Lehman Ventures is pleased to present an investment overview for our latest multifamily development opportunity, the Lehman Street Apartments. Lehman Street will be a luxurious, Class-A, 4-story podium multifamily development containing 266 units, with an average size of 808 square feet with studio-, one-, two- and three-bedroom floorplans. The site’s location is in the rapidly gentrifying and highly sought-after Garden Oaks/North Shepherd growth corridor, as re-development continues to expand north of Houston’s 610 Loop. With immediate access to Houston’s historic Heights neighborhood and within Garden Oaks, Lehman Street affords residents excellent access to nearby bars and restaurants, shopping, and entertainment destinations. Single family home prices can exceed $750k in the area which has delivered an exceptional demographic profile driving substantial demand for new Class A multifamily development. Furthermore, the location provides proximity to Houston’s largest job centers including both the CBD and Galleria, and major regional thoroughfares that allow residents to quickly access all points of Houston.

The total cost of the project is just over $57,200,000 of which Lehman Ventures is seeking to raise approximately $18,850,000 in LP equity, representing an estimated 73% of the equity to be raised. In addition to the LP equity, the remaining equity being invested is via a land contribution ($7,200,000 or $34.80 psf) and cash contribution from the General Partner. The capital investments combined with a construction loan will fund the development, construction, and operations of the project.