Sam Houston Apartments, LLC
50 Main Street Suite 355 White Plains, NY 10606
Total Cost $15,385,000
Price Per Bed $40,065
- Price Per Square Foot $109.91
- Rentable Square Footage 139, 972
- Current Occupancy 95.30%
- Year Built 2004 & 2007
The Sam Houston State Portfolio consists of two properties located at Sam Houston State University in Huntsville, TX. Montgomery Village is a 48 unit, 192 bed, luxury student housing complex built in 2007 and located approximately ¼ mile south of campus.
50 Main Street Suite 355 White Plains, NY
The Village at Sam Houston is a 48 unit, 192 bed, luxury student housing complex built in 2004 and located approximately ½ mile east of campus. For the 2007-2008 academic year, Montgomery Village is 97.4% leased and The Village at Sam Houston is 92.30% leased.
Property Description
The Sam Houston State Portfolio consists of two properties located at Sam Houston State University in Huntsville, TX. Montgomery Village is a 48 unit, 192 bed, luxury student housing complex built in 2007 and located approximately ¼ mile south of campus. The Village at Sam Houston is a 48 unit, 192 bed, luxury student housing complex built in 2004 and located approximately ½ mile east of campus. For the 2007-2008 academic year, Montgomery Village is 97.4% leased and The Village at Sam Houston is 92.30% leased.
PROPERTY AMENITIES
- Sand Volleyball Court
- Outdoor Swimming Pool & Hot Tub
- Tanning Beds
- Fitness Center
- Internet Cafe
- Private Balconies
- Full Sized Washer & Dryer in every unit
LOCATION FEATURES
- Housing for Sam Houston State University
- Part of the Texas State University System
- Enrollment of 16,800 students
- College of Criminal Justice is largest program in the United States
- Enrollment has grown 22% over the past five (5) years
- Maintains 20 to 1 student to faculty ratio
- SHSU is planning $150 million in facilities expansion
THE OFFERING
- $15,385,000 Total Offering with 71.50% LTV
- $4,385,000 in investor equity interest
- $125,300 mininim investment
- Year 1 Projected Cash Flow of 7.03% (7 Year Average of 7.45%)
- $11,000,000 Countrywide loan; 6.20% fixed rate loan for 10 years, interest only payments for the first three years with 30 year amortization of principal there after
- Non-recourse financing with no personal liability
- Investors on title and receive deed for their interest
PROJECTED SALE ANALYSIS
- 2013 Projected NOI 1,267,039
- Projected Cap Rate 7.00%
- Projected Sale Price 18,100,553
- (Less Outstanding Loan Balance) (10,472,206
- (Less Closing Costs) (249,625)
- (Less Prepayment Penalty) (300,000)
- (Less Sales Commission of 4.50%) (814,525)
- Net Sale Proceeds 6,264,197
ABOUT WOODLARK CAPITAL LLC
50 Main Street Suite 355
White Plains, NY 10606
Ph: (914) 285 4133 Fax: (914) 285-4925
Email: info@wlfund.com