Encore Grand Mission Richmond, TX - Offered by Encore Grand Mission
iCrowdNewswire -
May 10, 2015 11:32 AM ET
Encore Grand Mission
Richmon, TX
Offered By
Encore Enterprises, LLC
Dallas, TX
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.
Key Points
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.
Richmond, TX
Houston- The Woodlands- Sugar Land, TX MSA: Richmond, Texas is ranked among the hottest new places to live in the Lone Star State.