Outcome: This risk-mitigated approach ensures
top-notch results & maximizes returns for our investors
At RSK, we create vibrant, medium-density communities while maintaining the feel of exceptional single-family living.
Our projects range from 120 to 220 units, giving a more exclusive feel to the community.
Crafted on 8 – 20 acre parcels located next to coveted retail hubs and upscale grocery stores.
Our communities are designed to be an expansive, sanctuary- like environment in an amenity-filled, urban area.
By developing mid-sized communities, our products are in high demand, limiting lease-up risk and ensuring a clear path to stabilization.
RSK Real Estate Partners specializes in Build-to-Rent (BTR) developments. We are committed to refining every stage of development, ensuring superior investment returns, and setting a new benchmark in the real estate market.
Unique Strategy: Employs a data-driven, systematized approach, seeing residential real estate as a significant arbitrage opportunity.
Leadership and Culture: Led by Neil Joshi, with 30+ years in investment management and real estate, bringing a fresh perspective and a culture of innovation and aggressiveness to development.
Focus: Outperforming expectations of renters & investors by providing a superior product at a reasonable cost, driving outsized returns.
Large and persistent undersupply of housing for middle-income buyers & renters in Katy, TX. There is wealth-building opportunity by focusing on highly-desirable, cost-effective developments in prime locations.
Market Gap: : A 4.5 million home shortage, particularly affecting the middle-class – “Missing Middle.”
Barriers to Entry: Build costs and zoning ordinances push other developers to focus on less desirable
areas.
The Project Katy Pointe
› $51.7mm Total project size
› Located in fast-growing Katy, TX.
› 32% population growth since 2020, with a median HHI of $102,000
› 155 three-bedroom and 55 two-bedroom homes with Class A amenities
› 7.32% UYoC (Unlevered Yield on Cost)
› 50.9% IRR (Internal Rate of Return)
RSK Real Estate Partners is pleased to present an opportunity to invest in a premier build to rent development in the rapidly growing market of Katy, TX. The
$51.7M development will be delivered into the highly attractive market that features a newly delivered H-E-B, considerable retail corridors, and exceptional schools.
Situated on a 17.2-acre site, the 55 two-bedroom and 155 three-bedroom duplex units will provide an opportunity for middle-income renters to rent spacious, thoughtfully designed homes in a vibrant neighborhood.
The community will be highlighted by its ample green space for the residents, pool, clubhouse, and picnic area. Additionally, the project will have tremendous access to the Houston metro area as it is situated with easy access to Highway 99 (Grand Parkway North) and I-10.
Land close for the project will be in August 2025 with groundbreaking soon thereafter. The project is expected to take 24 months to complete construction and will be positioned for sale upon the 70% lease-up milestone with an exit expected in month 27.
| Total Project Size | 51.7M |
|---|---|
| Market | Katy, TX |
| Equity | 18.1M |
| Debt | 33.6M |
| Avg Unit Size | 1,422 |
| Avg Rent | $2,341 |
| No. of Units | 210 |
| ROC (Return On Cost – Untrended / Trended) | 7.32% / 8.03% |
| Levered IRR | 50.9% |
The Katy market has benefited from tremendous population growth over the last decade. Since 2020, the 3- mile area around the site has experienced 32% population growth, with over 500,000 residents now in a 7-mile radius. Median household income in the area has also increased to over $100,000. The demographics in the area are incredibly favorable for build-to-rent as the average age off the population is 35. This growth has caused an increase in home prices in Katy; Redfin has reported that single family home prices are up 11.1% in the past 12 months and 26% since May 2021.
A Vibrant Community With Exceptional Amenities Designed To Enhance Resident’s Lifestyles. Our Build To Rent Community Offers A Variety Of Spaces For Relaxation, Socializing, and Recreation.
› Resort-style pool and lounge area
› Expansive green space
› Outdoor covered seating area with fire pits
› Grill area
› Dog Park
› Lounge
› Coffee Bar
› Conference Room and work spaces
› Fitness Room
› Dog-Friendly Amenities
Our homes combine high-end aesthetics with practical pricing, featuring luxury finishes and innovative design elements.
Our homes combine high-end aesthetics with practical pricing, featuring luxury finishes and innovative design elements.
Our homes combine high-end aesthetics with practical pricing, featuring luxury finishes and innovative design elements.
High-Quality, Desirable Homes: Build feature-rich products that redefine and elevate expectations for market-rate housing.
Premium Developments: Focus on first-rate projects in rapidly growing areas with easy access to shopping, dining, and entertainment.
Strategic Land Focus: Develop “orphaned” parcels from larger projects into valuable investments.
Efficient Construction: Utilize an in-house team under GMP contracts, complemented by third-party oversight for added security, resulting in Faster, Cheaper, Better builds.
Cost Efficiency: Leverage proprietary sources for high-quality, low-cost materials, ensuring a significant cost advantage.
Focusing only on investment prospects that exceed a high return threshold, even in challenging markets.
› For a project to be considered, it must underwrite to a 7+% Untrended Yield on Cost and a ~30% IRR.
› To limit risk, our standard underwriting process uses rents in-line with market averages.
Outcome: This risk-mitigated approach ensures
top-notch results & maximizes returns for our investors
Site Selection: Using Machine Learning, our University of Chicago-trained data team has built a high-accuracy predictive model to identify submarkets that will experience outsized price appreciation/rent growth. Another predicts future upscale grocery-anchored retail development sites.
Quantifiable rent value ascribed to the individual features and finishes in a home. From this, we created a luxury feature-laden home with the highest rental income to cost ratio.
› Formulaic, automated, scalable underwriting process. We scrape various data sources and batch underwrite all parcels highlighted by our site selection models. These are rank ordered based on internal metrics and sent to the team for deeper analysis. This contrasts with the time-consuming “hunt and peck” process traditionally used by developers.
› In-house construction capabilities with 3rd party oversight increase quality and reliability while reducing cost and risk
› Firm operations are run utilizing software & analytics to ensure institutionalized processes and efficient resource allocation.
› By removing inefficiencies, we drive higher returns, even in economic conditions.
› Houston
› Dallas/Fort Worth
› North San Antonio to South Austin
› Raleigh
› Orlando
› Rayzor Ranch – 3 phase 150-unit project in Denton, TX projected to close in December 2025
› Magnolia – 140-unit project in Magnolia, TX projected to close in January 2026
› Forney – 125-unit project in Forney, TX, projected to close in February 2026
› Elyson – 120-unit project in Katy, TX projected to close in March 2026
› Fulshear – 170-unit project in Fulshear, TX projected to close in July 2026