THE OPPORTUNITY
La Paloma Village is a workforce housing community in a job-rich Southeast Houston suburb. The community has been family owned and operated for more than 20 years and while well-maintained, it is primed to meet the market and maximize revenue. The low-density, garden style community is comprised almost entirely of two- and three-bedroom apartments with below market rents and offers a full value-add and repositioning opportunity in a barriers-to-entry location.
Leasing office
Refreshing swimming pool
Expansive poolside sundeck
Mature landscaping and open greenspaces
Laundry facility
Open surface parking
Perimeter fencing
Controlled access gates
Ceramic tile flooring
White appliances
Laminate countertops
Refrigerators
Kitchen pantries
Ceiling fans
W/D connections in select units
Private patios in select units
the property
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1111 East Sam Houston Pkwy S | Pasadena, TX 77503
1967
YEAR BUILT
The Opportunity
The Location
The Property
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The Location
TUCKER S. KNIGHT
Senior Managing Director
Mortgage Banking
+1 (713) 469-4515
tucker.knight@berkadia.com
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 loan brokerage 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: https://www.berkadia.com/licensing/.
community amenities
unit amenities
investment summary
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Occupied
Market
All Cash
1967
11.11
210
186,700
889
$821*
$0.92*
93%**
Key Demand Drivers
for Value Appreciation
252K jobs within 10 miles, including the
Port of Houston/Houston Ship Channel
Learn More...
Market Support
for Higher Rents
$256 rent gap with current rent comps
Learn More...
Revenue Growth Potential
for New Ownership
100% interior value-add with white appliances and laminate countertops in all units
Learn More...
100% interior value-add with white appliances
and laminate countertops in all units
Convert utilities from 'All Bills Paid' to RUBS to meet market standards
of current comps
Bring down units online to increase rental income
Washer/dryer connections in some 2B units and no washer/dryers provided
Implement fees for valet trash, reserved parking, and pets
Abundant, underutilized greenspaces to add private yards
and/or amenities
Close
Close
Close
$256 rent gap with current rent comps
Barriers-to-entry area with zoning restrictions
No new construction in local city and only one property underway in the submarket
Top submarket for projected rent growth (4.8% in 2023 and 4.2% avg from 2024 to 2027)
Family owned and operated for more than 20 years
99% 2B and 3B units, an excellent unit mix for suburban workforce product
252K jobs within 10 miles, including the Port of Houston/
Houston Ship Channel
Convenient accessibility and visibility on frontage road (24K cars daily)
to Beltway 8
Avg home price in Pasadena is $283K (168% premium to own at today’s mortgage rates)
No shadow rental market in local area with only 8 single-family homes
for rent at an average of $1,600
investment highlights
*La Paloma Village is an 'All Bills Paid' community.
**93% occupancy of all units. 97% occupancy of available units.
210
total units
93%
occupied
CARL RASMUSSEN
Associate Director
Mortgage Banking
+1 (713) 469-4514
carl.rasmussen@berkadia.com
