ROSEMONT ON
EL DORADO

PROPERTY INFORMATION

  • Webster, Texas
  • 324 Unit
  • Built 1981 / 2017
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SUMMARY
  • Project Size: $33,700,000
  • Equity: $12,000,000
  • Loan: $21,700,000
BRIEF DESCRIPTION

Rosemont on El Dorado is a well-maintained asset with value-add opportunity located in the heart of Houston’s Southeast healthcare region and petrochemical industry and a quickly growing hot spot for entertainment.

The Clear Lake / Webster / League City submarket has seen 18.1% T3 rent growth. Coupled with the limited future supply, this will benefit the property moving forward. Submarket fundamentals will complement a value-add renovation strategy and provide support for rental rate growth.

FEW HIGHLIGHTS
  • Two Resort-Style Swimming Pools
  • State-of-the-Art Fitness Center
  • Grill and Pergola
  • Dog Park
  • Large Clubhouse
  • Clothes Care Centers
  • Business Center
  • Opportunity to add additional Family Fun Areas such as a playground and picnic area to the dog park.
  • We plan to add a Package Locker System with 24/7 access to residents
OVERVIEW
  • Desirable Submarket: Webster has received an A+ rating from Niche based on numerous categories, rating exceptionally high in Public schools, Good for Families, Nightlife, and Diversity.
  • Median Household Income: Webster has a median income of $60k and median home value of $250k+. Rental is more common for residents with 86.1% renting rather than owning a home.
  • Close to Plethora Employment Centers: Nearby Nasa hosts 52,000 employees along with the Webster Health Center hosting 7,500+ employees. Located just off of I45, residents have the option of an easy commute to Pearland, Hobby Airport, Port of Houston, Texas Medical Center, the Galleria, and the Central Business District hosting 500,000+ jobs.
  • Family Life and Night Life: This area has plenty to do with the family or with friends. With ample parks, trails and centers, such as the Johnson Space Center, Kemah Boardwalk, and Armand Bayou Nature Center, there are plenty of family friendly things to do. And with many restaurants, bars, and venues, there’s plenty to do afterhours as well.
BUSINESS PLAN

INCREASE INCOME AND ENHANCE VALUE

  • Implement reserved parking
  • Potential covered parking
  • Strategic drive-up color placement
  • Add washer and dryers to units
  • Upgrade pool area, office, and pet park
  • Add playground and package locker system

OPTIMIZE EXPENSES

  • Implement better management team
  • Implement tech packages
  • Lower the expenses by improving contract terms
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