Encore Grand Mission
Encore Enterprises, LLC
About this Property
Encore Multifamily, which has successfully developed over 2,234 apartments valued at over $200 million since 2008, is offering investors the opportunity to invest in the new, 240 unit Class-A, garden-style Grand Mission apartment community. Being developed at less than $128,000 per unit (net $119,921), Grand Mission will have a competitive advantage against current and future rental communities within the marketplace. The project will be financed with a HUD 221(d)(4) loan, a 40-year, low-interest, high-leverage federal loan.
- Experienced developer and proven track record; management team has developed or acquired over 35,000 apartments nationwide.
- Encore is a research driven company. Encore successfully timed a $400 Million portfolio sale in 2007, has no legacy issues, and has never defaulted on a loan.
- Encore adheres to strict underwriting standards, on all investments and consistently targets 17% to 25% project level IRR’s regardless of economic conditions.
- Encore’s research identifies communities and submarkets which exhibit excellent potential for future growth against a backdrop of lesser competition.
- Grand Mission is Encore’s ninth HUD 221(d)(4) development project.
- The current Houston economy is more diverse than in prior cycles with 73,000 new jobs still projected in 2015 despite the drop in oil prices.
- Oil prices are expected to return to profitable levels within two years, which is when the Grand Mission apartments are scheduled to commence leasing.
- The property is located west of the CBD in Richmond, which currently maintains a 95% occupancy rate due to its diverse employment base.
- Grand Mission is conveniently located within 15-20 miles from the major employment districts of Houston.
- Houston is one of the Nation’s leading financial centers, has the second most fortune 500 companies in the US and generates the fifth-largest GDP in the United States.
Houston- The Woodlands- Sugar Land, TX MSA: Richmond, Texas is ranked among the hottest new places to live in the Lone Star State.
- MSA Rank 5
- Median Income $58,952
- MSA Population 6,490,180
- Population Growth 9.62%