Lofts At 702
Houston, TX
We are thrilled to introduce our newest hotel to apartment conversion project: a 121-unit independent hotel, ideally located just 15 minutes from IAH airport in Houston, TX. We plan to renovate and reposition this hotel into a modern apartment community for long-term residents.
Offering Overview
In addition to its prime location, this property is an ideal candidate for a hotel to apartment conversion. It was originally a Holiday Inn with over 200 rooms and has since been condensed to 121 units. The unit mix includes 34, studios, 87 one beds, with an average unit size of >400 sq ft.
Pro Forma Overview
KEY INFORMATION
Internal Rate of Return
0
%
Accredited Only
$100K
Minimum Investment
3 Years
Hold Period
8%
Preferred Return
$113.4K
Exit Price Per Door
2.28X
Equity Multiple
80 LP/20 GP
Profit Split
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