歷史回顧|2013 年第四季投資人信
新春愉快。首先,很榮幸的向大家報告一個令我們歡欣的訊息;對 Bridge Tower Residential Fund (宅邸基金) 而言,2013是極富績效及成果的一年,無論是在投資回報或租屋管理方面,都有高超的成長。以下,我們將依序向您報告 :
- 過去一年的投資活動及成果分析
2014美國經濟成長展望與投資環境
評論我們過往的投資個案
2014年的營運及業務建設規劃
投資活動與成果分析
我們於2013年4月推出Bridge Tower宅邸基金,利用特殊機會收購在美國被低估的家庭住宅房地產,使其成為高品質、高收入的投資。自那時起,我們不斷加強我們的計畫,提高業務的成長,同時已為德州達拉斯地區的顧客群,提供完善的租屋服務。
目前,Bridge Tower宅邸基金所購的房地產皆為現金投資,每棟平均購買價含裝修成本為$127,000美元。每平方英呎平均成本為$67美元(1平方英呎約為0.028坪),這遠低於我們預估每平方英呎$80美元的重建成本。而根據市場分析比較的結果,Bridge Tower宅邸基金所購入的每棟屋宅,較市場平均房價$139,000低了9%。我們裝修完畢的屋邸出租率高達100%,預估剩餘尚在整理的房產組合未來能有95%以上的穩定市場。而目前Bridge Tower宅邸基金租金的回報遠優於市場上大型房地產基金的投報率。
我們認為,家庭宅邸(非公寓,擁有前、後院的家庭宅邸)收租投資是一種高品質的資產類別,而謹慎使用貸款可提高基金投報率,同時維持較低風險。因此在2014年,我們計劃運用額外的資本,繼續收購具有吸引力的優良住宅。
2014宏觀的經濟展望
我們認為,在2014年,美國的房地產仍然處於優質的投資狀態。
相較於房子的重建成本及購屋負擔能力指標,美國房價依然處於低點。此外,就業率持續改善,且利率維持在4.5%左右的歷史低點。
根據近期的時代雜誌訪談,聯準會新任主席葉倫 (Janet Yellen) 表示「政府的政策瞄準壓低長期利率」。因此我們相信,這位女當家將維持長期低利政策直至2016至2017年間。此外,今年GDP預估將保持在3%左右,將帶動更多的工作機會,且根據政府的統計數據指出,失業率於下半年也會降至6.7%附近;在持續低利及就業率增長的結合之下,都將持續帶動美國房價復甦 。
然而,隨著房價復甦,本基金的投資優勢將受到影響。因此,我們必須及早部署更多的資金,並在收購過程中保持嚴謹紀律。
展望達拉斯市場
達拉斯房價在過去一年增加了約9 %;創紀錄的低利率,強勁的本地就業市場,及便宜的房價同時推動了這波漲幅。
過去數年間,德州已成為美國的油頁岩革命中心。我們預計在新的一年裡德州將超越委內瑞拉、科威特和伊拉克等國家,成為世界第九大石油生產地。根據石油工業估計,頁岩氣產業自2000年代中期,在德州已創造了超過50萬個就業機會。
根據上個月的統計數據指出,德州地區失業率只有6.1%,遠低於全國7 %的平均,而其中達拉斯地區的失業率更是降至5.7% ,十分突出。
因此我們分析,達拉斯的房屋價值仍然十分被低估。根據房地產資訊龍頭Zillow的最新估計,儘管經濟基本層面較佳,達拉斯房價平均約為$143,100美元,相較於鳳凰城($187,000美元)和拉斯維加斯( $167,500美元)的房價,顯然更加便宜。因此,基於人口增長、收入提升且擁有良好就業前景的因素判斷之下,以目前的價格和租金收益看來,達拉斯仍然是頂級的宅邸基金投資地區。我們並且堅信,達拉斯的房價有顯著的增值空間且前景看好。
富比士一篇文章與我們 – Bridge Tower宅邸基金有相同的觀點。文中指出2014年最值得買的城市中(Best Buy Cities)大達拉斯地區就佔了第一和第二。而文章作者也估計達拉斯房價被低估了約12 %,並可在3年內增值29 % 。很幸運的,我們基金所選擇的投資標地物就是在2014年最值得買的城市當中。
我們的購房的基本標準
我們依據四個指標來選擇投資標的
01
位置理想
- 近學區
- 安全化的社區管理
- 寧靜的街道環境
02
住宅訴求
- 坪數大小
- 房間數量
- 舒適度
03
總租金收益達12%以上
04
購買價格明顯低於重建及同時期的市場價值。
藉由僅購買符合我們嚴格標準的宅邸,本基金預計可達較高的淨租金回報率,若再將房價預計3-6%的年增幅納入考量,本宅邸基金可為投資者提供良好的即期收入,並為未來數年提供對抗通膨的資產保護。
個案研究及討論: 306 Trailridge Dr, Richardson TX, 75081
本基金於2013年10月以118,500美元買下此棟宅邸,並計畫投入約15,000美元進行維修。最後承包商於略晚交期約一個月左右的12月下旬完成裝修,費用也稍微超過原本預估。
但儘管面臨挑戰,對本基金而言此棟房屋仍然是十分有利可圖的投資。首先,由於其優越的地理位置,我們在推出後不久,即出賃了為期兩年的租約。此棟房屋位在宜居的理查森地段內,而附近學譽優良的小學,初中和高中均為步行可達的距離。此外,無論是低購入價格或該地區對4房房屋的強烈租賃需求,讓我們坐擁13.3%的高租金收益。根據我們的策略,即使出賃前遇到未預期的小狀況,我們仍然擁有相當可觀的利潤。
收購關鍵
獨戶住宅
房屋大小
市價
購買價格
總成本
細節
4臥室/2.5浴室/2車庫
1,807平方呎
$146,000
$118,500
$138,000 ($76/ 平方呎 ) (94.5% 市價 )
投資回報
房屋出售日期
月租金
租金收入 (淨)
房子出售價格 (預估)
總盈利
總投報率
細節
買入後5 年
$1,525 (13.3% 租金回報)
$66,000 (租金 - 成本)
總投報率
$102,000
73.9%
本基金於2013年10月以118,500美元買下此棟宅邸,並計畫投入約15,000美元進行維修。最後承包商於略晚交期約一個月左右的12月下旬完成裝修,費用也稍微超過原本預估。
但儘管面臨挑戰,對本基金而言此棟房屋仍然是十分有利可圖的投資。首先,由於其優越的地理位置,我們在推出後不久,即出賃了為期兩年的租約。此棟房屋位在宜居的理查森地段內,而附近學譽優良的小學,初中和高中均為步行可達的距離。此外,無論是低購入價格或該地區對4房房屋的強烈租賃需求,讓我們坐擁13.3%的高租金收益。根據我們的策略,即使出賃前遇到未預期的小狀況,我們仍然擁有相當可觀的利潤。
最新業務及營運摘要
我們資金計劃在2014年進行融資,希望利用足夠的資本購買更多的投資標的,為投資者帶來更高收益,預計將為基金購入50棟宅邸。
另外,Bridge Tower的第二個基金正積極展開募款。新的基金-BT收益基金將專注於達拉斯地區單一家庭住宅投資,而藉由特別設立的架構,此基金將最大限度地減少需支付的美國所得稅,因此新基金於外國投資者將有更佳的利基。基於BT收益基金利於外國投資者的特性,若您對這個基金有興趣,我們強烈建議您根據實際情況盡快與我們聯繫,BT收益基金第一波募款將於2014年1月30日截止。
我們預計將於下一季度再度為您提供新的業務展望。在此期間,若您有任何問題,意見或疑慮,請不要猶豫,並直接聯繫我們,我們隨時歡迎與合作夥伴的直接溝通的機會。
感謝您的支持,再度祝福您佳節愉快
Bridge Tower Partners
Bridge Tower 橋塔集團成立於 2013 年,總部位於美國德州達拉斯,是一家垂直整合型房地產投資與開發公司,業務涵蓋土地開發、住宅建設、資產管理、租賃營運與基金管理。
橋塔集團也榮獲2025全美建商排名 Builder 100 + Next 100 第 121 名,並持續在美國高人口成長、高就業成長的城市布局住宅開發項目。
若您有意與橋塔合作投資,或認識其他合資格投資人希望了解更多相關機會,歡迎透過電子信箱 [email protected] 或下方連結與我們聯繫,我們將提供更多資訊。
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