the property
695 Normandy St | Houston, TX 77015
1967
YEAR BUILT
The Opportunity
The Location
The Property
Contact
Doc Center
Privacy
Terms of Use
The Location
210
total units
93%
occupied
Community
gallery
Updated unit interiors in select units
8-foot ceilings
Wood-style flooring in entries, living areas, and wet areas in select units
Carpeted living areas in select units
White or black appliances
Resurfaced countertops in select units
Microwaves in select units
Carpeted bedrooms
Washer/dryer connections in select units
Private patios or balconies with storage
Apartment Home Amenities
Key Demand Drivers
for Value Appreciation
15 minutes from Downtown Houston (169K jobs) and Port of Houston
(78K jobs)
Learn More...
Market Support
for Higher Rents
27 fully upgraded units (10% of unit mix) average $381 premiums
Learn More...
Revenue Growth Potential
for New Ownership
241 units (90% of unit mix)
available for upgrade
Learn More...
241 units (90% of unit mix) available for upgrade
Can add washer/dryer connections to 72% of units
and washer/dryers to 100% of units
Can implement valet trash (13 properties in three-mile radius have implemented it)
Can add private yards, more reserved parking, and negotiate a bulk cable/internet contract
Close
27 fully upgraded units (10% of unit mix) average
$381 premiums
18% effective rent growth at property since purchase by current ownership in 2021
8.6% higher rents on last ten leases
4.4% rent growth projected for submarket in 2023
and 4%-5% for 2024 and 2025 (Axiometrics)
No new units under construction within seven miles
Close
Close
15 minutes from Downtown Houston (169K jobs)
and Port of Houston (78K jobs)
5 minutes from Interstate 10 with quick access to 610 Loop and Beltway 8/Sam Houston Tollway
Impressive 70 Walk Score and walking distance of both Kroger-anchored shopping center and METRO bus stop
Zoned to North Shore High School, #3 in Houston metro
for athletics and #15 in Texas
investment highlights
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Occupied
Market
All Cash
1980
8.99
268
207,416
774
$1,001
$1.30
92%
Normandy Woods is a close-in, workforce housing community only ten miles east of Downtown Houston and two miles north of Port of Houston industrial parks. Highly convenient to major highways and walkable to area amenities, it is well-positioned in a popular workforce hub that readily supports steady tenancy and consistent cash flows. The attractive, garden-style asset has little deferred maintenance to address and offers impressive rental income trends and proven value-add opportunities.
investment summary
Visit Doc Center
*There was a fire in Building 2. Affected units have been repaired, upgraded, and are leasing back up at higher rates.
The Opportunity
apartment home
gallery
Leasing office
Resident coffee bar with seating area
and demonstration kitchen
Fully equipped fitness center
Sparkling swimming pool
Sundeck with poolside loungers
and covered tables
Picnic area with barbecue grill
Children's play area
Enclosed dog park
Laundry facilities
Surface parking with reserved parking available
Community Amenities
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.
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
Cutt Ableson
Senior Managing Director
Mortgage Banking
+1 (713) 469-4503
cutt.ableson@berkadia.com
TUCKER FAMA
Financial Analyst
+1 (281) 923-3856
tucker.fama@berkadia.com
TODD MARIX
Senior Managing Director
+1 (713) 826-5979
todd.marix@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
Houston, TX Office
2229 San Felipe, Suite 1600
Houston, TX 77019
+1 (713) 974-1300 | Berkadia.com
2229 San Felipe
Suite 1600
Houston, TX 77019
+1 (713) 974-1300
Berkadia.com
houston OFFICE
Investment Sales and Mortgage Banking
contact us
normandy
woods
JED DALTON
Financial Analyst
+1 (832) 314-5078
jed.dalton@berkadia.com
