Western Wealth Capital is proud to offer investors an opportunity to invest in Chatham Village Apartment Homes, a 210-unit, luxury apartment community located in Houston, Texas. Built in 1984, the property offers tremendous upside potential, with most units still retaining some original interior fittings.
Chatham Village is adjacent to the Clear Lake Area and its tech industry. The property is conveniently located off Bay Area Boulevard, which gives quick and convenient access to the I-45; connecting the property to the Houston metro and a multitude of dynamic employers including NASA Johnson Space Centre, Boeing, The University of Houston at Clear Lake, Clear Lake Medical Centre and Ellington Airport.
This involves increasing the net operating income over a ﬁve-year period using Western Wealth Capital’s disciplined and consistent value-add program. The main drivers to increase the net operating income are:
Built in 1984, Chatham Village Apartment Homes average 889 square feet and deliver one, two and three-bed suites, featuring washer/dryer connections in select units. Chatham Village has 74 units (35%) dedicated for low income housing, as part of a Land Use Restriction Agreement (LURA) that matures in 2035. The income thresholds are not significantly different from Chatham Village’s existing rents and are not anticipated affecting the existing or future tenant pool. The income restrictions are tied to the annual median household income (AMI) for Harris County, which is projected to rise annually based upon the robust local economy. The property is conveniently situated near the intersection of Bay Area Boulevard and Galveston Road. Chatham Village is less than 2 miles from Interstate 45, which serves as the main transportation corridor through Houston’s metropolitan region.
With the superior position Chatham Village enjoys in Webster, there continues to be ample opportunity to add significant value to the property by implementing the Partnership’s value-add program. The previous owner recently spent over $1.7 million upgrading the building and common areas, leaving room for further investment to be concentrated on the apartment unit interiors. Chatham Village is zoned to the #1 High School in a highly regarded school district and has consistently maintained an occupancy above 90% for the last decade. Submarket occupancy is also strong and above 90%, with renovated market comparables achieving up to 18% higher rents (Chatham Village OM, 2018).
Investments Start at $25,000 USD
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