KEY DEAL POINTS
Houstonian Capital Investments (HCI) is proud to present the opportunity to acquire land below market rates, subdivide the land and develop single family homes.
By coupling the demand for single family homes in near town neighborhoods with readily available land to acquire and develop in Houston’s Inner Loop. The city’s no-zoning regulations have enabled the accumulation of vacant land, abandoned properties and single homes on oversized lots throughout this area. The same regulations allow for land to be subdivided into smaller development plats. This creates the opportunity for developers and investors to maximize land value by subdividing existing lots into multiple plats for the development and construction of residential single family homes for sale.
The constant growth in this area is impressive as noted in several recent investor magazine articles. According the U.S. Census Bureau, the Houston metro area ranked third in the highest population growth among metropolitan areas from 2017 to 2018, with 91,689 new residents calling Space City home. As the population of America’s fourth-largest city continues to rise, more revamped and redeveloped neighborhoods are popping-up and making their mark. Areas that were once far down on the list of prime real estate options (i.e., Midtown, The Heights, etc.) are now wiping off the dust and turning into shiny, coveted locales. While there’s a lot of new development happening all over Houston, the Near Northside is thriving as an up-and-coming inner Loop neighborhood as it completes the journey from hidden gem to fully coveted locale.
The goal is to couple the expanding demand for new, single-family homes in the Greater East End District with a targeted land acquisition that will be subdivided into two (3) plats and developed into two (3) homes to sell in the $250,000 to $500,000 sales market.
The Greater East End attracts investors capitalizing on this form of development (i.e., subdividing land to build and sell multiple single-family homes). Over the most recent two years (February 2019 to February 2021) the average construction footprint has been 2,000 square feet for resale sizes of 1,700 square feet of livable space. Within the same timeframe the investment community has diversified developments with smaller projects (1,200 to 1,450 livable square feet) in an attempt to provide new, single family homes at a lower sales price. This has resulted in a stronger submarket that provides greater risk mitigation protections to investors: larger sales market, lower construction costs, shorter hold times and higher sales revenue per square foot.
The business plan of the project is to leverage this market of smaller, new homes and develop two (3) homes with a construction footprint of 1,575 square feet per for a resale size of 1,450 square feet of livable space.
The project will be developed and constructed by HCI's in-house professional home building company, CRV Homes, LLC. CRV Homes is a full-service design-build firm serving, combining professional design services with the construction craftsmanship and quality developed over a decade of home-building experience. CRV Homes brings together high-quality development and construction professionals with award-winning design expertise and inspirations. The combined CRV Homes team offers the unparalleled benefit of having experts in their specialized fields all under one roof. CRV Homes has the experience and expertise to execute HCI's business plan.
DEVELOPMENT & LOCATION
The property is in the Eastwood Park area of the Greater East End District. The property is walking distance to the revitalized Eastwood Park and the adjacent Houston Light Rail station. The Greater East End District stretches east from Downtown Houston to the East Loop Freeway and includes some smaller, well-known neighborhoods such as Magnolia Park, Eastwood and the Second Ward. The district has a rich history and in recent decades it has enjoyed a steady and continued revitalization.
The development is comprised of single-family homes that feature a modern, open floor concept with a contemporary bungalow exterior and twist of modern swank. The property offers private driveway access with a covered carport and off-street guest parking. The interior design is subdivided in first floor dining & entertaining, and second floor sleeping quarters. The first floor is an open dining and kitchen design with adjacent the living space for easy entertaining and a powder bath for guests. The second floor is accessed via floating stairs and a loft landing. The sleep space includes a master suite with an upgraded bathroom and zero entry doorless shower, plus an additional bedroom, walk-in closets and two (2) full bathrooms area. Homes are loaded with upgraded features, energy efficiency designs and smart home technology.