Stephen Keller Of Block Companies Secures $8 Million Equity For 82 Townhome Development In Houston
6130 Auburn Lakes Drive
$8,000,000
$57/SF
Building Size
140,000 SF
Asset Type
Development Site
Closing
Mar 25, 2025
AI
The property asset involves an 82-unit Build-To-Rent development located at 6130 Auburn Lakes Drive in Houston, TX. This development encompasses a total square footage of 140,000 and represents an equity amount of $8,000,000.
Summary of transaction details:
- Property Type: BTR Development
- Transaction Amount: $8,000,000
- Units: 82 Townhomes
- Square Footage: 140,000
- Address: 6130 Auburn Lakes Drive
- Market: Houston, TX
- Developer: Stephen Keller - Block Companies
- Broker: Simon Goldstein - Buckingham Advisors
Key individuals involved in this transaction include Stephen Keller, representing Block Companies as the developer of the BTR project, and Simon Goldstein from Buckingham Advisors, who acted as the broker in this deal.
Spring Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93