KEY DEAL POINTS
INVESTMENT
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, affordable residential homes inside Loop 610 near the highly desired Texas Medical Center with a targeted land acquisition in the Devonshire Place subdivision.
Over the most recent 2 years, 7 townhomes at an average size of 2600 sq. ft. have sold for an average price of $193.18 per sq. ft. or $506, ISO. These homes were well-maintained, but originally built in 1998; therefore, today's amenities, energy efficiency features & smart home technologies were not incorporated into the design.
The business plan of the project is to develop new homes with today's finishes & technologies to appeal to professionals interested in living within this world-renowned research & medical community. No new construction is available within the targeted area in this price range. Each home will be developed with a construction footprint of 2900 sq. ft. with 2500 sq. ft. of livable space on a 14,927 sq. ft. lot.
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.
BUSINESS PLAN
DEVELOPMENT & LOCATION
The property is in the Devonshire Place subdivision immediately south & scant minutes from the Texas Medical Center. Scheduled for completion in 2022 is the massive TMC3 project, a collaborative effort of the Texas Medical Center, Baylor College of Medicine, Texas A&M Health Science Center, UT Health Science Center & MD Anderson Cancer Center. The "3" in the name of this $246 million biomedical research campus is to identify Houston as the 3rd coast for life sciences. The 37-acre campus will consist of four research buildings, a hotel, conference center, residential tower and retail space.
The residential development is within walking distance to TMC3. It is also readily accessible to the Museum District, Hermann Park, Zoo & Golf Course, Rice University and NRG Stadium. The Devonshire Place subdivision of 91 homes is quietly tucked away and yet readily accessible to the surrounding vibrant quality of life. The recommended property is perfectly rectangular in shape with good street frontage & backs up to an established multi-story housing development. The interior design includes first floor dining, kitchen, entertainment space & powder bath. The second floor consists of a primary suite & bath & two secondary bedrooms & full bath. A 3rd story rooftop patio & 2-car garage are also included. Homes are constructed with upgraded features, energy efficiency designs & smart home technology. Community is deed restricted.
