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