Presidio 2018-03-27T15:07:17+00:00

Project Description


  • A 2,500 SF free standing restaurant with patio situated on nearly a half acre at 901 W 11th Street in the Houston Heights.
  • The property sits on the Heights hike & bike trail just outside of the dry zone’s western boundary.
  • 11th Street serves as the primary east west artery through the Heights and Timbergrove areas.


  • Building was leased “as-is” on an absolute net basis at a 16% going-in cap rate
  • Tenant committed to spending over $250 / SF of their own capital, significantly reducing ownerships risk and substantially enhancing value.
  • Project was refinanced at stabilization and is being held for yield (ongoing 25% yield on equity after cash-out refi of all equity 12 months after purchase)

Acquisition Date

June, 2015

Acquisition/Development Cost


Projected IRR

77.4% *

Projected Equity Multiple

3.1x *

*IRR & Equity Multiple shown are project level, before split between investors and sponsor.

Project Details