Acquisition Criteria

Brokers Protected

Quick Summary

Target Profile

  • Market: Greater Houston MSA (NW Houston preferred: Cypress, Tomball, Spring)
  • Asset class: Class B and select Class C+ workforce housing
  • Unit count: 1000–200 units (flexible case-by-case)
  • Vintage: 1980s+ preferred (individual HVAC, pitched roofs a plus)
  • Value play: light to moderate value-add; no heavy structural rehabs
  • Occupancy: stabilized (85%+) or economic vacancy due to mismanagement
  • Deal size: Varies case-by-case; up to $30M
Section 4 Broker-friendly checklist visual

What to Send

1. Offering Memorandum (OM) or Executive Summary

2. The Broker’s Underwriting Model (Excel)

3. Trailing 12-Month Profit & Loss Statement (T-12)

4. Current Certified Rent Roll

5. Delinquency Report (Aged Receivables)

6. Historical Capital Expenditures (CapEx) Summary

7. Trailing 3-Year Insurance Loss Runs

8. Current Property Tax Bills & Assessment Notices

9. Utility Bills (Sample or Trailing 12 Months)

10. Existing Third-Party/Environmental Reports (e.g., Phase I ESA, PCA)

11. Historical occupancy trends

12. Survey / Title commitment

13. service/Vendor Contract

Submit Deal Package