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FINANCE PACKAGE
2640 fountain view APARTMENTS
233 UNITS
HOUSTON, TEXAS
January 2016
APV REDEVELOPMENT CORPORATION
2640 Fountain View Drive, Suite 400 Houston, TX 77057
Phone (713) 260-0767
Fax (713) 260-0815
Contents
I. EXECUTIVE SUMMARY ................................................................................................ 3
II. PROJECT DESCRIPTION ............................................................................................... 5
III. REASONS TO INVEST .................................................................................................... 6
IV. FINANCIAL REVIEW ..................................................................................................... 8
V. MARKET ANALYSIS AND DEMOGRAPHICS ........................................................... 9
VI. 2640 FOUNTAIN VIEW APARTMENTS .................................................................... 33
A. Project Timeline: ....................................................................................................... 33
B. Rendering, Elevations, Site Plan & Unit Layouts: ................................................ 34
C. Aerial Photographs & Community Assets: ............................................................ 53
VII. DEVELOPMENT TEAM BIOGRAPHIES .................................................................. 56
I. EXECUTIVE SUMMARY
Location: NW Corner of Fountain View Drive and Westheimer Road, west of the Galleria. The site is located less than 2 miles west of IH 610, and 7.5 miles west of Downtown Houston.
Site Strengths: The high opportunity location is 7.5 miles west of
Downtown and just west of the Galleria. It is a satellite central business district (over 28 million square feet of office space) and a center for premier shopping centers and hotels, providing multiple opportunities for employment and excellent schools.
The site enjoys easy access to Loop 610, I-10, Westpark Tollway and US Hwy. 59. This convenient location allows one to maneuver around the city with relative ease.
Demographics: The median household income of the area is
$93,571.
The median home value within three miles of the project is $396,221.
A total of 217,247 people live within three miles of the site.
The median age is 36.9 years within three miles of the site.
Target Market: Singles, couples and families with incomes not
exceeding 80% of AMI seeking a high quality apartment home at a lower monthly cost to comparable housing.
Units: 233
Density: 65.01 Units/Acre
Product Type: Four-story podium-style multifamily building, with a 2-story secured access parking garage at ground level.
Unit Mix: Type Number Avg. Sq. Ft
Studio 24 578
1br/1ba 132 793
2br/2ba 77 1,247
Total/Average 233 921
Interior/Property Amenities: Nine-foot ceilings
Full-size & stackable washer/dryer
Ceiling fans
Microwaves
Frost-free refrigerators with icemakers
Large walk-in closets
Solid wood cabinetry
Granite counter tops
Individual water heaters
All units wired for cable and telephone
Garden tubs and showers
Business Center
Cyber café
Game/media room
Gazebo with chairs
Swimming Pool & Courtyard
State of the art fitness room
Closed circuit security
Rentable storage space
Secured access, covered parking
16 SEER HVAC
II. PROJECT DESCRIPTION
The APV Redevelopment Corporation (“APV”) is developing a multifamily residential property on the west side of Fountain View Drive, just north of Westheimer Road. The main purpose of the project is to provide housing to families and individuals that make below 80% of Area Median Income (AMI). 2640 Fountain View Apartments will be a mixed-finance multifamily housing development comprised of multi-story podium apartments over a parking garage. This project is designed to provide state-of-the-art homes to residents seeking well-constructed but affordable alternatives to newly constructed high-end apartment communities and older housing.
2640 Fountain View Apartments will be a 233 unit multifamily residential property on 3.5 acres of land. There will be one four-story building on a podium structure with secured parking on the ground level. The overall density of the project will be 65 units per acre.
Average unit size will be 921 square feet with 24 studio (10%), 132 one bedroom (57%), and 77 (33%) two bedroom units. Twenty percent (20%) of the units will be available for families with incomes of 80% of AMI or less, 70% for families with incomes of 60% or less, and 10% for families with incomes of 30% or less than AMI. All units will be either accessible or adaptable for the handicapped resident.
Each unit will incorporate an open and spacious layout to maximize useable space. Standard features include ceiling fans in bedrooms and living rooms, laundry room with full-size washer/dryers (stackable in some), nine-foot ceilings, large walk-in closets, granite countertops, frost-free refrigerators with icemakers, microwaves, and dishwashers. All bedrooms are designed to be large enough to comfortably accommodate a king size bed.
Community amenities include controlled gate access with a secured parking garage, a courtyard swimming pool with gazebos and seating, barbecue grills and picnic tables, perimeter landscaping, rentable storage space, fitness center, business center, furnished community room and a cyber cafe. The property will be all electric with water and sewer provided by the owner. Each apartment will be pre-wired for cable and telephone service.
APV has received an allocation of Private Activity Tax Exempt Bonds and will submit an application for 4% Low Income Housing Tax Credits in the first half of 2016. General Land Office Community Development Block Grant Disaster Recovery Funds and Capital Funds from HHA will fill a financing gap, as necessary.
III. REASONS TO INVEST
Overview: The subject property is located in Houston, Harris County, Texas, in the southern portion of a nine-county metropolitan area representing the 4th largest population in the United States. The Houston region is one of the youngest, fastest-growing and most diverse populations anywhere, prizing as a source of strength its broad racial and ethnic diversity. Houston’s population is also young and educated with a healthy population growth and a robust, diversified economy.
One-of-a-kind Site: The project will be located in the immediate vicinity of Galleria/Uptown Houston, which is the 15th largest business center in the United States. This diversified economic center has a large concentration of retailers, hotels, and high density multi-family residential developments adjacent to some of Houston’s most affluent neighborhoods such as Tanglewood, Afton Oaks and Memorial. The Galleria/Uptown Houston district is one of Houston’s largest employers and home to over 2,000 companies. Within close proximity are Houston’s largest employment centers, including Downtown Houston, Greenway Plaza and the Galleria. The Galleria/Uptown Houston offers stellar shopping with over 1,000 retail shops and many unique dining opportunities. The convenient location adjacent to Loop 610 will provide our residents excellent accessibility and an effortless commute to popular dining, cultural and recreational opportunities. These include the Museum District, Theater District and all three of the city’s new professional sports arenas (Reliant Stadium, Minute Maid Park and the Toyota Center).
Employment Opportunities: Houston is home to 26 Fortune 500 companies, ten of which are located in the Galleria or Central Business District employment centers. 2640 Fountain View Apartments will be located in the immediate vicinity of several of Houston’s major employers and four of Houston’s major employment centers:
The site lies just west of the Galleria/Uptown Houston District, which hosts 200,000 office workers
The Central Business District is 7.5 miles away and has over 150,000 workers employed by 3,500 businesses
Greenway Plaza is within 4 miles and employs over 25,000 The Texas Medical Center is 7 miles away and employs over 106,000
From 2012 to 2040, the Perryman Group projects an average population growth of 1.8% annually, a wage and salary employment rise of 1.65% annually. Overall, the region boasts one of the lowest unemployment rates in the country at 5.14 percent.
Retail Opportunities: 2640 Fountain View Apartments will have an outstanding location in the vicinity of the Galleria/Uptown Houston district. The Galleria is the largest mall in Texas and the 8th largest in the country and is an international fashion marketplace and Houston’s
retail “hub”. It is the number one shopping and tourist attraction in Houston and the southwest, generating over $2 billion in sales. A recent development in the subject’s neighborhood was the development of a retail center on the southeast corner of San Felipe and Fountain View Drive, just north of the subject. The retail center—Tanglewood Court—includes a state-of-the-art 91,000 square foot HEB grocery store, restaurants, and other retail outlets.
Accessibility: The property is centrally located in Houston and is adjacent to Loop 610. Loop 610 encircles Houston and provides connections to most major highways in the city, including Interstate 10, Interstate 45 and US Highway 59. US Highway 59 and Interstate 10, providing east/west and north/south access, are each between 1-3 miles from 2640 Fountain View Drive.
Market Environment: The Houston economy is influenced by the oil and gas industry which has experienced a recent downturn in oil prices. Being a global center for the oil and gas industries, Houston is familiar with the cyclical nature of oil and gas exploration and production, and recent forecasts have indicated that this downturn in prices will not have as significant an impact as some had originally forecasted. While it is true that there has been a negative impact felt in the Houston area with the declining oil prices, other industries such as petro-chemicals and transportation, among others, have directly benefited from the lower oil prices. Another benefit has been a rise in retail and consumer oriented industries, with consumers having more disposable income to put into the economy. The Greater Houston Partnership’s employment forecast calls for growth in all sectors except oil field services, oil field equipment manufacturing and oil field exploration. The Houston area is projected to continue to outperform most parts of the United States in the decades to come. For the 12 months ending May 2015, Houston added 62,300 jobs, a 2.1 percent annual increase. This growth can be understood when considering that global expansion in energy demand and technological advances keep the Houston area at the forefront of the industry. Other drivers of economic activity through the long-term horizon are, among others, the logistics sector (Port of Houston is 2nd busiest in US) and the strong healthcare base.
Educational Environment: The family-friendly site is equipped with a number of distinction-level schools. The public Elementary (Briargrove), Middle (Grady) and High Schools (Lee) serving the area have all achieved the Met Standard1 rating with the elementary and middle schools each boasting high Student Achievement (Index 1) points. Within a 7 mile radius of the site are a number of nationally acclaimed universities including Rice University, Baylor College of Medicine, the University of Houston and Houston Baptist University.
1 Texas Education Agency rating system whereby schools are placed in two categories, "met standard" or "needs improvement." They are judged on how well they do across four areas: student achievement; student progress; closing performance gaps between low-achieving demographics; and post-secondary readiness.
V. MARKET ANALYSIS AND DEMOGRAPHICS
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Provider: Date:
Contact: Phone:
Development Target Population
Site Location
x
0
1
2
4
5
6
All Multifamily Housing
All Placed-in-Service after 2006
All LIHTC Developments
Unstabilized Comparable LIHTC
Other Subsidized / Affordable
Primary Market Area (PMA) page ______
HarrisHouston2640 Fountain View Dr County:City:
0
na
4 839
general 265
na
98
302
265
in service
Na
general 174
5601 Chimney Rock
6515 Hillcroft in service general
6363 Bev erly Hill general
in service
Na
5601 Chimney Rock in service
senior 98
6515 Hillcroft
98
6363 Bev erly Hill in service
Na
in service
senior
general
TypeTarget
Population
Bonhomme @ Claremont
MARKET ANALYSIS SUMMARY
713-467-5858
Valbridge Property Advisors 9/30/2015
$15,615 $41,640
max min
$49,920
265
302 Na
Tim N. Treadway, MAI, CCIM
$33,394$11,074
Other Affordable Developments in PMA
max
$11,073
$24,480 $31,230
$10,217
HH 30% of AMI
min
40% of AMI 60% of AMI
$22,697 $24,479
80% of AMI
size min max min
$31,029 $33,393
max
Na
Na
174
174
265
in service
Bonhomme @ Claremont in service
general
174
302
$29,143 $37,440 $39,840$13,097 $18,720
Proposed, Under Construction, and Unstabilized Comparable Developments in PMA
na
Av g OccupancyTotal Units# Dev elopments
0
48201421300 48201431202 48201432001 48201432702
302 Na
48201421101
48201421102 48201421402 48201431302 48201432100 48201432802
48201421401 48201431301
generalFountain View
98 Na
48201432600
48201432002 48201432801
census tracts
Occup
ancy
zip codes census place
48201421202 48201421500 48201431402 48201432701
48201421403 4820143140148201421201
Total
Units
TDHCA
#Dev elopment Status Type
StatusComp
Units
Target
Population
Comp
Units
Total
Units
Occup
ancy
ELIGIBLE HOUSEHOLDS BY INCOME page _____
MULTIFAMILY HOUSING in PMA page _____
AFFORDABLE HOUSING INVENTORY in PMA page _____
TDHCA
#Dev elopment
FOUNTAIN VIEW APARTMENTSHOUSTON, TEXAS
Valbridge Property Advisors l The Gerald A. Teel Company, Inc.
*PMA exceeds TDHCA maximum with allowed exception due to one census tract placing it over limits
Population p.
Households p.
Total HH
Renter HH
Homeowner HH
DEMAND CALCULATION p.
Total Households
Subject Units Potential Demand
Unstabilized Comparable Units Other Demand
RELEVANT SUPPLY GROSS DEMAND
RELEVANT SUPPLY / GROSS DEMAND = GROSS CAPTURE RATE
p. DEMAND by UNIT TYPE p.
Subject has 31 variations of floorplans and income bands; smallest unit within br count shown only.
1.2%
30% 2 2 979 $468 $382 $1,590 1,312 8 0.6%
30% 1 1 667 $390 $323 $1,230 1,433 13
3.6%
30% 0 1 569 $365 $298 $1,090 270 2 0.8%
60% 2 2 979 $936 $850 $1,590 1,662 55
3.8%
$1,230 1,550 92 6.2%60% 1 1 667 $781 $714
60% 0 1 569 $729 $662 $1,090 553 17
1.2%
80% 2 2 979 $1,248 $1,162 $1,590 1,299 14 1.2%
80% 1 1 667 $1,041 $974 $1,230 1,615 27
DemandSubject
Units
Comp
Units
Unit
Capture
Rate
491 580% 0 1 569 1.1%$972 $905 $1,090
SUBJECT UNIT MIX
AMI
Lev elBeds Baths
Size
(sqft)
PROPOSED RENT
Gross Net
0
12,295
SENIORS
41,741 44,762
2020 2020
0
233
7,012 7,307
12,295
41,741
current year place-in-service five year current year
Note: For developments targeting Seniors, fill in Population and Household data for both the
General population and the Senior population
PMA DEMOGRAPHIC DATA
GENERAL
place-in-service
MARKET
RENT
2015
233
five year
103,433 111,455
34,729 37,455
2015
1.9%
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Valbridge Property Advisors l The Gerald A. Teel Company, Inc.
The subject immediate location is in an above average part of the PMA. A map of the PMA
follows with the subject noted by the arrow:
Purpose of the Study
The purpose of this Market Study is to estimate market rents and demand for the proposed HTC
family property containing rental units at rental and income levels later described (restrictions).
Statement of Ownership of the Subject Property
The ownership entity per the tax records is the Houston Housing Authority.
Effective Date of the Study
This market study was performed in September and October 2015 with an effective date of
September 30, 2015.
Disclosure of Competency
Tim N. Treadway, MAI, CCIM and David D. Magnuson are competent to appraise the subject
property, having appraised numerous similar properties. Mr. Treadway and David D. Magnuson
have experience in market studies and appraisals for properties subject to the Low Income
Housing Tax Credit program. The educational program followed by the firm is developed by the
Appraisal Institute in order to remain abreast of current and future trends in the real estate
market and the appraisal profession.
Page 5
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Valbridge Property Advisors l The Gerald A. Teel Company, Inc.
Income Characteristics
The PMA exhibits lower median household income levels than all the indicators, which points to it being a
lower middle income PMA. It should be noted that most of the lower income profile likely comes from
the areas southwest of the subject, where much of the PMA is concentrated. The area immediately
around the subject is likely higher income due to the quality of the structures and the high rental rates
being charged in that area. The area immediately to the east of the subject was purposefully excluded
due to the relatively high incomes there. The median income is projected to grow at a below average rate
if compared to the MSA, and below average if compared to the MSA and the Nation. Incomes are
projected to remain at levels higher than their current standing over the next five years.
Housing Characteristics
Based on the Projections, the following tenure was noted.
PMA MSA State US
41,741 2,244,386 9,570,026 120,744,617
18.0% 10.8% 12.7% 12.8%
18.2% 9.5% 10.6% 10.3%
15.2% 9.6% 10.4% 10.3%
13.3% 11.6% 12.9% 13.5%
15.3% 16.2% 16.8% 17.6%
8.2% 13.1% 12.6% 12.5%
6.4% 15.8% 13.8% 12.9%
2.6% 6.6% 5.1% 5.1%
2.9% 6.9% 5.1% 5.1%
$53,434 $85,003 $74,999 $74,699
$200,000+
Average Household Income
Household Income Base
2015 Households by Income
$150,000 - $199,999
$50,000 - $74,999
$75,000 - $99,999
$25,000 - $34,999
$35,000 - $49,999
<$15,000
$15,000 - $24,999
$100,000 - $149,999
PMA MSA State US
$33,752 $61,044 $53,616 $53,217
$38,045 $73,052 $61,681 $60,683
5 Years 2.42% 3.66% 2.84% 2.66%Compound Rate of Change
2015
2020
Median Household Income
PMA MSA State US
$21,654 $29,741 $26,940 $28,597
$24,352 $33,687 $30,521 $32,501
2015
2020
Per Capita Income
PMA MSA State US
39,674 2,062,529 8,922,933 116,716,292
37.6% 23.5% 24.2% 26.7%
25.8% 28.5% 30.3% 32.8%
14.0% 17.0% 16.6% 16.1%
11.3% 15.6% 14.7% 13.4%
6.2% 8.6% 8.0% 6.5%
2.9% 3.8% 3.5% 2.6%
2.3% 2.9% 2.6% 1.9%
2010 Households by Size
1 Person Household
2 Person Household
Total
7 + Person Household
5 Person Household
6 Person Household
3 Person Household
4 Person Household
Page 30
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Valbridge Property Advisors l The Gerald A. Teel Company, Inc.
There is a higher propensity towards smaller households in the subject PMA due to it being a younger
area. One person households are significantly higher than its cohorts. Using the 2009-2013 ACS Study
the breakdown by housing type follows.
The subject shows its large multi family presence as an urban community, with more apartments than in
other areas.
The PMA is above average with the amount of renter occupied housing units. This amount is projected to
increase nominally over the near term, and still remain above average.
HOUSING UNITS BY UNITS IN STRUCTURE PMA % MSA State US
Total 46,439 100.0% 100.0% 100.0% 100.0%
1, detached 4,641 10.0% 62.4% 65.5% 61.7%
1, attached 3,086 6.6% 3.4% 2.7% 5.8%
2 701 1.5% 1.2% 2.0% 3.8%
3 or 4 1,720 3.7% 2.6% 3.2% 4.4%
5 to 9 3,277 7.1% 4.6% 4.8% 4.8%
10 to 19 11,490 24.7% 9.5% 6.4% 4.5%
20 to 49 9,437 20.3% 4.7% 3.5% 3.5%
50 or more 11,967 25.8% 6.8% 4.4% 5.0%
Mobile home 107 0.2% 4.8% 7.5% 6.5%
Boat, RV, van, etc. 13 0.0% 0.1% 0.2% 0.1%
PMA MSA State US
44,480 1,788,107 8,157,575 115,904,641
14.2% 56.0% 57.8% 60.2%
76.0% 36.2% 32.8% 30.8%
9.7% 7.8% 9.4% 9.0%
46,375 2,295,018 9,977,436 131,704,730
15.7% 56.1% 57.0% 57.7%
69.8% 33.8% 32.4% 30.9%
14.4% 10.1% 10.6% 11.4%
49,261 2,479,869 10,667,418 136,527,306
14.3% 55.0% 55.5% 55.7%
70.5% 35.5% 34.2% 32.8%
15.3% 9.5% 10.3% 11.6%
52,605 2,702,710 11,477,671 141,795,728
13.9% 55.3% 55.5% 55.5%
71.2% 35.8% 34.5% 33.0%
14.9% 8.9% 10.0% 11.5%
Housing Unit Summary
Renter Occupied Housing Units
Vacant Housing Units
2015 Housing Units
Owner Occupied Housing Units
Renter Occupied Housing Units
Vacant Housing Units
2010 Housing Units
Owner Occupied Housing Units
Renter Occupied Housing Units
2000 Housing Units
Vacant Housing Units
Owner Occupied Housing Units
Renter Occupied Housing Units
Vacant Housing Units
2020 Housing Units
Owner Occupied Housing Units
PMA MSA State US
$300,570 $202,236 $181,576 $200,006
$383,721 $240,458 $215,907 $236,203
2015
2020
Median Home Value
Page 31
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Valbridge Property Advisors l The Gerald A. Teel Company, Inc.
The median home value is higher than the MSA, nation, and the state in this category, showing a general
higher ability to afford luxury housing, despite the household income being lower. This shows the income
gap that is prevalent in the PMA.
The housing in the vicinity is considered older than the other cohorts.
HOUSING UNITS BY YEAR STRUCTURE BUILT PMA % MSA State US
Total 46,439 100.0% 100.0% 100.0% 100.0%
Built 2010 or later 244 0.5% 1.4% 1.2% 0.6%
Built 2000 to 2009 4,631 10.0% 24.8% 21.7% 14.7%
Built 1990 to 1999 2,992 6.4% 14.5% 15.6% 13.9%
Built 1980 to 1989 5,445 11.7% 16.4% 17.5% 13.9%
Built 1970 to 1979 19,456 41.9% 20.4% 17.4% 15.9%
Built 1960 to 1969 9,962 21.5% 9.7% 9.9% 11.1%
Built 1950 to 1959 2,986 6.4% 7.0% 8.7% 11.0%
Built 1940 to 1949 351 0.8% 3.0% 3.9% 5.5%
Built 1939 or earlier 372 0.8% 2.8% 4.1% 13.5%
Median Year Structure Built 1975 1984 1983 1976
Page 32
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Valbridge Property Advisors l The Gerald A. Teel Company, Inc.
Employment Demographics
The Chart by Occupation indicates that the subject PMA is above the other cohorts in food preparation,
construction, and building maintenance categories, and below the average in management. This is a
generally blue-collar area, with lesser representation by professional occupations, because the PMA draws
from the southwest side of the subject.
The next chart reflects employment by industry.
PMA % MSA State US
Total 49,745 100.0% 100.0% 100.0% 100.0%
Management 3,193 6.4% 9.9% 9.5% 9.7%
Business and financial operations 2,988 6.0% 5.2% 4.7% 4.8%
Computer and mathematical 1,090 2.2% 2.4% 2.4% 2.6%
Architecture and engineering 1,287 2.6% 3.1% 2.0% 1.8%
Life, physical, and social science 349 0.7% 1.0% 0.7% 0.9%
Community and social services 421 0.8% 1.1% 1.4% 1.7%
Legal 826 1.7% 1.3% 1.1% 1.2%
Education, training, and library 1,749 3.5% 5.9% 6.4% 6.1%
Arts, design, entertainment, sports, and media 882 1.8% 1.5% 1.5% 1.9%
Healthcare practitioner, technologists, and
technicians
1,211 2.4% 4.9% 4.9% 5.6%
Healthcare support 926 1.9% 2.0% 2.4% 2.5%
Protective service 644 1.3% 2.1% 2.3% 2.2%
Food preparation and serving related 5,477 11.0% 5.2% 5.6% 5.7%
Building and grounds cleaning and maintenance 4,403 8.9% 4.4% 4.3% 4.0%
Personal care and service 1,382 2.8% 2.9% 3.2% 3.6%
Sales and related 5,462 11.0% 10.9% 11.2% 10.9%
Office and administrative support 4,591 9.2% 12.9% 13.7% 13.7%
Farming, fishing, and forestry 184 0.4% 0.2% 0.5% 0.7%
Construction and extraction 5,976 12.0% 7.3% 6.8% 5.1%
Installation, maintenance, and repair 1,386 2.8% 3.6% 3.7% 3.3%
Production 2,555 5.1% 6.1% 5.6% 5.9%
Transportation and material moving 2,763 5.6% 6.1% 6.2% 6.1%
CIVILIAN EMPLOYED POPULATION AGE 16+ YEARS BY OCCUPATION
Page 33
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Valbridge Property Advisors l The Gerald A. Teel Company, Inc.
The PMA is extraordinary in construction and accommodation/food services, as compared to the other
cohorts.
Conclusions
The PMA generally has smaller households, and a slightly younger population. Income levels are
expected to grow at an average to below average rate. The PMA will grow at a lower rate than area
standards in terms of households, but still higher than nationally. The smaller family sizes may point to a
need for smaller units.
PMA % MSA State US
Total 49,745 100.0% 100.0% 100.0% 100.0%
Agriculture, forestry, fishing and hunting 145 0.3% 0.3% 1.0% 1.4%
Mining, quarrying, and oil and gas extraction 1,222 2.5% 2.9% 2.1% 0.6%
Construction 6,657 13.4% 9.1% 7.9% 6.2%
Manufacturing 3,902 7.8% 10.9% 9.4% 10.5%
Wholesale trade 1,208 2.4% 3.6% 3.0% 2.8%
Retail trade 5,110 10.3% 10.8% 11.6% 11.6%
Transportation and warehousing 1,557 3.1% 5.0% 4.5% 4.1%
Utilities 368 0.7% 1.0% 0.9% 0.9%
Information 722 1.5% 1.4% 1.8% 2.2%
Finance and insurance 1,718 3.5% 3.8% 4.7% 4.8%
Real estate and rental and leasing 1,519 3.1% 2.1% 1.9% 1.9%
Professional, scientific, and technical services 4,175 8.4% 7.4% 6.2% 6.5%
Management of companies and enterprises 45 0.1% 0.1% 0.1% 0.1%
Administrative and support and waste
management services
3,648 7.3% 4.9% 4.6% 4.2%
Educational services 2,415 4.9% 9.0% 9.9% 9.5%
Health care and social assistance 3,945 7.9% 11.0% 11.8% 13.7%
Arts, entertainment, and recreation 604 1.2% 1.4% 1.5% 2.1%
Accommodation and food services 6,700 13.5% 6.6% 7.2% 7.2%
Other services, except public administration 3,152 6.3% 5.5% 5.4% 5.0%
Public administration 933 1.9% 3.1% 4.5% 5.0%
CIVILIAN EMPLOYED POPULATION AGE 16+ YEARS BY INDUSTRY
Page 34
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Valbridge Property Advisors l The Gerald A. Teel Company, Inc.
Market Summary
Per ADS for September 2015 the following statistics were noted:
# Operating Communities 101
# Operating Units 24,346
Average Units/Community 241
Average Unit Size 894
Average Price ($/Mo) $1312
Average Rental Rate ($/sf/mo) $1.468 (Note high rent, higher income area)
Average Occupancy 89.9%
The following chart depicts the average trends for the subject micro-market over the last twelve months.
Occupancy
Occupancy is nearly stabilized. The last 3 and 6 months show increases in occupancy of 1.7% and 0.6%
respectively.
Rental Rates
Rental rates are up 4.1% in the last 12 months, 5.9% in the last six months, and 3.1% in the last three
months, showing growth.
Absorption
This category denotes positive absorption in the last 12 months. The foregoing indicates that absorption
appears to be improving with the economy.
Construction History
Per ADS the following statistics were noted:
Units Built 2010 or later 3418
% of Market 14% (above average)
Average YOC/Communities 1984 (average)
Average YOC/Units 1986 (average)
The next chart depicts the properties broken down by Class.
Occupancy Rental Rates Absorption*
-1.20% 4.10% 656
Annualized last 11 months
12 Month Average Trends
Page 50
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Valbridge Property Advisors l The Gerald A. Teel Company, Inc.
To reiterate, this submarket encompasses a wide variety of neighborhoods, some of which are much
different (by household income, building age, maintenance) than the subject’s immediate area. As stated
earlier, the area is fairly high income and there are no Class D projects, which support this assertion.
As can be seen, the stabilized properties are doing quite well, with the properties in lease-up pulling the
overall average down for the Class A product.
Supply
The following list is now leasing, under construction, and proposed construction for the subject micro-
market. They are notated as being in or out of the subject PMA. As noted earlier, the submarket as
defined by ADS is different than the PMA as herein defined.
Class A Class B Class C Class D
# Communities 52 30 19 none in area
# Units 13,577 7,376 3,393 2,916
Ave. Size (sf) 962 813 798 797
Avg. Price ($/mo) 1661 930 747 525
Avg. Rental Rate ($/sf/mo) $1.727 $1.144 $0.936 $0.659
Occupancy 86.5% 94.7% 93.0% 95.7%
Class A Stable Lease-up
# Communities 52 47 5
# Units 13577 12,010 1,567
Ave. Size (sf) 962 965 942
Avg. Price ($/mo) 1661 1613 2024
Avg. Rental Rate ($/sf/mo) $1.727 $1.672 $2.149
Occupancy 86.5% 93.6% 32.4%
Page 51
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Valbridge Property Advisors l The Gerald A. Teel Company, Inc.
Recent Nearby Construction/Now Leasing
Inside PMA:
2626 Fountain View; occupied at 39%, or 110 units; Will stabilize at 261 units, 93%, 151 units to
go.
Under Construction Per ADS in the Submarket
Inside PMA:
Tuscany Walk
Proposed
Inside PMA:
None
Concessions
No concession data exists for this submarket.
Page 52
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Valbridge Property Advisors l The Gerald A. Teel Company, Inc.
Rent Comparables: Market Rents
No occupancy is available for Tuscany Court.
Rent Summary
Comp Project Name Occ YOC NRU Avg Size
Tenant Pays
Electricity?
Avg Rent
Per SF
Avg Rent
Per Unit Lease ID
1 Augusta 95.0% 2004 312 908 Yes $1.520 $1,377 66131
2 Ava 93.0% 2011 321 874 Yes $1.710 $1,497 66133
3 Marq on Voss 93.0% 2009 307 890 Yes $1.580 $1,403 66134
4 Tanglewood at Voss 95.0% 2008 376 888 Yes $1.450 $1,288 66135
5 Tuscany Court 2003 370 869 Yes $1.560 $1,353 66132
Average 94.0% 2007 337 886 $1.564
Minimum 93.0% 2003 307 869 $1.450
Maximum 95.0% 2011 376 908 $1.710
Total Occupied Units 1,585
Total Operating Units 1,686
Page 55
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Valbridge Property Advisors l The Gerald A. Teel Company, Inc.
MULTIFAMILY RENT COMPARABLE 1
Augusta
Property Identification
Property/Survey ID 49662 / 66131
Property Type Multifamily Other
Property Name Augusta
Address 2660 Augusta Drive
City, State Zip Houston, Texas 77057
County Harris
MSA Houston
Tax ID/APN 1235180010001 , 0690910000102
Property Description
No. of Units 312
Net Rentable SF 283,191
Year Built 2004
Stories 4
Exterior Stucco
Amenities & Unit Features
Clubhouse Yes
Fitness Facilities Yes
No. Outdoor Pools 1
W/D Connections Yes
Fireplaces in Units No
Other Amenities access gates, parking garage
Kitchen Description Dishwasher Garbage Disposal Microwave, granite counters, nickel faucets, black
appliances, ceramic cooktop, tile flooring
Other Unit Features Ceiling Fans High Ceilings Patio Balcony: S
Tenant Paid Services Yes
Water Yes
Sewer Yes
Trash Yes
Electric Yes
Gas No
Cable TV Yes
Unit Mix & Rents
Page 56
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Unit Type # of
Units
# of BR # of BA Avg Unit
SF
Avg $/Mo $/SF/Mo
70 1 1.0 675 $1,119 $1.66
57 1 1.0 740 $1,176 $1.59
31 1 1.0 847 $1,419 $1.68
36 1 1.0 869 $1,345 $1.55
1 1 1.0 939 $1,463 $1.56
48 2 2.0 1,072 $1,561 $1.46
34 2 2.0 1,143 $1,663 $1.45
sunroom 4 1 1.0 1,183 $1,546 $1.31
24 2 2.0 1,260 $1,638 $1.30
3 2 2.0 1,297 $1,681 $1.30
den 4 2 2.0 1,525 $2,134 $1.40
* Totals * 312 425 425.0 908 $1,377 $1.52
Rental Statistics
Occupancy (%) 95.0% Avg. Rent ($/Mo.) $1,377
Avg. Unit Size (SF) 908 Avg. Rent ($/SF) $1.52
Concessions
None
Verification
Confirmed With Mario, leasing agent
Management Co. Francis Property Mgmt
Phone Number 832-675-0400
Confirmation Date 10-08-2015
Remarks X
This is a class A property near the Galleria. Features include stained concrete or wood flooring, exposed
HVAC spiral ducts, washer/dryers all,10' ceilings, track and pendant lighting, business center, storage
rooms, crown molding. Balconies without storage are located in the following floorplans by SF: ,1072,
1,143.
Page 57
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
MULTIFAMILY RENT COMPARABLE 2
Ava
Property Identification
Property/Survey ID 61361 / 66133
Property Type Mid, High-Rise
Property Name Ava
Address 7600 High Meadow
City, State Zip Houston, Texas 77063
County Harris
MSA Houston
Tax ID/APN 1308900010001
Property Description
No. of Units 321
Net Rentable SF 280,693
Year Built 2011
Stories 4
Amenities & Unit Features
Clubhouse Yes
Fitness Facilities Yes
No. Outdoor Pools 1
W/D Connections Yes
Fireplaces in Units No
Other Amenities parking garage, access gates
Kitchen Description Dishwasher, disposal, microwaves, 42 uppers,
Other Unit Features washer/dryers all
Tenant Paid Services Yes
Water Yes
Sewer Yes
Trash Yes
Electric Yes
Gas No
Cable TV Yes
Page 58
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Unit Mix & Rents
Unit Type # of
Units
# of BR # of BA Avg Unit
SF
Avg $/Mo $/SF/Mo
39 1 1.0 672 $1,337 $1.99
16 1 1.0 698 $1,349 $1.93
7 1 1.0 723 $1,372 $1.90
32 1 1.0 723 $1,346 $1.86
30 1 1.0 763 $1,467 $1.92
16 1 1.0 825 $1,507 $1.83
41 1 1.0 844 $1,362 $1.61
40 1 1.0 859 $1,400 $1.63
3 1 1.0 978 $1,468 $1.50
25 1 1.0 879 $1,515 $1.72
8 2 2.0 1,071 $1,713 $1.60
31 2 2.0 1,180 $1,718 $1.46
19 2 2.0 1,165 $1,906 $1.64
2 2 2.0 1,335 $2,306 $1.73
12 2 2.0 1,267 $2,006 $1.58
* Totals * 321 393 393.0 874 $1,497 $1.71
Rental Statistics
Occupancy (%) 93.0% Avg. Rent ($/Mo.) $1,497
Avg. Unit Size (SF) 874 Avg. Rent ($/SF) $1.71
Concessions 6 weeks free on one bedrooms only
Verification
Confirmed With Jane, leasing agent
Management Co. ZRS Management
Phone Number 713-334/5556
Confirmation Date 10-08-2015
Remarks X
Above are base rents in a fairly tight range, being mostly no more than $100 higher within the floorplan.
Page 59
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
MULTIFAMILY RENT COMPARABLE 3
Marq on Voss
Property Identification
Property/Survey ID 50744 / 66134
Property Type Mid, High-Rise
Property Name Marq on Voss
Address 2525 S Voss Road
City, State Zip Houston, Texas 77057
County Harris
MSA Houston
Tax ID/APN 1304250010001
Property Description
No. of Units 307
Net Rentable SF 273,313
Year Built 2009
Stories 4
Exterior Brick and Stucco
Amenities & Unit Features
Clubhouse Yes
Fitness Facilities Yes
No. Outdoor Pools 1
W/D Connections Yes
Fireplaces in Units No
Other Amenities parking garage
Kitchen Description Dishwasher, disposal, microwaves, granite counters, stainless appliances
Other Unit Features Ceiling Fans High Ceilings Outside Storage Patio Balcony
Tenant Paid Services Yes
Water Yes
Sewer Yes
Trash Yes
Electric Yes
Gas No
Cable TV Yes
Page 60
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Unit Mix & Rents
Unit Type # of
Units
# of BR # of BA Avg Unit
SF
Avg $/Mo $/SF/Mo
31 1 1.0 632 $1,144 $1.81
36 1 1.0 701 $1,219 $1.74
40 1 1.0 748 $1,330 $1.78
8 1 1.0 770 $1,401 $1.82
Last rate 3 1 1.0 754 $1,271 $1.69
den last rate 12 1 1.0 829 $1,371 $1.65
den 12 1 1.0 1,087 $1,519 $1.40
last rate 25 2 2.0 1,101 $1,584 $1.44
11 2 2.0 1,150 $1,522 $1.32
last rate 1 3 2.0 1,342 $2,822 $2.10
last rate 4 1 1.0 672 $1,160 $1.73
4 1 1.0 684 $1,144 $1.67
16 1 1.0 695 $1,144 $1.65
last rate 4 1 1.0 696 $1,290 $1.85
last rate 4 1 1.0 713 $1,160 $1.63
last rate 8 1 1.0 749 $1,363 $1.82
4 1 1.0 768 $1,181 $1.54
last rate 1 1 1.0 805 $1,426 $1.77
last rate 1 1 1.0 822 $1,340 $1.63
29 1 1.0 842 $1,381 $1.64
3 2 2.0 1,174 $1,590 $1.35
last rate 2 2 2.0 1,235 $1,875 $1.52
last rate 8 2 2.0 1,242 $1,565 $1.26
last rate 10 2 2.0 1,257 $1,880 $1.50
last rate 20 2 2.0 1,267 $1,564 $1.23
last rate 3 3 2.0 1,491 $2,238 $1.50
3 3 2.0 1,418 $2,066 $1.46
last rate 4 3 2.0 1,445 $2,360 $1.63
* Totals * 307 408 397.0 890 $1,403 $1.58
Rental Statistics
Occupancy (%) 93.0% Avg. Rent ($/Mo.) $1,403
Avg. Unit Size (SF) 890 Avg. Rent ($/SF) $1.58
Concessions
None
Verification
Confirmed With Mary, leasing agent
Management Co. CWS Apartment Homes
Phone Number 713-974-0566
Confirmation Date 10-09-2015
Remarks X
Features include granite counters, wood flooring, stainless steel appliances, elevators, custom cabinets,
Page 61
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
2' faux wood blinds, tile backsplash. A complete unit mix could not be displayed, but ALN states that this
project has 307 units and 273,313 sf of NRA with an average of 890 sf per unit. Only those units without
'last rate' noted are now available; last rate is from published service.
Page 62
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
MULTIFAMILY RENT COMPARABLE 4
Tanglewood
Property Identification
Property/Survey ID 50527 / 66135
Property Type Multifamily Other
Property Name Tanglewood at Voss
Address 7510 Burgoyne Road
City, State Zip Houston, Texas 77063
County Harris
MSA Houston
Tax ID/APN 1292740010001 , 1292740020002
Property Description
No. of Units 376
Net Rentable SF 334,832
Year Built 2008
Exterior Brick and Hardiplank
Parking Desc. Paved Surface
Amenities & Unit Features
Clubhouse Yes
Fitness Facilities Yes
No. Outdoor Pools 1
W/D Connections Yes
Fireplaces in Units No
Other Amenities Club/Rec Bldg: Yes Pool: x Swimming Pool: Yes
Kitchen Description granite counters, dishwashers, microwaves, disposals, some island kitchens
Other Unit Features Ceiling Fans High Ceilings Outside Storage: s Patio Balcony
Tenant Paid Services Yes
Water Yes
Sewer Yes
Trash Yes
Electric Yes
Gas No
Cable TV Yes
Page 63
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Unit Mix & Rents
Unit Type # of
Units
# of BR # of BA Avg Unit
SF
Avg $/Mo $/SF/Mo
112 1 1.0 709 $1,085 $1.53
last rate 16 1 1.0 754 $1,235 $1.64
24 1 1.0 748 $1,145 $1.53
last rate 6 1 1.0 918 $1,395 $1.52
last rate 40 1 1.0 783 $1,105 $1.41
last rate 7 1 1.0 771 $1,397 $1.81
8 1 1.0 828 $1,430 $1.73
last rate 4 1 1.0 860 $1,290 $1.50
last rate 45 2 2.0 1,091 $1,470 $1.35
4 2 2.0 1,219 $1,545 $1.27
last rate 20 2 2.0 1,129 $1,590 $1.41
47 2 2.0 1,208 $1,615 $1.34
last rate 2 1 1.0 823 $1,170 $1.42
last rate 24 1 1.0 784 $1,165 $1.49
last rate 2 2 2.0 1,187 $1,751 $1.48
3 2 2.0 1,140 $1,590 $1.39
12 2 2.0 1,128 $1,500 $1.33
* Totals * 376 509 509.0 891 $1,288 $1.45
Rental Statistics
Occupancy (%) 95.0% Avg. Rent ($/Mo.) $1,288
Avg. Unit Size (SF) 888 Avg. Rent ($/SF) $1.45
Concessions varies
Verification
Confirmed With Katy, leasing agent
Management Co. Lincoln Property Co
Phone Number 713-789-4554
Confirmation Date 10-09-2015
Remarks X
Specials are $500 off two bedrooms on a 13 month lease and $300 off a one bedroom, with only $250
off for lesser terms. The special is prorated. Reserved parking is extra at $35 usually, but is now $20 on
special. Pool view is $40; 1st floor is $50 more. Features include laminate wood flooring 1st floor only,
granite counters, Washer/dryers all, black and stainless appliances, tile in baths with travertine surrounds,
track and pendant lighting, and upgraded cabinetry.
Page 64
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
MULTIFAMILY RENT COMPARABLE 5
Tuscany Court
Property Identification
Property/Survey ID 61360 / 66132
Property Type Garden, Low-Rise
Property Name Tuscany Court
Address 1901 Augusta Dr
City, State Zip Houston, Texas 77057
County Harris
MSA Houston
Tax ID/APN 1150460000001
Property Description
No. of Units 370
Net Rentable SF 321,568
Year Built 2003
Stories 4
Amenities & Unit Features
Clubhouse Yes
Fitness Facilities Yes
No. Outdoor Pools 1
W/D Connections Yes
Fireplaces in Units No
Other Amenities parking garage, access gates
Kitchen Description Glass topped stoves, microwaves, dishwashers, disposal, side by side
refrigerator,
Other Unit Features patio balconies
Tenant Paid Services Yes
Water Yes
Sewer Yes
Trash Yes
Electric Yes
Gas No
Cable TV Yes
Page 65
FOUNTAIN VIEW APARTMENTS
HOUSTON, TEXAS
Unit Mix & Rents
Unit Type # of
Units
# of BR # of BA Avg Unit
SF
Avg $/Mo $/SF/Mo
36 1 1.0 694 $1,170 $1.69
78 1 1.0 742 $1,210 $1.63
32 1 1.0 809 $1,295 $1.60
26 1 1.0 850 $1,285 $1.51
den 74 1 1.0 877 $1,335 $1.52
den 36 1 1.0 899 $1,395 $1.55
50 2 2.0 969 $1,570 $1.62
26 2 2.0 1,174 $1,600 $1.36
12 2 2.0 1,207 $1,675 $1.39
* Totals * 370 458 458.0 869 $1,353 $1.56
Rental Statistics
Occupancy (%) Not disclosed Avg. Rent ($/Mo.) $1,353
Avg. Unit Size (SF) 869 Avg. Rent ($/SF) $1.56
Page 66
VI. 2640 FOUNTAIN VIEW APARTMENTS
A. Project Timeline:
- Land closing: June 2014
- Construction start: October 2016
- Construction end: October 2018
- Project stabilization: October 2019
B. Rendering, Elevations, Site Plan & Unit Layouts:
C. Aerial Photographs & Community Assets:
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!YOUNG LEARNERS
YMCA
WESTMINSTER UNITED METHODIST
WELLS FARGO BANK
WALGREEN'S
UNITY OF HOUSTON CHURCH
T.H. ROGERS EDUCATION CENTERSUPER K FOOD STORE
SUNNY'S FOOD STORE
ST. GEORGE PLACE ELEMENTRY
RICE EPICUREAN MARKET
POST OFFICE
POLICE STATION
PILGRIM ACADAMY
OPTUM CLINIC & URGENT CARE
MEMORIAL LUTHERAN
LITTLE BLOOMS ACADEMY
LEE HIGH SCHOOL
HEB GROCERY STORE
HEAVEN'S NEST LEARNING CENTER
FIRE STATION
EMERSON UNITARIAN UNIVERSALIST CHURCH
CVS PHARMACY
CVS PHARMACY
CHASE BANKCAPITAL ONE BANK
BRIARGROVE ELEMENTRY
Sources: Esri, DeLorme, NAVTEQ, USGS, Intermap, iPC, NRCAN, Esri Japan, METI, Esri China(Hong Kong), Esri (Thailand), TomTom, 2013
Legend
Parks
1 Mile Radius
2640 Fountain View Apartments
nX X
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SchoolsRestaurantsBus Stop
2640 Fountain View Apartments Community Assets Map
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VII. DEVELOPMENT TEAM BIOGRAPHIES
Lance Gilliam, President/Chairman of Board, APV A native Texan and resident of Houston for more than fifty years, Lance Gilliam is a partner in Waterman Steele Real Estate Advisors. He is a member of the Urban Land Institute and serves on its Houston District Council's Executive Committee. He is also a member of the International Council of Shopping Centers, having served as the dean of its School of Open Air Shopping Centers. Active in community organizations, Lance serves as the immediate past president of The Children's Museum of Houston's Board of Directors. Formerly, he was a board member of the Urban League of Houston and a member of the vestry of St. Martin's Episcopal Church. In January 2010, Lance was appointed to the Houston Housing Authority's Board of Commissioners and in January 2012 he was elected Chair.
LaRence Snowden, Vice-President/Director, APV LaRence Snowden is the Director of Programs and Adjunct Professor at Texas Southern University, where he leads the development, communication and recruiting efforts. He also teaches courses in the area of public policy, public budgeting and urban politics. A board member for the Brentwood Community Foundation, LaRence maintains a strong sense of community and commitment to improving the lives of Houston's underprivileged. He holds Bachelor’s and Master’s degrees in Mechanical Engineering from Southern University and Texas A&M University, respectively. He also holds a Master’s in Public Policy from the University of Chicago. He is also a licensed real estate broker in the state of Texas and operates a small real estate brokerage firm.
Tory Gunsolley, Secretary/Treasurer/Director, APV Tory Gunsolley is the President and CEO of the Houston Housing Authority. Houston Housing Authority serves more than 58,000 low-income Houstonians, including over 17,000 families housed through the Housing Choice Voucher Program and another 5,700 living in 25 public housing and tax credit developments around the City. Prior to this, he served as the Chief Administrative Officer at the Newark (NJ) Housing Authority. He also worked at the Cambridge (MA) Housing Authority in a number of positions. He began his career in housing as a housing counselor for a network of
homeless shelters. He chaired the Steering Committee for the Continuum of Care in Houston. He was honored to be a member of the NJ Governor’s Interagency Council on Preventing and Reducing Homelessness. He earned his Bachelor’s degree in Social Sciences at Trinity College in Deerfield, IL and his Master of Public Administration from the Maxwell School at Syracuse University.
Christopher Bergmann, V.P. Real Estate Investment & Development, HHA
Christopher Bergmann gives direct oversight to the Real Estate and Investments Development Department of HHA. In this capacity, he spearheads the acquisition, construction and rehabilitation of affordable housing projects for the agency. Prior to joining the Houston Housing Authority, Chris was the Senior Managing Director for Trammell Crow Residential, in charge of their Affordable Housing Division and was President of The Shenandoah Group, Inc. He was responsible for the development of over 16,000 units of affordable housing during his tenure with these firms. Chris is a graduate of James Madison University where he earned a Bachelor of Business Administration in Management. He is a former President of the Texas Association of Affordable Housing Providers (TAAHP) as well as a former board member of the organization.
Peter Clark, Director - Real Estate Investment & Development, HHA
Peter Clark is responsible for the direct supervision of the new construction project from predevelopment phase through lease-up and stabilization. His wealth of experience in construction began in high school, when he worked in his father’s construction management business. Subsequently, Peter has specialized in affordable housing development experiences having held substantive roles in four housing authorities over the past two decades. He served as the director of development at the Housing Authority of New Orleans, where he participated in the development of two HUD Hope VI projects in the Desire and St. Thomas areas of New Orleans. In the aftermath of hurricane Katrina, Peter worked with a development team to create 1,000 units of senior housing. These developments took advantage of competitive tax credits and were all completed on schedule.
Square One Consultants, Inc., Construction Consultant
Square Once Consultants, Inc. is a full-service Owner Representation/Project Management firm specializing in assisting owners achieve their goals. The firm, based in Austin, Texas, was founded in 1995 by Kevin Fleming and now has a team of 13 professionals. Square One
offers experience in construction and project management, covering the whole scope namely planning, design, plan review, contract negotiation, securing entitlements, construction, closeout and occupancy. The Square One project management team has nearly 200 years of experience in the industry and has managed over 45 million SF and $15 billion in construction projects.
Cathy Freeman, Development Coordinator, HHA Cathy Freeman joined the Houston Housing Authority in the role of Community Development Coordinator in 2012. Previously, she was a construction lender for JPMorgan Chase Bank. She was responsible for the origination of loans which supported Chase Bank’s community development efforts to provide affordable housing and to revitalize low and moderate income communities. Ms. Freeman’s career has been centered in the financial industry for over twenty-five years.
Aniekan Udoh, Development Analyst, HHA Aniekan serves as the “boots on the ground” on the development team, preparing the tax credit and HUD applications, communications with the community, project schedules, and other development activities. He is responsible for generation and maintaining of various development documents and document/database control. He has a background in public administration and project management (certified PMP). He holds a BSc from Texas A&M University – Corpus Christi and a Master of Public Administration from Syracuse University, New York.