Champions at Ponderosa

Champions at Ponderosa is a well-located and accessible, garden-style multi-housing community in highly livable Northwest Houston. Current ownership spent more than $2 million in capital improvements to thoroughly address deferred maintenance and fully modernize the community. Their substantive efforts will greatly benefit new ownership with lower expenses and provide a more definitive path for revenue growth.

The successfully repositioned asset has a healthy balance sheet, steady occupancy, and stable cash flow with long-term rent growth and value appreciation potential. Champions at Ponderosa is available on an All Cash basis.

• 98% current occupancy and 94% average since restabilization after renovations
• 57% 2B and 3B units with opportunities to add private yards
• Add washer/dryers to 69 units with connections for $40/month premium (+$33K additional annual income)
• Effective rents have increased 15% since renovations
• 15% higher rent levels have been consistently maintained over the last 12 months
• Last 40 leases have averaged 3.7% higher rents than current rent roll average
• Healthy rent gaps with Class A ($351) and Class B ($160) averages in submarket
• Rent comparables are achieving 11% ($108/month) higher rents
• Limited new supply submarket with 2.9% rent growth over the last 12 months and 6.0% rent growth over the last 3 months (annualized)
• Projected rent growth average of 2.7% from 2021-2023 by Axiometrics and 3.2% by YardiMatrix
• 68 Walk Score compared to Houston average of 49, a testament to the livability and accessibility of immediate area
• Walking distance to Ponderosa Elementary School, grocery options, and METRO bus stop
• Five minutes from regional medical hub, anchored by Houston Northwest Medical Center