The Opportunity
The Location
The Property
Contact
Doc Center
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Townhomes available
Brown or grey vinyl wood-style flooring in select units
Formica or resurfaced countertops
Black/stainless steel appliances in select units
Repainted kitchen cabinets with new pulls in select units
Ceiling fans
Washer/dryer connections
Private patios and balconies
3 of 3
2 of 3
1 of 3
Revenue Growth Potential for New Ownership
Can update all units to a consistent, modern standard
Can add washer/dryers to all units (100% connections and no machines)
Can add amenities by repurposing underutilized or offline amenity areas
Can increase parking income with repairs (carports) and restriping (reserved spaces)
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.
contact us
jed dalton
Senior Financial Analyst(832) 314-5078jed.dalton@berkadia.com
investment sales and mortgage banking
houston, tx office
2229 San Felipe, Ste 1600
Houston, TX 77019(713) 974-1300 | Berkadia.com
Visit
Doc
Center
2851 Wallingford Dr
Houston, TX 77042
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Occupied
Market
All Cash
1981
6.75
182
162,790
894
$970
$1.07
76%
The Oaks of Westchase is a two-story, garden-style multi-housing asset in fast-growing, job-rich West Houston. There are multiple avenues to increase revenue and NOI by addressing deferred maintenance and implementing a renovation and repositioning strategy. Post renovated rents at successfully repositioned peers and zero new supply in the popular rental submarket underscore the true value-add opportunity available to new ownership.
THE OPPORTUNITY
investment highlights
investment summary
Fully renovated peers average 94% occupancy and $100+ higher rents
Positive lease traffic, activity, and trade outs last Fall support better performance in future
$255 rent gap with average Class B rent in the submarket
Zero new supply submarket
market support for higher rents
Positioned in best grocery store corridor in West Houston
Walking distance to public transportation and quick access to multiple major freeways
Walking distance to five miles of paved walking trails and highly anticipated, new neighborhood park (Camden Park) under construction
Healthy job corridor (98K jobs within three miles and 300K jobs within five miles)
key demand drivers for value appreciation
the location
the property
unit gallery and amenities
community gallery and amenities
unit amenities
community amenities
Beautiful landscaped grounds with mature oak trees
Leasing office with coffee bar
Refreshing swimming pool
Trelissed poolside grilling area with patio seating
Carports available
Open surface parking available
Reserved surface parking available
Gated with controlled access
community
apartment homes
johnny king
Director
Mortgage Banking(713) 469-4502johnny.king@berkadia.com
kyle whitney
Director(713) 724-1456kyle.whitney@berkadia.com
TX CRE #658451
tucker fama
Financial Analyst(281) 923-3856tucker.fama@berkadia.com
TX CRE #9002106
joey rippel
Managing Director(601) 919-5155joey.rippel@berkadia.com
TX CRE #654288
chris young
Managing Director(972) 743-5742chris.young@berkadia.com
TX CRE #630674
jeffrey skipworth
Managing Director(214) 553-3322jeffrey.skipworth@berkadia.com
TX CRE #560404
chris curry
Senior Managing Director(713) 553-0151chris.curry@berkadia.com
TX CRE #566750