witte oaks 1655 witte road houston, tx 77080 · witte oaks 1655 witte road houston, tx 77080 brian...

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WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 [email protected] TX License 9000402 Passed Fire Marshall and City of Houston Inspections , 2014 Appraisal at $6.88M

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Page 1: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

WITTE OAKS

1655 Witte RoadHouston, TX 77080

Brian Janak, TX Broker / MBA

[email protected]

TX License 9000402

�������������� ��� ����������������������������� !

Passed Fire Marshall and City of Houston Inspections

❖ �"������"���#�$�%�&'��() %�*���+�&%��,�-��'���� �.�������,��/�����)� ��0)12 �������3��"��� �%�,�$�+�-%4�!��

❖ 5���� � �3�������&��)��16��������27�8%"��%+�9%������%��������:��������� �+��"+��������!7�������������7�3�/��%#�, 2014 Appraisal at $6.88M

❖ ���&'�,� ���;��� 8�/���,� �%�*��#�� �;;�&��� ���+�� ������,�,� (4����,����%+���.��������#����*;��&�����%�����.%�,��2!7�<�++

❖ ������,�,� (4� �'�� ��#'���� :��-�'� %��%�� ��� �������=� ����#48����,���� �.���%+�8��4����-��>�8�����4������&'%���������&�

�'���=�!?1)16�)�??? ● <%@=�!!!)616)1 �� ● ��6�2�����%&'%���,� ● ��&'.��,��������6 � ● ---������+��"-����&�.

Page 2: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Executive Summary���������������������%,�������������� !

$��%��A%�%*�����$��*���B� $�!?1)16�)�???

ACQUISITION COSTS

Purchase Price, Points and Closing Costs 5��� ?�!��Investment - Cash 5������?��First Loan 56�2!���

INVESTMENT INFORMATION

Purchase Price 5���� � Price per Unit 5�?��12Price per Sq. Ft. 5�?���Income per Unit 52�2!2Expenses per Unit C56�26?D

INCOME, EXPENSES & CASH FLOW

Gross Scheduled Income 5��1?!��21Total Vacancy and Credits C51��1 DOperating Expenses C5��1�!!�DNet Operating Income 5� �� �Debt Service C5126�61�DCash Flow Before Taxes 5? �� !�

FINANCIAL INDICATORS

Cash on Cash Return Before Taxes ���!?7

Debt Coverage Ratio 1� 6Capitalization Rate 2� ?7Gross Rent Multiplier ��?�Gross Income / Square Feet 5���!�Gross Expenses / Square Feet C5��!�DOperating Expense Ratio � ���7

page 2 of 31

Page 3: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Property Description���������������������%,�������������� !

$��%��A%�%*�����$��*���B� $�!?1)16�)�???

Central to Houston's Growth - Spring BranchWITTE OAKS APARTMENTS - Pitched Roofs, 98% Occupied

������ �%*�� �"%��.����� �;;���� %�� ��/������ �'��""�������4����(�����%�#��-��#���(.%�*���-'���&�."����#�"��"�������%���(���#���'%((�,������+,%�� ��/���.����� ;��� &%�'� ;+�-� "��"������ � �-���%�(4�"��"���������+,�%��%�'�#'��������"��&���'%�-'%���������%*�����(���#��;;���,�%������.%�,�;��%"%��.����� %��� �����#� %�,� .%�4� ��/������� %���%*��#�%,/%��%#���;��'��,�.%�,�%�,�����/%���#������� -'�+�� ��'���� &%�');+�-� ;��.� (���#� ��� �'�#��,�"���#�$�%�&'�%��%��

�'��+�&%������;��������%*���"%��.�����%++�-��;���%�4� %&&���� ��� 6� .%E��� '�#'-%4�� -��'��� � .������� %�,� '%�� %++� �'�� �'�""��#�� ����%��%���� %�,� ������%��.���� /������ ��� &�."+�.���� �'�"��"���4�����%�(4�.�+��;%.�+4�"��E�&���'%/��(��������/%��,��%�,�.�������#+��;%.�+4�'�.��"��E�&��%���(���#�&������&��,��(��'�%�,�����'����),�/�+�".�����;��'����%���������#�"���#�$�%�&'���(.%�*���:��-�'����#��,�,�(4��'��"���#�$�%�&'� %�%#�.����������&��%�,�+�&%+����#'(��'��,�&'%"�����-'�%���,����.���,����(�����"�����&��%�,�"�����#��(4�'%/��#�%�����,����%+�;�&�������

���'� �'���'���� /�+�.���;� &�..��&�%+� �;;�&��,�%+�� &�.��#���)+����%+��#� �'�� �)� �����#4�8����,�������� �'�� .���� ,�����,� �.���%+� %��%� ��� �'�� ���'�� %�,� �'�� �/��� ,�/�+�"�,�� '�#'� ,�����4�����3��"� ��� �'�� �%���� "���#� $�%�&'� ��� � E�����#� �'�� �%�*�� �;� ��%�(4� ��-�� >� 8�����4� %�,� �'�����&'%���������&��%��%���#��;�&%���"������;�������������������%*�����%/%�+%(+�����%��F�++)8%�'G�(%�����+4� ���-��'� ��-� ;��%�&��#� (�4���.���� %��%�#��� �Recent Colliers appraisal valued Witte Oaks at $6.88M. �+�%��� "��/�,�� "���;� �;� ;��,�� ��� (%�*� +������ �; ��;����&���"�����H�����;���%���������+�����#�(��*���

page 3 of 31

Page 4: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Pro Forma Summary���������������������%,�������������� !

$��%��A%�%*�����$��*���B� $�!?1)16�)�???

UNIT MIX & ANNUAL SCHEDULED INCOME

Type Units Actual Total Market Total

TOTALS 124 $1,184,400 $1,220,760

ANNUALIZED INCOMEActual Market

:������������%+����� 5���!6�6 5��11 ��� 3���=�I%&%�&4 C51��1 D C5?���1?D ��&����&�.� 5�6��21 5�6��21Effective Gross Income $1,213,392 $1,238,329

3���=��@"����� C5��1�!!�D C5�?6���2DNet Operating Income $600,507 $603,570

��(����/�&� C5126�61�D C5126�61�DNet Cash Flow after Debt Service $306,081 $309,144

����&�"%+���,�&���� 5!6� !? 5!6� !?Total Return $390,164 $393,227

ANNUALIZED EXPENSES

Actual Market���"���4� %�%#�.����<�� 5�!1� 2 5��� ?!�,.�� 5��� 5��� $%,���(� 5?1�?! 5���� $��+,��#������%�&� 5?��1�� 5� � :����%+��""+��� 5?��!�� 5?��!��:����,�� %�����%�&� 5���2� 5���2������8�����+ 5��1 5��1 3�#%+ 5�� 5?� %�����%�&� 5 5� � �%4��++ 5 5��� �%@���)���%+����%�� 5� 1� 5�1?� ��%�'���.�/%+ 5���� 5���� 0��+��4�)��+�&���&��4 52�� � 52�� � 0��+��4�)�:%� 51��2 51��2 0��+��4�)��%��� 5!1�2 5!1�2

Total Expenses $612,885 $634,759

Expenses Per RSF $5.86 $6.07

Expenses Per Unit $4,943 $5,119

INVESTMENT SUMMARY

���&�= 5���� �

J�%��$��+�= �2�6

0����= �16

���&�B0���= 5�?��12

�<= � 6��6�

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8%"��%��= 2� ?7

%�*���8%"��%��= 2� !7

:� = ��?�

%�*���:� = ��11

FINANCING SUMMARY

3�%���.����= 56�2!���

��-���%4.���= 5����1��

3�%���4"�= <�@�,

����������%��= 6�1�7

���.= ? �4�%��

���'+4��%4.���= 516��?�

�8�= 1� 6

page 4 of 31

Page 5: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Unit Mix Report���������������������%,�������������� !

$��%��A%�%*�����$��*���B� $�!?1)16�)�???

UNIT MIXES

Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly2 Studio 525 $625 $1,250 $650 $1,3002 1/1 575 $650 $1,300 $665 $1,33024 1/1 648 $750 $18,000 $775 $18,60025 1/1 684 $750 $18,750 $775 $19,37512 2/1 900 $750 $9,000 $775 $9,30018 2/1 975 $875 $15,750 $900 $16,2009 2/1.5 995 $900 $8,100 $925 $8,32518 2/1 1000 $875 $15,750 $900 $16,20011 2/1.5 1015 $900 $9,900 $925 $10,1751 3/1 1225 $900 $900 $925 $9251 Storage 648 $0 $0 $0 $01 Office 995 $0 $0 $0 $0124 104,190 $98,700 $101,730

UNIT MIX UNIT MIX SQUARE FEET

● ��,��● �B�● �B�● �B�● 1B�● 1B�● 1B���● 1B�● 1B���● ?B�● ���%#�● �;;�&�

● ��,��● �B�● �B�● �B�● 1B�● 1B�● 1B���● 1B�● 1B���● ?B�● ���%#�● �;;�&�

UNIT MIX INCOME UNIT MIX MARKET INCOME

● ��,��● �B�● �B�● �B�● 1B�● 1B�● 1B���● 1B�● 1B���● ?B�● ���%#�

● ��,��● �B�● �B�● �B�● 1B�● 1B�● 1B���● 1B�● 1B���● ?B�● ���%#�

page 5 of 31

Page 6: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

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Page 7: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

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12/1

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ohan

na

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4276

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1/15

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412

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me

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dia,

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425

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2014

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ynn

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2014

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erom

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595

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cia,

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rea

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io

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2014

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B-

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2014

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Dar

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4

Page 8: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

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Page 13: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Property Photos���������������������%,�������������� !

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page 13 of 31

Page 14: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Property Photos$��%��A%�%*�����$��*���B� $�

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Page 15: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Property Photos$��%��A%�%*�����$��*���B� $�

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Page 16: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Rent Comparables Charts���������������������%,�������������� !

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Two Bedroom One Bath

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$220

$330

$440

$550

$660

$770

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$654

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Average Rent per Unit Type

page 16 of 31

Page 17: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Rent Comparables���������������������%,�������������� !

$��%��A%�%*�����$��*���B� $�!?1)16�)�???

WITTE OAKS1655 Witte RoadHouston, TX 77080

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� Woodvine Apts7550 Long Point DrHouston, TX 77055

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1 Palms of Shady Villa7726 Shady VillaHouston, TX 77055

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page 17 of 31

Page 18: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Rent Comparables���������������������%,�������������� !

$��%��A%�%*�����$��*���B� $�!?1)16�)�???

? Mount Vernon Manor9225 Long PointHouston, TX 77055

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6 PINE VILLAGE9733 NeuensHouston, TX 77080

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� Point Moritz North1751 MoritzHouston, TX 77055

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page 18 of 31

Page 19: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Rent Comparables���������������������%,�������������� !

$��%��A%�%*�����$��*���B� $�!?1)16�)�???

� BERMUDA WOODS1500 Witte RoadHouston, TX 77080

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page 19 of 31

Page 20: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Rent Comparables���������������������%,�������������� !

$��%��A%�%*�����$��*���B� $�!?1)16�)�???

1 1655 Witte Road Houston, TX 77080

A 7550 Long Point Dr Houston, TX 77055

B 7726 Shady Villa Houston, TX 77055

C 9225 Long Point Houston, TX 77055

D 9733 Neuens Houston, TX 77080

E 1751 Moritz Houston, TX 77055

F 1500 Witte Road Houston, TX 77080

page 20 of 31

Page 21: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Sales Comparables���������������������%,�������������� !

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$9,100

$18,200

$27,300

$36,400

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$54,600

$63,700

$72,800

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$14

$28

$42

$56

$70

$84

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page 21 of 31

Page 22: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Sales Comparables���������������������%,�������������� !

$��%��A%�%*�����$��*���B� $�!?1)16�)�???

WITTE OAKS1655 Witte RoadHouston, TX 77080

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� Spring Lake8800 HammerlyHouston, TX 77080

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1 Woodvine7550 Long Point RdHouston, TX 77055

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page 22 of 31

Page 23: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Sales Comparables���������������������%,�������������� !

$��%��A%�%*�����$��*���B� $�!?1)16�)�???

? PINE VILLAGE9733 NeuensHouston, TX 77080

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6 La Mirage Resort10925 Briar Forest DrHouston, TX 77042

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� BERMUDA WOODS1500 Witte RoadHouston, TX 77080

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page 23 of 31

Page 24: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Sales Comparables���������������������%,�������������� !

$��%��A%�%*�����$��*���B� $�!?1)16�)�???

� Blalock Woods1111 Blalock RoadHouston, TX 77055

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� Oakwood Manor611 W Cavalcade StreetHouston, TX 77009

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! Crosstimbers Apartments500 W. CrosstimbersHouston, TX 77018

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page 24 of 31

Page 25: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Sales Comparables���������������������%,�������������� !

$��%��A%�%*�����$��*���B� $�!?1)16�)�???

2 Copper Mill15910 F M 529Houston, TX 77095

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� Timbergrove1600 West TC Jester Blvd.Houston, TX 77008

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�� Lake, The5650 Timber Creek PlaceHouston, TX 77084

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L�0���� 0�����4"�

page 25 of 31

Page 26: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

Sales Comparables���������������������%,�������������� !

$��%��A%�%*�����$��*���B� $�!?1)16�)�???

�1 Pine Chase1717 Pine ChaseHouston, TX 77055

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�? Crownover Apartments1718 CrownoverHouston, TX 77055

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page 26 of 31

Page 27: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

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1 1655 Witte Road, Houston, TX 77080 ($6,650,000)A 8800 Hammerly, Houston, TX 77080 ($10,900,000)B 7550 Long Point Rd, Houston, TX 77055 ($5,200,000)C 9733 Neuens, Houston, TX 77080 ($1,350,000)D 10925 Briar Forest Dr, Houston, TX 77042 ($17,850,000)E 1500 Witte Road, Houston, TX 77080 ($9,400,000)F 1111 Blalock Road, Houston, TX 77055 ($23,000,000)G 611 W Cavalcade Street, Houston, TX 77009 ($6,025,000)H 500 W. Crosstimbers, Houston, TX 77018 ($5,000,000)I 15910 F M 529, Houston, TX 77095 ($14,570,000)J 1600 West TC Jester Blvd., Houston, TX 77008 ($6,325,000)K 5650 Timber Creek Place, Houston, TX 77084 ($13,900,000)L 1717 Pine Chase, Houston, TX 77055 ($5,000,000)M 1718 Crownover, Houston, TX 77055 ($792,000)

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Page 30: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙
Page 31: WITTE OAKS 1655 Witte Road Houston, TX 77080 · WITTE OAKS 1655 Witte Road Houston, TX 77080 Brian Janak, TX Broker / MBA 832-247-6333 janak@innerloopwest.com TX License 9000402 ˘ˇˆ˙

EQUAL HOUSINGOPPO RTU N ITY

Approved by the Texas Real Estate Commission for Voluntary Use

efore working with a real estate broker, you shouldBknow that the duties of a broker depend on whomthe broker represents. If you are a prospectiveseller or landlord (owner) or a prospective buyer or

tenant (buyer), you should know that the broker who liststhe property for sale or lease is the owner’s agent. Abroker who acts as a subagent represents the owner incooperation with the listing broker. A broker who acts asa buyer’s agent represents the buyer. A broker may act asan intermediary between the parties if the partiesconsent in writing. A broker can assist you in locating aproperty, preparing a contract or lease, or obtainingfinancing without representing you. A broker is obligatedby law to treat you honestly.

IF THE BROKER REPRESENTS THE OWNER:The broker becomes the owner’s agent by entering into anagreement with the owner, usually through a written -listing agreement, or by agreeing to act as a subagent byaccepting an offer of subagency from the listing broker. Asubagent may work in a different real estate office. Alisting broker or subagent can assist the buyer but doesnot represent the buyer and must place the interests ofthe owner first. The buyer should not tell the owner’sagent anything the buyer would not want the owner toknow because an owner’s agent must disclose to theowner any material information known to the agent.

IF THE BROKER REPRESENTS THE BUYER:The broker becomes the buyer’s agent by entering into anagreement to represent the buyer, usually through awritten buyer representation agreement. A buyer’s agentcan assist the owner but does not represent the ownerand must place the interests of the buyer first. The ownershould not tell a buyer’s agent anything the owner wouldnot want the buyer to know because a buyer’s agent mustdisclose to the buyer any material information known to theagent.

IF THE BROKER ACTS AS AN INTERMEDIARY:A broker may act as an intermediary between the partiesif the broker complies with The Texas Real Estate License

Act. The broker must obtain the written consent of eachparty to the transaction to act as an intermediary. Thewritten consent must state who will pay the broker and, inconspicuous bold or underlined print, set forth the broker’sobligations as an intermediary. The broker is required totreat each party honestly and fairly and to comply withThe Texas Real Estate License Act. A broker who actsas an intermediary in a transaction:

(1) shall treat all parties honestly; (2) may not disclose that the owner will accept aprice less than the asking price unless authorized inwriting to do so by the owner; (3) may not disclose that the buyer will pay a pricegreater than the price submitted in a written offerunless authorized in writing to do so by the buyer; and(4) may not disclose any confidential information orany information that a party specifically instructs thebroker in writing not to disclose unless authorized inwriting to disclose the information or required to do soby The Texas Real Estate License Act or a courtorder or if the information materially relates to thecondition of the property.

With the parties’ consent, a broker acting as anintermediary between the parties may appoint a person whois licensed under The Texas Real Estate License Actand associated with the broker to communicate with andcarry out instructions of one party and another person whois licensed under that Act and associated with the brokerto communicate with and carry out instructions of theother party.

If you choose to have a broker represent you, you should enter into a written agreement with the brokerthat clearly establishes the broker’s obligations and yourobligations. The agreement should state how and bywhom the broker will be paid. You have the right tochoose the type of representation, if any, you wish toreceive. Your payment of a fee to a broker does notnecessarily establish that the broker represents you. If youhave any questions regarding the duties andresponsibilities of the broker, you should resolve thosequestions before proceeding.

Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a questionor complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960.

Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

Information About Brokerage Services

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

Buyer, Seller, Landlord or Tenant Date

01A TREC No. OP-K