Memorial Towers

Memorial Towers is an infill multifamily asset with a signature address and prime frontage on Memorial Drive in the heart of Houston’s urban core. The boutique community is a three-minute drive from Memorial Park, one of the nation’s largest urban greenspaces and a seven-minute drive from Downtown Houston. In addition to offering convenient connectivity to Houston’s largest employment hubs and world-class lifestyle amenities, the community is positioned in Houston’s most affluent residential market – where home prices average more than $4 million. Memorial Towers has attractive assumable debt, offers value-add and redevelopment opportunities, and is available below replacement cost.

Price Terms Built | Renovated Total Acreage Total Units Total SF Avg Unit SF Avg Rent/Unit Avg Rent/SF Leased | Occupied

Market All Cash or Loan 1965 | 2003 2.023 112 109,944 982 $1,327 $1.35 91% | 88%

THE OPPORTUNITY

investment summary

5400 Memorial Dr, Houston, TX 77007

Tucker Knight

Senior Managing Director Mortgage Banking +1 (713) 469-4515 tucker.knight@berkadia.com

Michael Case

Financial Analyst +1 (281) 224-7013 michael.case@berkadia.com

CARL RASMUSSEN

Associate Director Mortgage Banking +1 (713) 469-4514 carl.rasmussen@berkadia.com

TUCKER FAMA

Financial Analyst +1 (281) 923-3856 tucker.fama@berkadia.com

JEFFREY SKIPWORTH

Managing Director +1 (214) 533-3322 jeffrey.skipworth@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

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

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. © 2024 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 Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.

Houston, TX Office

2229 San Felipe, Suite 1600 Houston, TX 77019 +1 (713) 974-1300 | Berkadia.com

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Lender Original Loan Loan Term Origination Date Est Balance at Sale Interest Rate Amortization Amortization Date Maturity Date Fixed or Floating

Northmarq $12,500,000 120 months 5/9/2016 $11,871,078 4.36% 360 months 7/1/2021 6/1/2026 Fixed

Loan Summary

Cash Flow with Upside and Future Flexibility

Assumable fixed rate loan at 4.36% through June 2026 with less than a $12 million balance Community can be refreshed, repositioned, and all unit interiors can be updated. Black or white appliances are in 46% of the units $1,946 average rent of all apartments within two-mile radius, $619 or 47% higher than Memorial Towers’ average rent – a significant gap that can be bridged with upgrades Steady tenancy with 93% average occupancy since 2012 2.023 acres with 218 feet of frontage on Memorial Drive (45,980 vehicles per day) and traffic light to ease ingress and egress – all underscore site potential for redevelopment

Job-Rich, Core Location

Very walkable (81 Walk Score), visible, and accessible community with connectivity to multiple major thoroughfares and highways 633K jobs within five miles and 1.1 million jobs within ten miles including the diverse, high-wage employment hubs of Downtown, Texas Medical Center, Greenway Plaza and Galleria/Uptown Within three minutes of Memorial Park, the crown jewel of Houston’s urban park system Positioned in one of Houston’s wealthiest zip codes with an average household income of $159,788 within one mile and $4.1 million average home prices Within ten minutes of Houston’s best epicurean, nightlife, cultural, and professional sports venues and destinations of choice

the location

investment highlights

the property

Leasing office with coffee bar Business lounge with one computer and wifi 24/7 package delivery lockers Beautifully landscaped courtyard with grilling station Outdoor fire pit Giant outdoor chess board Outdoor bark park Bicycles available Garage parking available Reserved parking available Valet trash service

community amenities

7.5-foot ceilings Entry closets in select units Hardwood, vinyl wood-style, or painted concrete floors White, black, or stainless steel appliances Granite or quartz countertops Tile backsplashes in select units Kitchen pantries in select units Carpeted bedrooms Washer/dryers included Private balconies Extended patios in select units

unit amenities