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 combine the expanding demand for new, single-family homes in third ward with a targeted land acquisition that will be subdivided into three plats and developed into three homes to sell in the $300,000 to $400,000 sales market.
The Third Ward attracts investors capitalizing on this form of development (i.e., subdividing land to build and sell multiple single-family homes). The past 13 months, the average construction footprint has been 2,000 square feet for resale sizes of 1,800 square feet of livable space. Within the same timeframe the investment community has diversified developments with smaller projects (1,200 to 1,500 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 project plan is to leverage this market of smaller, new homes and develop three) homes with a construction footprint of 1,950 square feet per for a resale size of approximately 1,500 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 target property is in the Third Ward, West of Saur, South of Mcgowen and East of Emancipation, an up and coming, neighborhood with proven sales and growth. The property is an ideal location near downtown with easy access to I-45 and 59 freeways. It offers direct access to the business and employment centers of Downtown Houston, and the Medical Center. Entertainment will include The Houston Zoo, Herman Park, The Galleria plus residents can enjoy the hike– and bike trails in the neighborhood.
The development is comprised of single-family homes that feature an open floor concept, contemporary modern exterior. The target property for this proposal will be a ~10,000 sqft lot located on the east end of Third Ward. The open floor plan is perfect for entertaining, and was designed to fit modern in-town living. Large windows throughout the home allow for plenty of natural lighting. The home has an inviting covered front porch to go with a great neighborhood. These homes will be loaded with upgraded features, energy efficiency designs and smart home technology.