Value-Add Houston Multifamily

AVGI has spent approximately $10,000 per unit upgrading countertops, cabinets, appliances, flooring, and bathrooms throughout 9 units, bringing the rents on 2 and 3 bedrooms from $1,100 and $1,300 per month to $1,450 and $1,600, a 31.8% and 23.1% increase respectively.

The remaining units that need to be renovated are much lighter unit turns that range from $3,000 to $7,000 per unit. AVGI plans to turn the remaining 10 units over the course of 2 years. While the exit is projected to be a sale in year 3, we are considering refinancing into an assumable agency loan prior to the sale if it allows us to sell for greater proceeds.

BEFORE

AFTER

New Deliveries and Strong Demand Fuel Positive Unit Absorption

The Houston MSA is the fifth most populous metro in the country, with a total population of 7.3 million people as of the 2022 US Census. The MSA has positively grown every quarter since the Covid-19 pandemic.

Houston has some of the most advantageous development legislation in America that makes it much easier to build new apartments in a short amount of time. While population growth has seen a decline between 2024 and 2025, there is still a net positive migration growth in the MSA, with forecasts anticipating continued growth over the coming years. However, rising construction and financing costs have made development less feasible, illustrating the sharp slowdown in new deliveries over the coming years.

As a result, Houston, and particularly the immediate submarket of Audrey Lane that is anticipating 6% population growth over the next five years, is poised to benefit from continued demand and minimal new supply. While this should lead to strong rent growth over time, AVGI has stayed conservative in their underwriting reflecting zero rent growth upon achieving market rent and 3% expense growth.

Apartment Housing Unit Comparison

The immediate area of Audrey Lane consists of a diverse number of households, with the average household size at roughly 3 persons. Furthermore, nearly 60% of all households within a 5-mile radius of Audrey Lane are 3 or more persons. The densely-populated households highlights the significant demand of large 2- and 3-bedroom townhomes in this area, which is why we are seeing strong rent per square foot despite the traditional norm of lower rent per square foot for larger unit sizes.

Submarket Demographics & Employment

Demographic Details	1-Mile	3-Mile	5-Mile
Population
2029 Projection	26,241	125,758	189,075
Growth 2024-2029	5.92%	6.48%	6.77%
Median Age	33.5	32.9	32.8
Households
2029 Projection	8,521	38,837	57,580
Growth 2024-2029	6.04%	6.64%	6.90%
2024 Average HHI	$66,989	$68,685	$68,439
Median Home Value	$153,575	$154,477	$148,962
Median Year Built	1978	1984	1984

*Source: CoStar Analytics, BLS

AVGI is a real estate investment firm that purchases opportunistic assets in New York as well as secondary and tertiary markets throughout the United States. The firm currently has in excess of $80 million of new developments under construction throughout Long Island and $120 million of real estate holdings across 6 markets - Long Island, Houston, Little Rock, New York City, Binghamton, and St. Louis.

Leadership Team

Allon Avgi

Chief Executive Officer

Allon Avgi is the Founder and CEO of AVGI. Mr. Avgi started AVGI at 21 years old when he acquired his first real estate investment. Mr. Avgi has since developed a diverse real estate holdings company that has reached $50,000,000 in AUM within only 4 years using his own capital and that of a select few individuals. As he starts to open the firm's investments to outside capital and build strategic partnerships, he has ambitiously set a target to acquire and manage a $1 billion real estate portfolio over the next 5 years. In his free time Allon loves reading, creating content for his social profiles, finding new art for his collection and envisioning the future. Allon is a strong believer in giving back, both to his alma mater, Hofstra University & Chabad Lubavitch.

Christopher Catalano

Chief Operating Officer

Chris manages full service property & asset management. With a customer-centric approach, Chris is committed to providing the best services to both properties owners and tenants. Currently, Chris and his team have over 450 units under management since formation in early 2020. Chris and his team members also manage leasing, accounting, property manager and landlord relations, and the in-house construction and maintenance staff.

Chris Wraback

Chief Investment Officer

Chris Wraback serves as the Director of Investments at AVGI. In this role, Mr. Wraback works jointly with the Acquisitions and Asset Management teams to oversee underwriting and due diligence guidelines, business plan preparation and execution, and communications with new and existing investors. Mr. Wraback is co-chair of the firm's Investment Committee along with Mr. Avgi. Prior to joining AVGI, Mr. Wraback was an investment associate for Besen Partners' Principal Investments Team, where he underwrote and completed due diligence on more than $750 million of prospective acquisitions and advisory assignments. Prior to Besen, Mr. Wraback was an investment analyst at a family office based in Manhattan. Mr. Wraback graduated from the Peter J. Tobin College of Business at St. John's University with a Bachelor's degree in Finance and a minor in Accounting. He was recently elected to the school's Young Alumni Advisory Board

Michael Genovese

Investor Relations

Michael brings a unique blend of leadership and service to his role as Investor Relations Manager in the real estate sector. With a solid background as a retired police officer, he managed treasury operations for his department’s Police Benevolent Association (PBA), demonstrating his financial awareness and integrity. Prior to his law enforcement career, Michael served in the U.S. Army, where he developed a deep sense of discipline and commitment. In addition to his service background, Michael led athletic divisions in two corporate fitness facilities, where he refined his management, operations, and client relations skills. His experience in these diverse fields makes him especially adept at fostering strong, trust-based relationships with investors, guiding them through opportunities with transparency and dedication. A devoted family man, Michael balances his professional pursuits with a commitment to his loved ones, aiming to create a meaningful legacy both at home and in his career.

CXA Property Management is a full-service property & asset management firm based in Long Island, New York. With a customer-centric approach, Chris has the unique skill of providing the best services and experiences for our residents and commercial customers, while also optimizing efficiencies to drive NOI growth for our investors.

CXA currently has over 450+ units and 150k+ commercial square feet under management since formation in early 2020. CXA Property Management has a team of over 20 highly skilled professionals in leasing, accounting, landlord/tenant relations, and construction and maintenance.