Shareholder Update - Houston 5th Ward Project
8 October 2020
The fund officially closed Mid-July, and all shareholders should have received their share certificates from the Morgan-Stanley Shareworks platform.
Lots of work has been completed, as you see from the before and after pictures. The residential houses have been upgraded. The parking lot has been repaved on the entire site, giving it a fresh new look.
The commercial buildings are now the focus. The short-term rental office building will be complete by the end of October and available for bookings immediately. In fact, we have three bookings on the waiting list already!
The second building, the planned coffee shop, will be online by the end of the year. We have focused on the sure bets until we see when the city opens back up fully from COVID. There are a few alternative uses that we are working on, like the art gallery museum space as well.
Speaking of this, our street Lyons Ave was just approved by the State of Texas and the first black cultural arts district! This means we are now in a high demand corridor.
Be on the lookout for Zoom Call info in the next week! I look forward to speaking with all of you!
28 April 2020
Spent 3 weeks with an entire team of contractors and landscapers upgrading the look of the property. We also tackled a lot of maintenance issues that could have caused problems later.
The tenants are very happy. The neighbors are very happy.
Despite the COVID crisis the majority of tenants have paid their rents. We have two that will vacate after the stay at home orders are lifted, but I don’t see any challenges with quickly getting new tenants in those two houses.
We Closed! Congrats to US!
11 March 2020
In case you missed the post on my social media, we closed last Monday. I'm now in the process of setting up the tenant databases, understanding the current rent collection process, and deciding which elements to keep and which parts to modify. We will be adding digital accounting records via a property management program, then hiring a property manager and CPA to keep everything in compliance. I will also be making some decisions on how to spruce up the property and adding a little more security (cameras & fencing).
We are still allowing people to join the investment pool, so be sure to share it with friends and family!