Parkside Place

3101 Spencer Hwy, Pasadena, TX 77504

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Parkside Place is a leasehold ownership position in a 321-unit multifamily investment property located in Houston, TX that has the potential to generate attractive risk-adjusted returns for investors by way of planned renovations, increasing rents, and a full tax abatement through a partnership with the Southeast Texas Housing Finance Corporation.

Overview Video

Due Diligence Documents

Financial Targets

$27M

Purchase Price

5-7 Year

Targeted Hold Period

14.3-14.8%

Targeted IRR1

2.1-2.4x

Targeted Equity Multiple2

6.8-7.3%

Stabilized Cash-on-Cash Return3

“Targeted” refers to a goal which may or may not be attained based on a variety of assumptions which may or may not be realized. Securities are only available to verified accredited investors who can bear the loss of their investment. Please contact FNRP for an explanation of how such numbers are calculated. Cash Distributions and any specific returns are not guaranteed.

Why We're Investing

  • Access to Sunbelt Multi-family

    Parkside Place provides investors with the opportunity to access the highly competitive multi-family Texas market through local sponsors with significant local experience in multi-family and affordable housing projects. At a cost of $84,000 per unit, this is a discount to recent comparable sales which have sold at significant premium, it offers an attractive year 1 cap rate of 7.25%.

  • Outsized Investor Return Profile

    This property has the potential to generate attractive risk-adjusted returns for investors due to factors that include; high barriers to entry, limited new supply under construction, and consistent rent growth across the submarket providing a solid fundamental base for upgrading units and growing rents at Parkside Place. FNRP ownership will acquire the asset fee-simple, then transfer the property to the Southeast Texas Housing Finance Corporation as a ground lessor with FNRP ownership retaining a leasehold ownership position post-closing. The ground lease will provide a full real estate tax abatement for the entire 99-year term of the ground lease, resulting in immediate NOI growth and value creation.

  • Strategic Location, close to employment and educational hubs

    The location of the property is close in proximity to high quality retail and community services, as well as Beltway 8 and Interstate 45 which provides residents quick access to Houston’s major employment centers. Parkside is ideally situated in an area that has seen an increasing demand for multi-family housing due to relative affordability and access to quality education and growing local demand drivers like Port of Houston, Bayport Industrial District, NASA, and Hobby Airport. There are 292,000 people within a 5-mile radius with an average household income over $71,000, making it an ideal location for multi-family housing. 

Map

FAQs

Distributions of positive cash flow are paid quarterly.

We are happy to furnish you with as many references as you would like including past partners, lenders, brokers, and other professionals we have closed or worked with in the past. Please keep in mind, past performance is no indicator of future results and you should read the offering documents carefully

As one of our partners, you have direct access to the principals of the firm and their investor relations support team. All inquiries are handled via white glove telephone support as well.

In the event that a deal does not close or fully fund, 100% of your investment will be returned. This has not happened one time yet to date.

We have developed a proprietary investor portal to allow our partners to track their investments and get access to key reports and tax forms. As a partner, you will have your own dedicated account. Formal reports are generated and provided quarterly in addition to monthly leasing updates.

Full financial reports are generated each quarter along with written formal updates. Leasing updates go out monthly. From a tax standpoint, you will receive a K-1 for your interest in the partnership each year. K-1s typically go out by March 15th of each year.

Yes. Our offerings are only available to accredited investors. You will need to prove your status as an accredited investor to participate in any FNRP sponsored offering.

Yes. You will need to utilize the services of a self-directed IRA custodian to facilitate an IRA or other retirement account investment. We can make recommendations to qualified service providers or are happy to work with your custodian in the event you already have engaged with one.

Anticipated returns will depend on the risk profile of each transaction and the terms of the offering. All returns presented on the platform are net of all fees. While we model returns conservatively, and do extensive underwriting on each offering before putting it on the platform, it’s important to note that all investments carry risk. Be sure to review the specific set of risk factors for each offering you consider.

Most offerings hit or exceed their full funding amount. In the event that an offering fails to hit its funding target, all investor commitments will be refunded in full with no fees deducted. Please note that, to date, this situation has never occurred.

Once you determine you are investing in a particular offering you will be guided through a secure process to complete your investment. Funding can be completed by check or wire.

The minimum will vary from offering to offering. The investment minimum is most commonly $50,000. Additional shares are typically offered in increments of $1,000 above the minimum.

Any person or entity with a U.S. tax identification number (social security number or Employer Identification Number), and who meets the SEC’s definition of “accredited investor” is eligible to participate in First National Realty Partners investments. While most of our investors are U.S. citizens, some are legal residents of the United States or foreign nationals who own or partially own an investing entity incorporated in the United States.

If you are interested in investing, you’ll need to self-certify that you’re an accredited investor and will need to tell us how you qualify.  Your personal financial information will be kept private in accordance with our privacy policy.

For the full definition please click here. The federal securities laws define the term “accredited investor” as any of the following:

  • a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year;
  • a natural person who has individual net worth, or joint net worth with the person’s spouse, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person;
  • a corporation, partnership or charitable organization with assets exceeding $5 million;
  • a trust with assets in excess of $5 million, not formed to acquire the securities offered, whose purchase is directed by a sophisticated person;
  • a director, executive officer, or general partner of the company selling the securities;
  • a business in which all the equity owners are accredited investors
  • a bank, insurance company, registered investment company, business development company, or small business investment company; or
  • an employee benefit plan, within the meaning of the Employee Retirement Income Security Act, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5 million.
Due to federal securities laws, only accredited investors can invest in our offerings.
Investing with FNRP is designed to be both easy and secure. We’ve created a simple step-by-step process to help you secure your investment in our properties. You can review due-diligence information, ask questions, and if you decide to invest, complete your funding online or by mail. For more information, click here.

Yes. We are partnered with Midland Trust to offer investments via self-directed IRAs. We are also able to work with certain other SDIRA custodians. For further questions regarding the process, please contact investors@fnrpusa.com or by phone at 888-314-8736

Sometimes Who You Invest With Matters More than What You Invest In

$2B+

Assets Under Management

60+

Current Assets
Held

$100M+

Total Investor Distributions
Since Inception

12M+ SF

GLA Acquired Since
Inception

24

Current States
Present

2600+

Investors

All amounts are as of 12/4/2023.
  1. Targeted Net IRR (Net IRR): is defined as the annualized, compound rate of return using equity contributions and distributions as they occurred on specific dates during the investment period. Net IRR is reflective of all fees charged and paid to First National Realty Partners LLC and its affiliates and subsidiaries. “Targeted” refers to a goal which may or may not be attained based on a variety of assumptions which may or may not be realized. Securities are only available to verified accredited investors who can bear the loss of their investment. Please contact FNRP for an explanation of how such numbers are calculated.
  2. Equity Multiple (Net EM): the total distributions and remittances to equity investors divided by the total equity contributions from investors during the investment period. Net EM is reflective of all fees charged and paid to First National Realty Partners LLC and its affiliates and subsidiaries.
  3. Targeted Stabilized Cash-on-Cash: Targeted annual cash flow return on invested equity once business plan is achieved. Please consult annual cash flows (Net-Net to the Partner) in the Financial Model. Cash distributions are not guaranteed. “Targeted” refers to a goal which may or may not be attained based on a variety of assumptions which may or may not be realized.
  4. Past performance may not be indicative of future results. An investment in commercial real estate is speculative and subject to risk, and there can be no assurance that the future performance of any specific investment, investment strategy or selection of a specific property as referenced in the information herein, will be profitable, equal any corresponding indicated historical performance level(s) or be suitable for your needs. Due to various factors, including changing market conditions, this content may not be reflective of current opinions or positions.
  5. Cash distributions and any specific returns are not guaranteed. An investment in commercial real estate is subject to risk, including the risk that all of your investment may be lost. Any representations concerning investing in commercial real estate, including, without limitation, any representations as to stability, diversification, security, resistance to inflation and any other representations as to the merits of investing in commercial real estate reflect our belief concerning the representations and may or may not come to be realized. The ability to make distributions or the amount of distributions may be affected by factors such as debt and lender restrictions, future capital expenditure needs, and financial performance of the property.

Invest in

Parkside Place

3101 Spencer Hwy
Pasadena, TX 77504

“…In my experience in working with FNRP, I have seen a genuine desire to build trust and forge partnerships with all stakeholders through their transparency and integrity…”

Richard H.

Investor

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