Some of y'all may know that in addition to brokerage, I have a background in development and since leaving the corporate world, I've been syndicating build for rent development deals with partners around Houston. If you aren't familiar, "syndication" is just a fancy word for "Jamie does the development work, and finds capital partners to fund part or a majority of the deal". Well, just got our replat a week or two ago, so its time to share.

What the deal currently looks like:


This one is special for several reasons:

1. We named our street after Earl Rudder. Earl Rudder Way has a pretty good ring to it, right?

2. We partnered with another group to make this even possible. I'm a big believer in "Win-WIn" scenarios, and this one is the epitome of that. Without getting creative, we would each have ended up with 2+ less lots per. Because we worked together, we each got more lots, and each lot was bigger. I'm not sure the COH has even seen a deal like this one before. Very, very rare if so.

3. My clients who look for homes in shared driveway communities often complain about a lack of parking and a lack of yard space. This deal solved both of those problems. In addition to 6 common parking spaces for the community, each home will have a garage that can accommodate two F-150's and an additional dedicated parallel parking space for a total of three dedicated parking spaces per unit. And finally, I'm pretty excited about our yard space. It's definitely bigger than average, and coupled with the porch we have planned, I know will be a big selling point for the community. Folks are not going to feel crammed in here.

4. I started working with an awesome Aggie architect who I met right here on TexAgs. He has brought some great perspectives to this project, and I'm excited to do more deals with him and the rest of the team in the future.

5. Several of our investors are actually folks from right here on TexAgs, which is pretty cool as well. I'm legally not allowed to solicit investors publicly, so please note that this is not a solicitation for funds.

Fairly typical for infill developments in Houston. What is not typical though, is that we can accommodate a dedicated third parking space and a larger than average back yard space for each home. I actually couldn't find a true sales or rent comp for what we have planned. I think I looked through something like 700 comps when I ran my analysis. So these should rent well. Right now I'm projecting we will end up somewhere right around the "1% rule", if you are familiar with that.

Sure! This one is located directly behind our development and just delivered last year. Click this link to see a Google Street View.

Also, here is an active development site pretty similar to ours. Similar location/neighborhood (but not exactly the same), similar concept, similar design, etc. These homes are being sold for the mid-$500,000 price range and are smaller than ours, less shared parking, do not have the dedicated third parking space that ours have, and I cannot see the yard setup. And while their lots are larger than ours, they also include the shared driveway, so they are actually smaller also.

This is a floorpan of the unit linked above. Ours will be similar, but I would say better. But this should give you an idea of the product we have envisioned.



Receiving our replat was a big milestone. We took our dirt that was worth something like $30 per square foot and made it worth I'd say at least $60 dollars per square foot. A 100% (unrealized) return isn't too shabby! And we aren't done yet. My goal is to not only build this specific project, but continue building a portfolio of these.

they're detached townhomes. There are tens of thousands of them built all around the city.

Houstonag said:

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They need to consider an elevator. Knees

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You don't put elevators in rental property.

harrierdoc said:

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I cannot imagine a home being built on a lot that size. Do you have an example of a similar development you can share?

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Have you ever visited a city?