The real estate investment platform RealtyMogul announced an offering for an equity investment in a multifamily development in Houston.
The Saxon Pond Flats is a ground-up development of a 360-unit Class A multifamily housing project in the northwest Houston submarket. The 14-acre parcel was acquired for $7.11 per square foot in 2021, and recent sales of similar properties averaged $9 per square foot.
Saxon Pond Flats is projected to have an all-in cost basis of only $172,000 per unit compared to comparable newly constructed properties in the submarket that are selling for between $200,000 and $230,000 per unit.
Construction of the multifamily asset is expected to begin in early 2023 with project stabilization expected in August 2025. Each unit will feature built-in desks with cabinets, black stainless steel appliances, first-floor private yards and larger balconies on the second and third floors. Residents will also ...
Full story available on Benzinga.com
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The Saxon Pond Flats is a ground-up development of a 360-unit Class A multifamily housing project in the northwest Houston submarket. The 14-acre parcel was acquired for $7.11 per square foot in 2021, and recent sales of similar properties averaged $9 per square foot.
Saxon Pond Flats is projected to have an all-in cost basis of only $172,000 per unit compared to comparable newly constructed properties in the submarket that are selling for between $200,000 and $230,000 per unit.
Construction of the multifamily asset is expected to begin in early 2023 with project stabilization expected in August 2025. Each unit will feature built-in desks with cabinets, black stainless steel appliances, first-floor private yards and larger balconies on the second and third floors. Residents will also ...
Full story available on Benzinga.com
Continue reading...