Summary

Whispering Winds is a B asset in a B+ location built in 1984.  It consists of 286 units with full amenities and a occupancy of 91% at the time of acquisition. Whispering Winds is located in the city of Pearland, TX, which is south of downtown Houston and is one of the fastest growing cities in Texas. The property has frontage to a main thoroughfare of Pearland, East Broadway, which has significant daily drive-by traffic thereby supporting the leasing of the units.  Whispering Winds is located around the corner from the newly constructed Pearland Parkway, which provides convenient access to the Sam Houston Toll Road. An adjunct to the University of Houston - Clear Lake is supposed to be built on vacant land adjacent to the property.

Capitalizing on the large growth rate of Pearland are national retailers’ such as Target, Kroger Co. and Office Depot Inc.  Target is planning a second store in Pearland at the northeast corner of Beltway 8 and Pearland Parkway. On the southeast corner of Beltway 8 and Pearland Parkway, Read King, Inc. is in the pre-development phase of a power center which is reported to include nine big box retailers that are planning their second Pearland locations.

Major employers, such as the Texas Medical Center and NASA’s Johnson Space Center, draw vast numbers of skilled workers to the region. The city of Pearland provides these workers with an attractive, family-oriented community ideal for raising children with a high quality of life and a strong education system. The property is situated amongst an established residential neighborhood in close proximity to several highly acclaimed schools attended by residents’ children.