Prodigious Value-Add Upside
Skylar Pointe presents a significant value-add opportunity in the Houston MSA based on its location, age, below-market rental rates.
Of the 449 total units, 205 have received a degree of renovation:
• 120 units have received basic upgrades with updated interior paint, new flooring, resurfacing, and updated key fixtures. These achieve an average $60 rent premium.
• 70 units received a mid-level upgrade with new black appliances and all fixtures were updated over the basic upgrade package, achieving an average $115 premium.
• 15 units have been fully upgraded, receiving new cabinetry, granite countertops throughout, stainless steel appliances, new paint schemes, new lighting and plumbing fixtures, and updated flooring. The full upgrade package garners a $300 rent premium over classic units.
With 244 units having received no updates at all (Classic Unit), there is remarkable opportunity for a new owner to continue the program and reap these rent premiums.
Strong Y-o-Y Rent Growth
Skylar Point proves significant Effective Rent growth performance. Effective Rent has grown over 33% from 2014 to Present.
Quality School District
Skylar Pointe benefits from League City’s and the City of Webster’s zoning regulations. These have the effect of restricting new supply within each city’s limits, reducing the threat of competition for the foreseeable future.
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