ashford park

8/4/2019 Ashford Park

1/18

AshfordParkApartmentsMultiFamilyOffering

JimHurd7137836262

TomWilkinson7133554646

Good WestheimerCorridorLocation

C+GradePropertyinaB MarketArea92%Occupied

AskingPrice~$5,000,000$27,777/Unit

$29.25/SF


2/18

BROKER: Jim Hurd BROKER: Tom Wilkins

HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-46Broker's License #0393404 Email: [email protected] Broker's License #0406902 Email: [email protected]

2700 Dairy Ashford

Key Map: 488V

Units:

Avg Size:

Date Built:

"E" Mtr/"W" Mtr:

Roof:

Land Area (Acres):

Rentable Sq Ft:

Mth.

Coll.

0.80.70.8

0.6.0.70.7

$0.7avg$

6,208 $575790 22,910 $675 $19,575

#Units Type Notes SF/Unit Total SF Rent Total Rent

776829 11

UNIT AMENITIES (Features vary by Individual Floor Plan)

8 $51,680$760

1,125$6,080

$19,176$6,392

avg sf

$760$799$799

8,904

950 $125,703

1,113

THFP

total rent

1,142

OneoftheUnitsisbeingusedastheLeasingOffice

FP=Fireplace,TH=Townhome

92%180

24

1982

180

950

8

FP

3232

170,932 $698

$100,968

222

2

Den

1,10368 THFP

$5,000,000

$27,778

$29.25

Indiv / Mast.

170,932

6.49

Ashford Park Apartments

PROPERTY INFORMATIONFINANCIAL INFORMATION

Houston, TX 77082

Composition/Pitched

Asking Price:

Price / Unit:

Price / SF:

Seller's Equity: $5,000,000

Good Value Add Investment

Opportunity Post Rehab &

Stabilization

622

UNIT MIX (Rents as of Mar, 2011)

FP 21,77035 11 $520 $18,200$4,600

Ren

Per S

Jul2011 May2011 Apr2011

TOTALCOLLECTIONS(Approximately92%Occupancyasof72511)

$109,668 $104,517

Jun2011

avg renttotal/sftotal units Occ.

Property Highlights$109,474

27,0009,136

11 FP

75,004

FP

Directions from Downtown Houston: Take I10 W., travel 14.5

miles, take the Dairy Ashford Rd. exit, travel 0.2 mile, turn left onto

N.DairyAshfordRd.,travel3.6miles,thepropertyisontheright.

1. Recent Foreclosure ~ Available "All Cash" / No Owner Financing ~ Buyer

to Obtain new financing. Grade C+ Property in a "B" market area.

2. Good Westheimer Corridor Location. Located in the desirable Greater

West Houston area surrounded by upscale neighborhoods with much higher

than average median household incomes and home values. The property is

less than 1 mile from the prestigious Westside Tennis Club and Westside

Golf Club just a few miles from the Energy Corridor and the Westchase

District of Houston.

3. "B" Grade Occupancies are in the mid to high 90% range within a mile

radius of the property.

4. Good Upside Potential ~ The property has a low turnover rate, a new

owner should see upside in the collections with interior upgrades and

correction of deferred maintenance on this property. Some units may be

heavy turns.5. There are approx. 8 tenants that receive rent subsidy from the

government.

40%

42%18%

ByUnitType

11 22 32

19%

5%16%

38%

5%13%

4%

BySq.Ft.

622 776 790 1,103

1,113 1,125 1,142

Unit Mix Stats

Ashford Park Apts.

Recent Foreclosure ~ Good Value Add Deal ~ with interior upgrades and th

correction of deferred maintenance. Available All Cash ~ No Owner Financin

The property is 91% occupied as of 72511. The Ashford Park apartme

community has a good Westheimer co rridor location placing its residents with

minutes of over 35,000 sf of prime commercial space found in the Galler

Financial District and the Westchase Financial District just to the east of th

community. Numerous major retail outlets including Randall's, WalMart, Sam

Club, Walgreen's, Lowes and Home Depot are basically within walking distan

from the site. Its location near Beltway 8 (which loops around Houston) and

proximity to the Westpark Tollway and IH10 allows the property to have acce

to most of the major employment areas of Houston as well as shopping an

dining. The property's unit mix consists of seven different 1, 2 and 3 bedroo

floor plans which includes some townhomes.

RecentForeclosure~Available"AllCash"~

BuyertoObtainNewFinancing

WoodBurningFireplace,CentralAir/Heat,CarpetedFloors,Huge

WalkInClosets, Individual HotWaterHeater,Dishwasher,FullSize

Washer/Dryer Connections, BreakfastBarwithServingArea,Large

SpaciousPantry,CeilingFans,VaultedCeilings,

OutsideStorage

TEXAS MULTI-FAMILY BROKERAGE

HOUSTON INCOME PROPERTIES, INC.KET ENTERPRISES INCORPORATED

Page 1 of 16


3/18

BROKER: Jim Hurd BROKER: Tom Wilki

Ashford Park Apartments2700 Dairy Ashford

Houston, TX 77082

AskingPrice Lender ToBeDetermined CurrMktRent{Jul11}Est.PerUnitPrice Est.InterestRate RentsUsedonProForma

Est.PerSFPrice Est.NewLoanAmount: Collections{JulT4Avg}

Est.Rehab/Upgrades/Unit Est.P&I: Collections{Jul2011}

TotalEst.Rehab Amortizing(months): EstPhy.Occ.{7252011}DateBuilt AskingPrice+Rehab Term:eMet Est.Reserve/Unit :

Down Pmt. On Ask Price 35% Est.LoanConstant: 2010Rate/$100ofValueRoofStyle Composition/Pitched Down Pmt. With Rehab 35% 2011TaxAssmt

INCOMECurrentMarketRentwitha{%}RentIncreasewhichequatestoanavgrentof{$698}/Uor{.735}/SF $125,703/Mo

LosstoLease{1.0%}ofTotalStreetRentEstimated 1.0%

EstimatedGrossPotentialIncome 99.0%

VacancyEstimatedat{7.0%} 7.0%

Credit/Concess/Admin/OtherRentalLossesEstimatedat{7.0%} 7.0%

TotalRentalIncome{Estimated} {80%}ofCurrentMarketRents {85%}ofProFo

OtherIncome{IncludesLaundry,ForfeituresandMisc.} 398/Unit/Yr $333/Unit/Yr

TotalIncome $106,157/Mo $111,848/Mo

EXPENSEFixedExpenses

Taxes 2010Assmt.and2010Rate ProFormaAssmt.and2009RatInsurance

TotalFixedExpense $1,072/Unit $1,114/Unit

UtilitiesElectricity Actual

Water/Sewer ActualWater/RUBS Not Implemented Est. 55%PenetrationGas Actual

TotalUtilities $561 / Unit $334 / Unit

OtherExpensesGeneral&Admin EstimatedAdvertising/Marketing EstimatedRepairs&Maintenance EstimatedLaborCosts EstimatedContractServices EstimatedManagementFees 3.5% 3.5% Based on above income

TotalOtherExpense $2,148/Unit $2,161/UnitTota Operat ngExpense $3,780/Unit $3,609/Unit

ReserveforReplacementEstimated $300/Unit $300/Unit

TotalExpense $4,080/Unit $3,909/Unit

NetOperatingIncome $2,997

/

Unit $3,547

/

Unit

AskingPrice/AskingPrice+Rehab withrehab

CapRateDe tEquityDe tServ ce

as ow

CashonCash

Individual10Years

$2,000

$5,360,000EST. BUYER'S EQUITY REQUIREMENTS

Good Value Add Potential Post Rehab

1982 Est.InsperUnitperYr $

Except where noted Except where noted

Tax Assmt. @ 95% of Asking Price

PropertyTaxInformation

$4,717,7

Income is EstimatedDue to Foreclosure Expenses are Pro Forma Expenses are Estimated

MODIFIED ACTUALS STABILIZED PRO FORMA

$1,876,000

EstimatedLoaniswiththeEstimated

RehabDollarsIncluded

Income is Actual July 2011 Annualized

HVACSystem Individual

$23,524

PhysicalInformation FinancialInformation Estimated OperatingInformation

LandArea{Acres} 6.49

$360,000 300

$3,484,000

AvgUnitSize(SF) 950 $27,778 6.50%

NewLoanParameters

NumberofUnits 180 125,7

NetRentableArea 170,932 $29.25

UnitsperAcre 27.7

8.10%$300

2.707wMeter Master $1,750,000

1,493,352

1,508,436(15,084)

71,670 60,000

(105,591)(105,591)

Estimated Estimated

1,202,211 1,282,171

FixedExpenses FixedExpenses

$127,735 $710perUnit $128,608 $714perUnit

1,273,881 1,342,171

192,895 200,608

Utilities EstimatedUtilities

$65,160 $362perUnit Estimated $72,000 $400perUnit Estimated

$23,223 $129perUnit $24,000 $133perUnit

$76,280 $424

per

Unit $77,000 $428

per

Unit

$1,391 $8perUnit $1,400 $8perUnit

$perUnit$0 $235perUnit($42,350)

100,894 60,050

OtherExpenses EstimatedOtherExpenses

$22,500 $125perUnit $22,500 $125perUnit

$72,000 $400perUnit $72,000 $400perUnit

$22,500 $125perUnit $22,500 $125perUnit

`

$180,000 $1,000perUnit $180,000 $1,000perUnit

$45,000 $250perUnit $45,000 $250perUnit

$44,586 $248perU $46,976 $261perUBasedonaboveincome

54,000 54,000

386,586 388,976680,375 649,634

5,000,000 5,360,000

10.8% 11.9%

734,375 703,634

539,506 638,537

withoutrehab

282,291

356,246

3,484,000

1,876,000

DISCLAIMER: Theinformation contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent rolls, etc provided by the Owner. Notwithstan

Houston Income Properties, Inc. does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountan

attorneys for tax and legal advice. This offering is "As-Is, Where-Is" and subject to prior withdrawal without notice. Answers to specific inquiries will haveto be supplied by the Owner and are available upon requ

Rates of return on this apartment investment vary daily. No representations are made concerning environmental issues, if any. Information about Brokerage Services has been provided with this offering memorandu

19.0%

NOTES ON ACTUALS: Income is July 2011 T-4 annualized, Expenses are Actual 2010 and Pro Forma where noted.

NOTES ON PRO FORMA: Income is Pro Forma as Noted. Expenses are Estimated. Taxes are estimated using the 100%Asking Price for the assessment and 2010 rate.

$5,000,000

$109,4

$125,7$106,

$4,750,0



Page 2 of 16


4/18

BROKER: Jim Hurd BROKER: Tom Wilkinson

Number of Units: 180 170,932

Date of Construction: 1982 950

Roofs: Composition/Pitched $125,703 $698 / Unit $.735 / SF

$125,703 $698 / Unit $.735 / SF

HVAC System: Individual $450,000 $2,500 / UnitMetering: Electric Individual 2.707531

Water Master $4,717,755

Est. Current Occupancy: 92% $5,000,000 Assmt is 100% of the Asking Price

Income

Current Market Rent with an approximate {0%} Rent Increase (Post Rehab) 1,508,436 125,703

Gain/(Loss) to Lease (15,084) 1%

Vacancy, Credit and other Losses (105,591) 7%Credit/Concess/Admin/Other Rental Losses Estimated at {7.0%} (105,591) 7%

Total Rental Income 1,282,171 85%

Total Other Income 60,000 $333 / UnitTotal Estimated Gross Annual Income 1,342,171 $111,848 / Mth

Expenses

Fixed ExpensesProperty Taxes (taxes are at 2010 Rate and pro forma assessment) 135,377 Pro Forma $752 / Unit

Insurance 72,000 Est. $400 / Unit

Total Fixed Expenses 207,377 $1,152 / Unit

Management Fee (Pro Forma is Estimated @ 3.5%) 46,976 $261 / Unit

Payroll plus Burden 180,000 $1,000 / Unit

Utilities (Water, Gas, and Electricity for all units) 102,400 $569 / Unit

Water Reimbursement @ 55% penetration (RUBS Implemented) (42,350) $235 / Unit

Repairs, Maintenance and Make Ready 72,000 $400 / UnitMarketing 22,500 $125 / Unit

Contract Services (Landscaping, Pest Control, Refuse Removal, Courtesy Patrol) 45,000 $250 / Unit

General and Administrative Costs 22,500 $125 / UnitEstimated Reserve for Replacement 54,000 $300 / Unit

Total Expenses ~ (average Unit size is {950} Sq. Ft.) 710,403 $3,947 / Unit$4.16 / SF

Estimated Stabilized Net Operating Income $631,768

$40,112 / U $42.24 / SF

$38,998 / U $41.07 / SF

$37,944 / U $39.96 / SF9.25%

Value Generated

Post Rehab Stabilized Rents Used:

Est. Rehab Needed Per Mgmt.:2009 Tax Rate:

2009 Tax Assessment:

Post Sale Assessment Used:

$6,829,925

Potential Stabilized Value ~ Post RehabAshford Park Apartments

Property Information

STABILIZED PRO FORMA

$7,220,207

Approximate Net Rentable Area:

Average Unit Size:

Current Monthly Market Rent:

Estimated Potential Value Based on a Stabilized NOI of $631,768

$7,019,645

Cap Rate8.75%9.00%



Page 3 of 16


5/18

BROKER: Jim Hurd BROKER: Tom Wilkinso


2700 Dairy AshfordHouston, TX 77082Key Map:

Blt. #/U

$5,553,210

$42.04 1983 275

$36,334

$32,727214,079

$37.03 1982 195

Stabilized

$40.87Almost Stabilized

Jan-11 $11,300,000 $45.19

Green Tree PlaceJan-11 158,580 748 $8,860,000 $41,792 $55.87 1984 212

Stabilized

Almost Stabilized

778 $9,000,000

$28,478

AshfordParkApartments

Sold

Water SongSep-10

3111981editerra At Westchas

250,044 804

Sold Date: UC

Located 1.6 miles southeast of the Subject

Located 1 mile northwest of the Subject

NW Houston ~ Almost Stabilized at sale ~

Sold Date:

$9,000,000

Price Per Unit:

2571982$11,550,000

Place at Green TrailsOct-10

208,822 $11,550,000

Almost Stabilized

Almost Stabilized

Sales Price:

$31,428

Located 2.8 miles northwest of the Subject

Price Per SF: $55.31

$42,463

Sold Date:


Water Song ~ St abilized at sale ~

Price Per SF:

Price Per Unit: $32,727

10/24/10

Sales Price:

Mediterra At Westchase ~ Almost Stabilized at sale ~

$11,300,000

Sold Date:

Price Per Unit:

Price Per SF:

Green Tree Place

$8,860,000

$41,792

1/10/11

$45.19

$36,334


488VWindemere Apts ~ Almost Stabilized at sale ~

Sales Price: $8,077,000

Sales Price:

Avg/SFTotal SF

Place at Green Trails ~ Almos t Stabili zed at sale ~

$55.87

1/1/11

Apartment Sales Comparables (sorted by $/per/unit)

Price Per Unit:

Price Per SF:


Sold Date: 8/1/09

Sold Date:

Price Per Unit:


Aug-09

$31,428

$40.87

Located 3.9 miles northeast of the Subject

Sales Price:197,633

9/1/10

Windemere Apts769 $8,077,000

Property Number


Price Per Unit: $28,478

Sales Price: $5,553,210

1978 272

180

1982 254

1982

Pr./SFPr./UPrice

$5,000,000 $27,778

$35,537$9,056,702

$29.25170,932 950

773 $46.05AverageCompsOnly

$42,463

196,519

NW HoustonUC 149,955 769

$55.31768



Page 4 of 16


6/18

BROKER: Jim Hurd BROKER: Tom Wilkins


2009 O'Connor & Associates

Occupancy and Rent Survey - {Rent Comps)

Custom Market Area, March 2011

Project Address Yr. Built Units SF/Unit Rent/Unit Rent/SF Occ..

Charleston 2800SDairyAshford 1980 312 725 $581 $0.81 72.00%HuntersPoint 12580PipingRockLn. 1983 72 749 $719 $0.98 94.00%MansionsofShadowbriar 12200Overbrook 1983 328 1004 $826 $0.83 97.00%WestOaks 2400BriarwestBlvd 1982 671 725 $631 $0.89 90.00%Gables,The 12730Whittington 1983 140 895 $729 $0.82 99.00%WestChaseCrossing 2475GrayFalls 1982 366 763 $567 $0.74 90.00%Whittfield 12735Whittington 1983 195 681 $609 $0.91 97.00%AshtonPark 1910WestMead 1982 720 812 $556 $0.71 89.00%BriarwoodVillageI&II 2215AvenidaLaQuinta 1983 342 819 $638 $0.78 96.00%WaldenPond 12850Whittington 1982 416 721 $573 $0.80 95.00%

RentCompAverages 3562 789 $643 $0.83 91.90%

AshfordParkApartments 180 180 950 $698 $0.74 91.67%

SubmarketAverages"B"Properties 10,918 870 $690 $0.81 89.00%Houston"B"MarketAverages 232,493 839 $683 $0.83 87.19%

Rent Comparisons within a 1 mile radius

Dist From Subj.

0.10.40.5

0.9

0.60.80.80.80.90.9

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900

AshtonPark

WestChaseCrossing

WaldenPond

WestChaseCrossing

Charleston

Whittfield

WestOaks

BriarwoodVillageI&II

AshfordParkApartments

HuntersPoint

Gables,The

MansionsofShadowbriar

RentCompAverages

Subject's"B"Market

Houston"B"Market

$556

$567

$573

$567

$581

$609

$631

$638

$698

$719

$729

$826

$643

$690

$683

Rent/Unit

RentComparisonChart

SUBJECT



Page 5 of 16


7/18


HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-464Broker's License #0393404 Email: [email protected] Broker's License #0406902 Email: twi [email protected]

Key Map: 488V

Harris County

Alief ISD

2010 Rate / $100 of Value

Hot Water: Wiring:Materials:# of Stories:

# Buildings:

0.61602

Port of Houston Authy 0.02054

0.63875

$2.7075

AREA INFORMATION

PROPERTY TAX INFOR.


Taxing Authority

Houston, TX 77082

Rate/$100

HCAD NO.

AMENITIES (Features Vary By Individual Floor Plan )

2700 Dairy Ashford

402250010001

1.34000

2011 Tax Assmt $4,717,755

0.09222

2011 Ap pr ox . To tal Tax $127,735

City of Houston

Houston Community Colleg

2010 DEMOGRAPHICS - Geography - 3 Mile Radius

Roof:

Indv. Hot Water Htrs

CONSTRUCTION

Access Gates:

Individual

Water Meter:Yes

MasterAC: IndividualElec Meter: Brick and Hardiplank

Composition/Pitched

Copper

AERIAL ~ Ashford Park Apartments

Parking:2

2827.73Units/Acre:

Open

Asian, 14.60%

Black, 16.50%

White, 55.60%

Multi-Race, 4.40%

Other, 8.90%

2009 Est. Hispanic Ethnicity-3 Mile Radius

Ashford Park is conveniently located in west of Downtown Houston of

Dairy Ashford and Westheimer Rd. The location has good access to most areas oHouston via Beltway 8, Hwy 6, Westpark Tollway, Westheimer and S. Gessner D

The property is just a few miles from two of the most premier business districts in

Houston, Galleria Uptown and the Westchase District. Also located within a shor

commute are the bedroom communities of southwest Houston such as Sugar Land

(approximately 6 miles), Stafford (approximately 12 miles), Bellaire (approximatel

11 miles). The area has excellent cross town access via Beltway 8, WestPar

Tollway, Gessner, Westheimer all of which c onnect to one of the major freeway

of the area and are just a few miles from the property allowing good access to

most of the important business center in the Houston area, including a

approximate 19 mile commute to Downtown Houston. The property's tenant

have convenient access to major retail centers and numerous entertainment an

dining venues as well.

The Westchase District ~approximately 3 miles east of the property, covers 4.

square miles (2,700 acres) and is one of Houston's premier business addresses

The District employs more than 56,000 people. This area is home to 14.4 milliosquare feet of office space and is becoming one of the fastest growing busines

centers in Houston, housing over 83 major tenants.

The Galleria Area ~just under 11 miles east of the property and houses more than

23.6 million square feet of commercial office space which represent

approximately 12 percent of Houstons total office space, making it second in siz

to Downtown Houston. It is home to approximately 2,000 companies, rangin

from small to large sized commercial businesses, representing a variety of divers

industries.

2010 Housing UnitsTotal Housing Units: 80,584

Occupied: 65,675

Owner Occupied: 28,607Renter Occupied: 37,068Vacant Units: 14,873

Estimated Average Income 1 Mile RadiusAvg. Income Subject: $85,140Avg. Income Houston: $71,127

Estimated Population 20101 Mile Radius - 20,9743 Mile Radius - 162,222

UnitAmenities~PrivateBalcony/Patio,Miniblinds,Dishwasher,Disposal,CeilingFans,

Pantry,

Walk

In

Closet,

Frost

Free

Refr.,

Wood

Burning

Fireplace,

Washer/Dryer

Connections,VaultedCeiling,ExtraOutsideStorage,PropertyAmenities ~FitnessCenter

TennisCourt,VideoLibrary,Clubhouse,CableTVAvailable,SwimmingPools,Convenient

LaundryCenters,DiningRooms,VarietyofFloorPlansincludingsomeTownhomes,

Playground,PerimeterFence,EntranceGate,Park&RideNearby,SchoolBusPickUp

Population withina 3 mile radius

Good Upside Potentialwith Stabilization

OfHispanicEthnicity

31%

NotHispanic

69%



Page 6 of 16


8/18



2700 Dairy AshfordHouston, TX 77082Key Map:

Area and Regional Economic Information


488VAshford Park is located in the Far West submarket oHouston. This market consists of mainly "B" grade apartmen

communities with a few "A" properties.The property's location is within a few miles of the Energy

Corridor and the Westchase District, two of Houston's mosprestigious business districts and top performing office marketsThese business districts have over 20 million square feet of officespace, over one million square feet of retail space, and workforce of over 100,000. The property is within 1/2 mile othe Westside Tennis Club, one of the better clubs of its type inHouston. The single family residential neighborhoods tothe north of the property are upscale neighborhoods withmuch higher than average median household incomes and

home values.Well maintained Multi-family properties with good tenan

services within a mile of Ashford Park seem to maintainoccupancy in the mid to upper 90% range, and above averagerents compared to similar properties in other areas of Houston.

Houston and Its Economy: According to Forbes Magazine, Joel

Kotkin, distinguished in urban futures at Chapman University, states

that, if you want to see successful 21stcentury urbanism, go to

Houston and the Lone Star State. Houston added 141,000 residents,

more than any region in the U.S. save the city's similarly sprawling

rival, DallasFort Worth. Over the past decade Houston's population

has grown by 24%five times the rate of San Francisco, Boston and

New York. In that time it has attracted 244,000 new residents from

other parts of the U.S., while older cities experienced high rates of

outmigration. Houston is the fourth largest city in U.S. but the

population growth rate has taken this metropolis at 2nd position. A

remarkable difference can be seen in the population growth of the

state in last decade. The well educated environment has even not let

this factor affect the development of the state. It is even catching up

on foreign immigration, enjoying a rate comparable with New York's

and roughly 50% higher than that of Boston or Chicago. What

Houston has that these other cities lack is opportunity.

A study by the Brookings Institution indicates that Houston is

impressively outpacing many other global cities heading out of therecession . Other large cities talk about jobs, but by keeping taxes,

fees and regulatory barriers high they discourage the creation of jobs,

at least in the private sector. In Houston and the state of Texas these

barriers are reduced substantially in favor of small business.

The Texas economy is smoking. Since the collapse of the housing

bubble Houston has outperformed Sunbelt counterparts like Phoenix,

Las Vegas and Los Angeles. A big factor has been that manufacturing,

professional services, international trade and technology industries

have been the primary drivers of the city's economic growthrather

than construction and speculation. Ironically, this has increased home

values. Since 2007 prices of homes in Houston have ticked slightly

higher, while those in Las Vegas, Phoenix, Los Angeles and the Bay

Area each are down by more than 35%.

Houston has considerably expanded its whitecollar workforce.According to the Praxis Strategy Group, Houston's ranks of college

educated residents grew 17% between 2005 and 2010. That's about

on par with "creative class" capital Portland, Ore. and more than

twice the rate for New York, San Francisco or Los Angeles.

Houston's biggest advantage is ambition. Texas urbanites are busy

constructing new suburban town centers, reviving innercity

neighborhoods and expanding museums, recreational areas and other

amenities. In contrast with recessionbattered places like Phoenix,

Houston remains remarkably open to legal migrants from the rest of

America and abroad.



Page 7 of 16


9/18




A B C D

Total # Projects 41 41 19 2 103

Total # Units 12,062 10,918 3,448 453 26,881

Total # Units 0BR 0.20% 0.50% 0.00% N/A 0.70%

Total # Units 1BR 22.70% 23.40% 2.10% 0.30% 48.50%Total # Units 2BR 17.40% 15.80% 5.70% 0.80% 39.70%

Total # Units 3BR 2.60% 3.00% 3.80% 0.70% 10.10%

Total # Units 4BR N/A 0.10% 0.90% N/A 0.90%

Avg Units per Project 294 266 181 227 261

Avg SF 976 870 1149 1250 959

Total # Units Under Construction N/A 144 N/A N/A 144

Total # Units Proposed N/A N/A N/A N/A N/A

A B C D

Avg Physical Occupancy 88.00% 89.00% 82.92% 89.22% 87.29%

Avg Leased Occupancy 94.55% 92.81% 76.50% 73.34% 91.10%

A B C D

Avg Market Rent/SF $1.16 $0.81 $0.70 $0.58 $0.95

Avg Market Rent/SF 0BR $2.00 $0.99 $0.69 N/A $1.23

Avg Market Rent/SF 1BR $1.21 $0.84 $0.77 $0.64 $1.01



Avg Market Rent/SF 4BR N/A $0.58 $0.61 N/A $0.61

Avg Market Rent/Unit $1,128 $690 $776 $713 $893

Avg Market Rent/Unit 0BR $1,080 $496 $483 N/A $635

Avg Market Rent/Unit 1BR $954 $593 $555 $556 $760

Avg Market Rent/Unit 2BR $1,311 $790 $734 $657 $1,008

Avg Market Rent/Unit 3BR $1,643 $936 $916 $836 $1,103

Avg Market Rent/Unit 4BR N/A $1,028 $1,021 N/A $1,021

A B C D

Current Month-to-Date 89 5 0 0 94

Current Quarter-to-Date 65 134 90 -7 283Year-to-Date -31 124 87 -7 173

Overall

Overall

Rental Rates

Mar-11

Property / Unit InformationOverall

OccupancyOverall

Absorption (In Units)

SubMarket of Houston: Far West

1-800-856-REAL

[email protected]

Apartment Mar et Statistica

Overview - SummaryFar West Submarket

of Houston



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A B C D

Total # Projects 595 1,098 775 154 2,622

Total # Units 160,100 232,493 139,768 20,503 552,864

Total # Units 0BR 0.10% 1.00% 0.70% 0.00% 1.80%

Total # Units 1BR 14.40% 22.30% 12.50% 1.50% 50.60%

Total # Units 2BR 10.40% 17.10% 11.00% 1.90% 40.40%

Total # Units 3BR 1.30% 3.00% 1.80% 0.40% 6.50%

Total # Units 4BR 0.00% 0.40% 0.10% 0.00% 0.50%

Avg Units per Project 269 212 180 133 211

Avg SF 954 839 826 903 868

Total # Units Under Construction 2,081 2,519 N/A N/A 4,600

Total # Units Proposed 1,383 968 N/A N/A 2,351

A B C D

Avg Physical Occupancy 92.16% 87.19% 81.39% 83.55% 87.06%

Avg Pre-Leased Occupancy 93.63% 88.48% 82.93% 85.19% 88.49%

A B C D

Avg Market Rent/SF $1.18 $0.83 $0.72 $0.63 $0.89






Avg Market Rent/Unit $1,118 $683 $583 $555 $768



Avg Market Rent/Unit 2BR $1,280 $763 $644 $585 $855



A B C D

Current Month-to-Date 320 262 294 9 886

Current Quarter-to-Date 970 271 301 60 1604Year-to-Date 604 -190 -3 46 457

Overall

Overall

Overall

Rental Rates

Market(s): Houston

1-800-856-REAL

[email protected]

Apartment Mar et Statistica

Overview - SummaryHouston Rental Market

Overall

Property / Unit Information

Occupancy

Mar-11

Absorption (In Units)



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HOUSTON INCOME PROPERTIES, INC. (713) 783-6262 KET ENTERPRISES INCORPORATED (713) 355-464Broker's License #0393404 Email: jhurd@houstonincomepropert ies.com Broker's License #0406902 Email: twi [email protected]




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Disclaimer: The information contained herein has either been given to us by the owner of the property or obtained from sources that

we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. Vacancy factors used herein are an arbitrarypercentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of the investment isdependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket and other factorswhich your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACHITEM OF INCOME, EXPENSE, AND ALL OTHER INFORMATION CONTAINED HEREIN, and should also perform a detailedinspection of the property. We have not determined whether the property complies with city ordinances and recommend that youdetermine whether or not the property complies with deed restrictions and the City of Houston life safety ordinance, whether or not acertificate has been issued, and whether or not the property contains asbestos, lead paint and/or mold and whether or not theproperty lies within a flood plain .



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Disclaimer: The information contained herein has either been given to us by the owner of the property or obtained from sources that

we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. Vacancy factors used herein are an arbitrarypercentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of the investment isdependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket and other factorswhich your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACHITEM OF INCOME, EXPENSE, AND ALL OTHER INFORMATION CONTAINED HEREIN, and should also perform a detailedinspection of the property. We have not determined whether the property complies with city ordinances and recommend that youdetermine whether or not the property complies with deed restrictions and the City of Houston life safety ordinance, whether or not acertificate has been issued, and whether or not the property contains asbestos, lead paint and/or mold and whether or not theproperty lies within a flood plain .



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Disclaimer:While the floodplain data that is shown on the map is the same, this map is not an official effective FEMA Flood InsuranceRate Map (FIRM).This map is for informational purposes only. For an official flood zone determination please contact your insurance agentor floodplain administrator.Please visit the FEMA Map Store at http://msc.fema.gov to create a FIRMette which is an official FEMA FIRM.



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AshfordParkApartmentCommunity

Exclusively Presented By:

Houston Income Properties, Inc.

KET Enterprises Incorporated

HoustonIncomeProperties,Inc.

License# 0393404

JimHurdBroker7137836262

[email protected]

HOUSTON6363Woodway#370

Houston,Texas77057

7137836262

AUSTIN912S.CapitalOfTexasHwy#230

Austin,Texas 78746

5126108000

KETEnterprisesIncorporated

License# 0406902

TomWilkinsonBroker7133554646

[email protected]

HOUSTON4295SanFelipe#355

Houston,Texas77027

7137836262


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ashford park

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