Exceptional accessibility to destination of choice:
The asset location offers direct access to multiple transportation options allowing residents to quickly reach Houston's largest employment centers and best lifestyle amenities.
Next door to the largest urban park in the United States. With an estimated value of about $1B, residents certainly have access to many amenities including a golf course, arboretum, botanical garden, playgrounds, various sport playground, hiking and much more.
The residents enjoy an abundance of retail centers, restaurants, entertainments, and nightlife. The asset itself boasts 8 on-site premium retail outlets.
Affluent demographics: Very strong affluent tenant demographic with an average household income of $166K. Tenants earn about 7X of what they pay in rent. Houston's two most prestigious private schools are 4 miles away.
With an average home sale price of $1.9M, this is one of the wealthiest areas in Houston. Home prices are well out of reach for local residents, thus renting is the best option. The average rent at Elan is about $2000, compared to a monthly mortgage of over $7,000.
The rents are well below what many comps are achieving with some charging well above $1,000 compared to Elan Memorial. New leases over the last 12 months shows 8% rent increase and 18% rent increase in the last 13 leases in the beginning of 2022. The 2021 rent growth in the submarket was 23%
A significant opportunity to grow other income by over 100K.
Opportunity to reduce controllable expenses by about 15%.
The sponsorship team owns and operates nearly 1,000 units in the Houston MSA providing excellent experience and understanding of the market.
#1 core submarket in the Houston area for overall performance and #3 in the entire metro for rent growth and absorption.
190,000 jobs within a 3 mile radius and 20,000 employers within a 3 mile radius