Single Family Built-For-Rent

Our Projects

DONOVAN HOMES

22 home BTR acquisition opportunity. Cobra Carmo hassecured the opportunity to acquire 22 homes in a brand newBTR development completed in Dec 23 which currently is85% occupied and cash flowing. Total acquisition cost is$8.8MM of which the seller is providing financing for$6.864MM @ 6.25% interest only for up to 24 months. Therequired equity for the acquisition is $1.9MM whichconsidering only a two-year hold and selling gives a 25.3%IRR (1.57x EM) or refinancing in 24 months at 5.5% andholding for 5 years yields 23.4% IRR (2.69x EM). Theproperty is in Independence Heights an up and comingneighborhood just outside the inner loop and right next to theGreater Heights, one of the hottest neighborhoods within theinner loop of Houston.

LITTLE THICKET PARK HOMES

35 home BTR development in the Greater Heights, the trendiestsubmarket within the inner loop of Houston where all the youngprofessionals and couples want to be given its proximity to uptown,downtown and the medical center as well as its restaurants, bars andoutdoor spaces. This project will be the first BTR community in an areathat has seen steady growth in rental rates and appreciation over thelast 10 years (even showing positive growth during the last 12 months).The project will be built over 2.1 acres of land which have already beenacquired. The pre-development phase is already underway with thedesign and engineering already completed. The team is currentlyworking on the replat which approval is expected by 2Q24 to begin thesite development. The project requires $9.5MM of equity of which$7.8MM have already been raised from FO and HWNI from Mexico andthe US. Cobra Carmo is raising the last $1.7MM of equity for a projectyielding +24% IRR over a five-year hold period.

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Nantucket Homes

Single Family for rent development in a 14,600 sf lot in the Galleria/Uptown area of Houston.  Nantucket Drive has been reconverting from large single-family homes into smaller more affordable units over the last 15 years.  Cobra Carmo is building 4 units (Four 3,752 sf town homes). The units will be developed and leased over the proposed 5 year hold period.