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