In 2010, Vandelay Development, based in New York, bought 15 acres of land in Katy, Texas, a suburb of Houston. In 2012 the group developed and sold (2015) a garden style project built on 8 of the 15 acres. The Remington Katy was sold and renamed Luxe at Katy apartments. Vandelay, with 7 acres remaining, is in discussions with investors to develop the remaining land. As Vandelay has been out of the market for six years, a rent comp study must be completed.
This suburb of Houston has seen an immense amount of supply over the last 7 years. Please perform a short comp study of four projects within 1-2 miles of the Luxe at Katy Apartments. The properties should be no older than 5 years old. The younger the property, the better. Please use a sentence per comp to explain the superiority or inferiority of the location (access). Use another short paragraph to explain who the potential employers of the area are.
Triten Real Estate has identified a single tenant office owner/occupied building. The owners have agreed to a 5-year sale/leaseback. Tritens intent would be to purchase the building and sit comfortable on the cash flow from tenant until the lease has expired. Upon expiration, Triten plans to demolish the building and develop the land as multifamily. The property sits in a quickly changing sub market of Houston with quick access to the Energy corridor and I-10 (downtown jobs) with changing average income and demographics.
Adress: 1353 Witte Road – St. Andrews Church
Triten, comfortable with their cost basis would like to study TODAY’S rental market. Please perform a short comp study of four projects within 1-3 miles of. At least 3 of the properties should be new, as new as there is. The younger the property, the better. Please include 1 or 2 (where information is possible) of an old vintage project. Please use a sentence per comp to explain the superiority or inferiority of the location (access). Use another short paragraph to explain who the potential employers of the area are.
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