THE OPPORTUNITY
Harbour Point is well-positioned for new ownership to capture increasing cash flows in a rapidly growing job market of Southeast Houston, driven by a diverse local economy with prominent aerospace, engineering, petrochemical, and health care industry anchors. All units can be updated, and higher rents are supported by successfully renovated peers. Excellent schools, livability, and strong demographics in the area all ensure healthy housing demand, substantial traffic, and ample opportunity to grow rents and returns.
the property
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16460 State Hwy 3 | Webster, TX 77598
1967
YEAR BUILT
The Opportunity
The Location
The Property
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The Location
TUCKER FAMA
Financial Analyst
+1 (281) 923-3856
tucker.fama@berkadia.com
KYLE WHITNEY
Director
+1 (713) 724-1456
kyle.whitney@berkadia.com
JOEY RIPPEL
Managing Director
+1 (601) 919-5155
joey.rippel@berkadia.com
CHRIS young
Managing Director
+1 (972) 743-5742
chris.young@berkadia.com
JEFFREY SKIPWORTH
Managing Director
+1 (214) 533-3322
jeffrey.skipworth@berkadia.com
TODD MARIX
Senior Managing Director
+1 (713) 826-5979
todd.marix@berkadia.com
CHRIS CURRY
Senior Managing Director
+1 (713) 553-0151
chris.curry@berkadia.com
2229 San Felipe
Suite 1600
Houston, TX 77019
+1 (713) 974-1300
Berkadia.com
houston OFFICE
Investment Sales and Mortgage Banking
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit www.berkadia.com/licensing.
investment summary
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
leased | Occupied
Market
All Cash
1984
11.68
210
186,794
889
$1,072
$1.20
98% | 87%
Key Demand Drivers
for Value Appreciation
Located in Webster, the regional economic epicenter of Southeast Houston
Learn More...
Market Support
for Higher Rents
Renovated competitors are averaging
$253 higher rents
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Revenue Growth Potential
for New Ownership
All units are available for interior renovations, and partial interior upgrades in 59 units
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• Two levels of finishes currently at the property, but all units could benefit from upgrades to reach a consistent, modern standard
• Black kitchen appliances in 151 classic units
(72% of unit mix)
• Add washer and dryers to 113 units with connections for monthly premium
• Charge premium for 37 units with washers and dryers included when leases turn
• Add private yards to select first floor units
for monthly premium
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• 5.6% higher rents on last 30 leases
• 59 units (28% of unit mix) at the property with highest level of finishes have yielded a $246 average premium
• $253 rent gap with renovated competitors
• $569 rent gap with Class A properties in the submarket
• 3.4% projected rent growth in 2023 (Axiometrics)
• Located in Webster, the regional economic epicenter
of Southeast Houston
• Webster is the “Aerospace Capital of the United States”, anchored by NASA, Boeing, and the largest concentration
of new commercial space companies in the nation
• Webster is also known as the “Medical Center of the South” with more than 25 health care facilities and 5,000 local employees
• Webster has Houston’s best-performing suburban mall and over 150 restaurants and entertainment venues, many of which rank as #1 or #2 in the world, state, or Houston
• Zoned to the best high school in the #5 ranked school district in the Houston metro (Niche)
investment highlights
210
total units
93%
occupied
CARL RASMUSSEN
Associate Director
Mortgage Banking
+1 (713) 469-4514
carl.rasmussen@berkadia.com
Community gallery
Modernized Leasing Office/Clubhouse
Business Center
Fully-Equipped Fitness Center
Resort-Style Swimming Pool
Trellised Outdoor Kitchen with Gas Grills
Picnic Pavilion with BBQ Grills
Children’s Playgound
Package Lockers
Clothing Care Centers
Beautifully Landscaped
community amenities
Updated Unit Interiors Available in Select Units
Towhomes Available
Open Concept Floor Plans
8-Foot and Vaulted Ceilings
Ceiling Fans
Black or Stainless Steel Appliances
Washer/Dryer Connections in Select Units
Washer/Dryers Included in Select Units
Private Patios or Balconies
Private Yards in Select Units
apartment home amenities
apartment home gallery
Andy Hill
Managing Director
Mortgage Banking
+1 (512) 226-8705
andy.hill@berkadia.com
Michael Case
Financial Analyst
+1 (281) 224-7013
michael.case@berkadia.com