Facilities (Site Selection Magazine 2023)
- #5 Best City For International Investment (Axios Houston 2022 )
Excellent Submarket Demographics
4,400
Booming Businesses
20
Major Companies
70,000+
Employees
11th
Busiest airport in the U.S.
Major Employers
UPS, GE, Amazon, Baker Hughes, Toyota, Halliburton, United Airlines
NO FLOOD ZONE
Zero Storm Losses Recorded
Location Highlights
Candleridge Park Enjoys a Prime Location Near Houston Hot Spots and Employment Epicenters
Highlight #1
Purchasing $858K less than 2023 tax appraised value. $8500 per door more than seller purchased in 2019. Truly Off-market deal. Direct to seller no bidding war.
Highlight #2
Low workforce housing competition, nearest apartment, 1.5 Miles away! LOCATION LOCATION LOCATION
Highlight #3
YEAR 1 CASH FLOW AND TAX DEPRECIATION WITH 3.82% FIXED RATE DEBT
Investment Process
Review Offering
Investors should review the offering documents and make a commitment through the investor portal (link to portal included in marketing materials).
E-sign
Please electronically sign the offering documents within the investor portal or send us a message for assistance.
Funding
Using the investor portal, send funds by ACH or wire. Investments must be funded by July 31, 2024.
Closing
Candleridge Park Apartments is scheduled to tentatively close August 2024.
OUR TEAM
DR. ADEBAYO FASANYA
Dr. Breathe Easy Capital
Founder and CEO
WAYNE COURREGES III
CREI Partners
Managing Principal
DR. RAJKUMAR VENKATRAMANI
REIDOC Capital
Principal