Parkside Place Apartments - Offering Memorandum

Parkside Place Apartments - Offering Memorandum

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Offering snapshot

Parkside Place Apartments

Parkside place-Multifamily Investment
Parkside place-Multifamily Investment
Parkside place-Multifamily Investment
Parkside place-Multifamily Investment
Parkside place-Multifamily Investment
Parkside place-Multifamily Investment
Parkside place-Multifamily Investment
Parkside place-Multifamily Investment
Parkside place-Multifamily Investment
Parkside place-Multifamily Investment
Parkside place-Multifamily Investment
Parkside place-Multifamily Investment Parkside place-Multifamily Investment Parkside place-Multifamily Investment Parkside place-Multifamily Investment Parkside place-Multifamily Investment Parkside place-Multifamily Investment Parkside place-Multifamily Investment Parkside place-Multifamily Investment Parkside place-Multifamily Investment Parkside place-Multifamily Investment Parkside place-Multifamily Investment

3101 Spencer Hwy, Pasadena, TX 77504

  $100,000

   Minimum investment

  $9,800,000

  offering size

  Direct syndication

   Deal type

 

   Sec type

  Equity

  Type of equity

Projected investor returns

        Class B- Limited partners    

IRR

Equity multiple

On cash

24.57%

2.41x

8.34%

Sponsorship team

Ash Shah

PARKSIDE PLACE INVESTMENT OFFERING

Parkside Place Apartments - Soft Commitments

About offering

Impex Capital Group is pleased to present to potential investors the opportunity to invest in Parkside Place Apartments, a 321-unit, 1969-built, Class B garden-style community located in the thriving Houston submarket of Pasadena. The location of the property is close in proximity to high quality retail and community services, as well as Beltway 8 and Interstate 45 which provides residents quick access to Houston’s major employment centers. Adjacent to the property is the 50-acre Strawberry Park, which serves as the community’s recreational hub and features a water park, recreation center, sports fields, walking trails, playground, exercise stations, picnic tables and other park amenities.

Amenities at Parkside Place include two swimming pools, club house, business center, fitness center, as well as others. Prior ownership invested ~$1MM into the property by installing new roof, solar screens, HVAC, plumbing and electrical improvements, and other upgrades. They also upgraded the interiors of individual units by adding new floors, updated lighting, appliances, granite countertops, and other improvements in approximately 50% of the property. Artisan’s plan is to make strategic improvements to the property as well as upgrade the additional units to increase rents on all units not capped at rent restrictions.

Parkside Place offers a strong risk-adjusted investment opportunity with substantial appreciation potential due to constrained submarket supply of rental housing, proximity to major employment centers with wage appreciation, desirable Pasadena school district, and next-door access to irreplaceable Strawberry Park amenity.

Unique aspects of this opportunity include sourcing the deal “off-market” at an attractive basis as well as a Property Tax Abatement structure. The team was able to put the asset under contract through its strong broker relationships as well as securing a partnership with the Southeast Texas Housing Finance Corporation to put the tax-exempt structure in place.

Asset details

Multifamily

property type

  Multifamily

   Property type
 

321

Number of units

  321

   Number of units
 

Documents

Parkside Place Apartments Offering Summary

Offfering

Document name

Document label

Actions

 

SixSenses_Summary PowerPoint Deck.pdf

Offering

Parkside Place Apartments Offering Memorandum

Offering

 Offering

Overview

 

 

  $100,000

   Minimum investment

 

 

 

  $9,800,000

   Offering size
 
 
 

 

  Direct syndication

   Deal type
 
 
 

 

 

   SEC type

 

 

 

  Equity

   Type of equity

 

Projected investor returns

        Class B - Limited partners    

  IRR

 Equity multiple

 Cash-on-Cash

24.57%

2.41x

8.34%

Location 

PARKSIDE PLACE INVESTMENT OFFERING

Parkside Place Apartments - Soft Commitments

Location

PARKSIDE PLACE INVESTMENT OFFERING

Parkside Place Apartments - Soft Commitments