Property Details
Stabilized Occupancy  Stabilizied Cashflow  Below Market Rents  Repositioning Opportunity  NOI Growth 
Asset Profile
Value Add

CSC Ravens Portfolio

Houston, TX

Multi-Family Property
Cooper Street Capital San Francisco, CA
Cooper Street Capital
Targets
  • IRR 19.6%
  • Equity Multiple 1.66x
  • Hold Period 3Y
  • Minimum Investment $25K
  • Year 1 Cash on Cash 7.6%
  • Stabilized Cash on Cash 8.9% in Y3
  • First Distribution Oct 2019
  • Distribution Frequency Quarterly
  • Co-Investment 30%
  • Preferred Return 10%
  • Investor Profit Share 70%
  • Asset Profile Value Add
  • Loan-to-Value 75%
  • Current Occupancy 94.7%

About this Property

Cooper Street Capital (“CSC”) is pleased to present an investment opportunity for three multifamily apartment complexes located in the central Montrose District of Houston, Texas, collectively called the Ravens Portfolio. The Ravens Portfolio is situated just two miles north of Rice University and the Texas Medical Center—one of the most stable employers in the United States with more than 100,000 employees.

The CSC Ravens Portfolio represents a cash flowing investment opportunity with a value-add component that CSC anticipates holding for three years. In the immediate term, there is opportunity to capture pricing upside with targeted unit upgrades that will appeal to a section of the apartment market that is largely unaddressed in this pocket of Houston.

These three assets are uniquely positioned, they present incredibly well to the street, and their location should ensure for a stable and growing tenant base into the foreseeable future.

About this Property

Cooper Street Capital (“CSC”) is pleased to present an investment opportunity for three multifamily apartment complexes located in the central Montrose District of Houston, Texas, collectively called the Ravens Portfolio. The Ravens Portfolio is situated just two miles north of Rice University and the Texas Medical Center—one of the most stable employers in the United States with more than 100,000 employees.

The CSC Ravens Portfolio represents a cash flowing investment opportunity with a value-add component that CSC anticipates holding for three years. In the immediate term, there is opportunity to capture pricing upside with targeted unit upgrades that will appeal to a section of the apartment market that is largely unaddressed in this pocket of Houston.

These three assets are uniquely positioned, they present incredibly well to the street, and their location should ensure for a stable and growing tenant base into the foreseeable future.

Key Points

  • The options for young professionals, students, and families in the Montrose District are split mostly between high-end and expensive Class A new build assets, or older 1970s/1980s buildings without the most up-to-date finishes, leaving a large space between the two spectrums. Each of the three assets sits in unmatched central locations, their exterior presentation immediate catches the eye, and the interior quality of the units has been well maintained.
  • For this acquisition, CSC, in coordination with its property management company, CSC Management, will undertake a rehab program, centered largely on $4,200/unit upgrades to the assets' interiors, which will include new stainless steel appliances and in-unit laundry. CSC expects the unit turns to be completed within a 24 month timeframe. At that point, the assets are expected to achieve average rents at approximately $1.70-$1.75 SF/month or greater, which would represent a 15-20% growth from current rates.
  • These asset level improvements will be carried out against the backdrop of notable population and employment growth, including rapid growth in the millennial population (ranking as the 8th fastest in the US between 2010-2015), which CSC expects will continue to provide for a sustained and stable tenant base moving forward.

Offered By

Cooper Street Capital

Cooper Street Capital

San Francisco, CA

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Assets Under
Management

Currently
$251.85MM 20+ assets
Exited
$59.31MM 10+ assets
Portfolio LTV
64%  
Historical
Realized Returns

Total IRR
29.4%  
Equity Multiple
2.24x  
Annual Cash
8.7%  
Years Of
Experience

As Principals
20+ years  
In Business
7 years  
Size
6 Staff  
* All information is reported by Cooper Street Capital as of 1/25/2019.
Assets Under
Management

Currently
$251.85MM 20+ assets
Exited
$59.31MM 10+ assets
Portfolio LTV
64%  
Historical
Returns

Total IRR
29.4%  
Equity Multiple
2.24x  
Annual Cash
8.7%  
Years Of
Experience

As Principals
20+ years  
In Business
7 years  
Size
6 Staff  
* All information is reported by Cooper Street Capital as of 1/25/2019.

Financials

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Offering Financial

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Location Details

Houston, TX

The Montrose District, one of Houston's oldest and more historic neighborhoods, is known locally as the Arts District, housing row after row of beautiful estate homes, an array of trendy and local restaurants and unique shops, and some of Houston's top attractions, including the Menil Collection and the Houston Zoo. Tucked away in this inner-core neighborhood of Houston, the Montrose District gives a more relaxed and small-town feel and one that gives an authentic flavor of Texas.

The assets of this acquisition, located at 1919 Portsmouth, 1903 Portsmouth, and 420 W. Alabama, are each located on quiet and safe roads that allow residents the access to the all the major attractions of the City but also to retreat from the City's hustle and bustle if needed. Located adjacent to major employment centers, including downtown, the Texas Medical Center, and Rice University, these assets, and the Montrose District more generally, are popular among students, young, professional, families, and everyone in-between.

Documents

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Offering Agreement Documents

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