Summit with Avalon Heights

A pioneering woman's vision of a gentle density community that when complete will consist of 12 condos in two separate buildings designed with a low impact to the environment. Building a sense of community by utilizing a small footprint concerning the impermeable cover and natural lay of the land.

Once completed, this community will feature electrical vehicle charging stations, walking trails, natural swimming area, and gated (from the wildlife) community plots for vegetable and herb gardening enthusiasts. 

Lake view condominiums are located under an hour from San Antonio and only 20 minutes from Bandera. A woman owned and managed company, this unique project is leading the gentle density housing movement in their area. 

DISCLAIMER:  PROJECT IMAGE IS A MOCK UP ONLY.   

 

WILL PROVIDE MORE DETAILED DRAWINGS VIA ARCHITECT ASAP with your support. 

Inspiration for the project came gradually through the years, watching other multifamily developments across our beautiful country raze the land and pave everything that wasn’t an apartment into a parking lot. 

Andrea wanted to design a development that would support multiple families, while preserving the natural beauty that encourages people to live in the area in the first place.   Maximizing the luxury amenities for all residents.  Example:  Everyone enjoys the view, Everyone can enjoy the big oak trees, Swim in the natural pool, Watch the variety of wildlife in the area  such as Deer, Racoons, RingTail Civit Cats, Peacocks, Opossums, Armadillos, Foxes, Cotton tail and Jack rabbits, Multitudes of wild birds including birds of prey like the Coopers Hawk.

Purchasing one small acre with million dollar view potential,  Andrea then went about contacting the county and state authorities to learn how she could maximize the human density in a vertical fashion and comply with all county ordinances, State laws and building codes.     

After years of all that research:        Two towers of 6 one bedroom condos each is the best way to do this

 

Summary

Avalon Heights Apartments – Lakehills, Texas

Minimalist Lifestyle, Big on Luxury

Multi-Family development located in Lakehills, Texas above the gated Harbor View Neighborhood and overlooking beautiful Lake Medina and the Texas hill country.

At an elevation of 385 feet, this property will provide hill country views and access to an acre of land. At Avalon Height Apartments, residents can participate in quality of life practices, such as yoga, vegetable and herb gardening, water aerobics, abundant wildlife viewing, and a wide array of outdoor recreation on property and in the local area.

 

Planning Phases

The project will be constructed over a 2-3 year period. 10^th Street East entry 12 One bedroom and Studio units of aprox 712 square feet each.  Phase I is ground work, infrastructure and the first 6 units, Phase II is the last 6 units and the landscaping finish out.   The first floor units will be ADA compliant and we intend to incorporate phase II electric car charging ports, solar power technology, tesla wall batteries, a backup generator system for extreme emergencies.

 

Features

A forward-thinking innovative housing development in the hill country in Avalon Heights,  one of the oldest platted neighborhoods in Texas.  Preparing for upcoming population boom and incorporating green building principles such as solar, rain water harvesting permaculture, and the preservation of wildlife habitat, this community will exemplify a new and forward thinking approach to rental living developments.

Luxury amenities in each apartment include: hard surface kitchen countertops, space saving dishwashers, top of the line appliances and fixtures, washer / dryer hookups, dedicated on demand water heaters for each unit, as well as private balconies and or patios on both sides.

 

Project Needs

Projected construction costs are $1,299,000.   The land currently valued at $56,000 is clear of all encumbrances in an area where this type of development is currently allowed.    

 

Main Objectives:

• Build a quality structure for future generations.

• Add lasting value to the community as a whole.  

• Responsibly plan a landscape friendly to all native flora, fauna, and humans simultaneously.
• Provide a much needed housing option that is currently lacking in the area                        

We can do this by

• Evaluating the plan every 2-3 years and moving forward if profitable at that time.  The flexible 7-10 year time frame allows us to sustain slow and steady growth.

• Rents and POA fees will have to increase annually at a rate around 1-3% to offset inflation and keep the property management budget balanced in the future.

 

Products and Services

Online monthly rental comps via realtor.com and zilllow.com from 2021 were:

• $976 for 610 square feet
• $1,115 for 500 square feet
• $1,500 for 500 square feet (tiny house)

This averages to $1.33 per square foot. Utilizing this rate, the following provides a researched rate appropriate for each unit:                                                                     

More Comparable units featuring similar luxury elements in design to our plans that also feature hill country and lake views in this community already command up to $1,100 a month residential rent per unit.  

1BR Condos listed for Sale in the radius area for 2021 suggest the units could sell for $164 thousand  and more,  Immediately.

 

Economics: According to estimate by the US Census Bureau, in the last year Texas has had the biggest increase in population of any state in the country. The data show the number of people in Texas grew by 367,000 from mid-2018 to mid-2019, bringing the state's total population to almost 29 million. Furthermore, San Antonio was also recently ranked as one of the fastest-growing cities in the United States, as the San Antonio metropolitan area saw a 10.6 percent growth in population from 2014 to 2018 compared to the previous five-year period, according to the U.S. Census Bureau’s most recent estimates. The follow provides more insight on the target need:

 

• Quality affordable housing is difficult to find.

• Total size of the market is a 50 mile radius or 45 minutes of travel time.  This includes the communities of Kerrville, Boerne, Bandera, Helotes, North, South and Downtown San Antonio, making a large market base.
  • former SCORE SBA Advisor William B. Lucas recommended this radius.

• Current demand in target market: Affordable housing for the single professionals and one bedroom or studio flats. Growth potential and opportunity for a variety of investment opportunities.

• It is projected that the counties surrounding Bandera County (Kendall, Kerr, Bexar)  will experience up to  25%-100% population growth over the next 30 years.

• The selected location is the closest recreational lake to many suburban areas with close proximity to infrastructure. Because of the tourism economy in Bandera County, this location makes it ideal, as businesses focused on tourism income  need support staff. Furthermore,  the growing economic profile in this area requires housing for single professionals that work to support  the local economy across all sectors.

• The selected location is a hill country and lakeview lot without any building restrictions, making now an ideal time for building gentle density, small footprint housing.

 

Barriers That Keep Potential Competitors From Flooding The Market

• High capital costs:  Land acquisition, planning, platting, and permitting. Initial construction costs are a large outlay of funds

• Finding a contiguous acre of land in this area is rare, most lots are only 25’X90’.  We have a total of 19 together.

• Marketing costs:  Attracting the professional clientele involves select and targeted advertising. Possibly listing the rental with a real-estate agent.

• Consumer acceptance:  The view is great, but the roads are long.  While the commute out to the recreational lake area is improving via arteries like HWY 16 and improvements along 473, and Park Rd 37, some potential residents might still find the extra mileage a negative.

• Overall there is a limited availability of buildable lots in high density areas and even fewer multi-family development lots with great views.

 

Products

Affordable and safe luxury studio rentals and Condos for sale, located at the gateway to Texas hill country.

 

Features and Benefits

Environmentally responsible, efficient luxury living spaces with big outside access. Responsibly developed apartments ideal for professional singles. 

Amenities: Covered parking, large yard, personal patio and/or balcony, view of Lake Medina and surrounding hill country, an outside 3X5 storage cabinet for each unit.

Features: Large outdoor lot available for walks and sunshine, gardening, and a campfire area. Imagine fire-roasted marshmallows, lake views, and clean apartment living all in one place.  There is ample parking for yourself and guests and immediate lake access only three minutes away at the county park. Tenants and Residents enjoy a healthy lake lifestyle without the hassle of property maintenance.

Property management provides security lighting and onsite property manager for any emergency concerns. There will be continued facility and grounds maintenance and improvement. Security deposits will be refunded accordingly after the lease term is complete. 

 

Customer Profile

• Age:  21- 99+ years old.   Young professionals to single retirees of any age.

• Gender:  All

• Location: People who wish to retire or live in a beautiful recreational area, removed from the city. 

• Income level: $30,000 a year and up

• Social class/occupation: Varies widely.  Interest so far has been from medical professionals, staff at local establishments and much more.

• Education: Most tenants will generally have some level of college attendance.

Competition

Other property developments that will compete with this project in this rental market are single family dwellings and apartments in Bandera County or San Antonio.

Competing single family homes in the area are often in disrepair and leased by private owners, where tenants often have the task of yard work and upkeep.

We provide a better alternative to this option by offering a maintenance free lifestyle with more outside amenities and the same square footage.  Apartments in Bandera County are too few and apartments in San Antonio are often too large, made up of hundreds of units and asphalt parking lots. 

 

Location

• Physical location: 10^th St East, Lakehills, Texas 78063

• One Hilltop acre with a 12 unit apartment complex, several blocks off Park Rd 37, overlooking Elm Cove arm of Medina Lake

• Walking distance to the community center, polling station, and Cajun Festival

• Convenient to local grocery and general merchandise stores, dedicated liquor stores and restaurants. 

• State Parks, County parks and lake access nearby. 

• 20 min to Helotes, 35 min to San Antonio or Boerne, 20 min to Bandera.

• Ample parking, heart of Lakehills near the Fire Department and Churches.  An easy walk to the yearly Cajun Festival.

• Commercial Marinas are only 10 minutes away. 

• Grocery and general merchandise stores three minutes away, 4-5 local restaurants within five minutes.

• One building with a 30X60 footprint and ample parking.

• The developer owns all lots outright with no mortgage

• Property management will be considered “on site” as the Manager will occupy one of the units.  Regular hours are 9-5 for administration duties. 

• Walk up access and ample parking can be achieved from public roads of 10^th St East, via Avenue R.

• See appendix for detailed location maps.

 

Sales / Occupancy  Forecast

 

Best Guess: 100% occupancy

12 units @ $1300  each brings a total of $15,600 in monthly rental income.

Direct Sale of the first 2-4 condos is expected.  So That would repay a large portion of the debt load immediately.  Residential rental is an acceptable return on investment as well. 

Those same numbers with 11 out of 12 rented produces approximately $11,880 in rental income.   Leaving One unit available for the onsite property manager.

 

Management and Organization

Who manages the business on a day-to-day basis? Andrea King, as the onsite property manager

Andrea has previously been a landlord and has rented residential single-family property in Alaska and Texas. While traveling across the country for 2.5 years, she had hands-on experience working/managing campgrounds and other vacation properties. Andrea also spent her teenage summers in Tennessee as an all around office, grounds helper and gopher at her cousins development of River Place Condominiums in Pigeon Forge and the attached hotel.  If she is unable to fulfill her duties, hiring an outside property management is still an option.

 

Professional and Advisory Support

My advisory team of professionals:

 

• Attorney : Chad Hyde  of   Gregory Richard and Associates, Kerrville, TX 

• Accountant: Dan Powell CPA, Boerne, TX

• Insurance agent:  currently Dixie Chon of Chon’s Insurance, Lakehills, TX

• Banker : TBD

• Architect: HML Architecture PLLC  ;  Harlan Mark Levien    www.hmlarchitecture.com

   

• General Contractor and Builder:  TBD

• Consultants
  • Dieter Werner, Bandera County Engineer
  • Dave Mauk, General Manager Bandera County Groundwater Authority
  • John Cash,  Austin Texas based Real Estate Appraiser
  • Steve Bourland,  Independent Bank Austin TX

• Mentors and Key Advisors
  • The late William B. Lucas, via SCORE San Antonio, TX
  • Maurice Doublet, via SCORE Kerrville, TX
  • R Adron Harris, Ph.D.
  • Ann Marie Madden Irwin

 

Hands on Daily Tasks Management Team:

Andrea: Land Developer, Investor, Lifetime Entrepreneur, Tree Hugging Capitalist 

Tanya:  Co-founder, Mistress of Finance

Randi: Campaign Manager, & First Class Online Assistant to the enterprise

Maria:  Dedicated Bookeeper

 

Rudimentary Budgetary Breakdown:

Soft Costs:  Preconstruction items like Permits, Construction Documents like Over all Plan Drawings, Civil and Structural Engineering,    Estimated $36, 000.  (this is what we are raising money for here)

Phase I :   Groundwork, Infrastructure, first 6 Units to be sold   Estimated $600,000.  

Phase II :   Additional 6 Units, Natural Pool and Landscaping finish out $500,000

 

 

We appreciate your energetic support of our project and desire to make the world a better place for humans and the planet one gentle density project at a time.   This is our first but not our last.  

 

*** THIS PROJECT WILL BE FUNDED IF WE "SELL" ALL 300 4X8 BRICK PAVERS!! ***

So please share this with 300 of your closest friends, responsibly,  via social media. 

 

If you are interested in investing a larger amount we can offer a competitive interest rate or a small percentage of the project on the back end. 

 If you are compelled to invest $15,000 or more please give Andrea King a call directly at 512-653-2065 for more details.