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|Number of units||177|
Champions at Ponderosa is a well-located and accessible, garden-style multi-housing community in highly livable Northwest Houston. Current ownership spent more than $2 million in capital improvements to thoroughly address deferred maintenance and fully modernize the community. Their substantive efforts will greatly benefit new ownership with lower expenses and provide a more definitive path for revenue growth.
The successfully repositioned asset has a healthy balance sheet, steady occupancy, and stable cash flow with long-term rent growth and value appreciation potential. Champions at Ponderosa is available on an All Cash basis.
- 98% current occupancy and 94% average since restabilization after renovations
- 57% 2B and 3B units with opportunities to add private yards
- Add washer/dryers to 69 units with connections for $40/month premium (+$33K additional annual income)
- Effective rents have increased 15% since renovations
- 15% higher rent levels have been consistently maintained over the last 12 months
- Last 40 leases have averaged 3.7% higher rents than current rent roll average
- Healthy rent gaps with Class A ($351) and Class B ($160) averages in submarket
- Rent comparables are achieving 11% ($108/month) higher rents
- Limited new supply submarket with 2.9% rent growth over the last 12 months and 6.0% rent growth over the last 3 months (annualized)
- Projected rent growth average of 2.7% from 2021-2023 by Axiometrics and 3.2% by YardiMatrix
- 68 Walk Score compared to Houston average of 49, a testament to the livability and accessibility of immediate area
- Walking distance to Ponderosa Elementary School, grocery options, and METRO bus stop
- Five minutes from regional medical hub, anchored by Houston Northwest Medical Center