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Revenue Growth Potential for New Ownership
75% of units have black appliances and formica countertops
25% of units have updated appliance packages and some vinyl plank flooring
Granite countertops, tile backsplashes, and updated fixtures can be added to all units
Cable contract can be implemented and carports can be added
Additional amenities can be added in greenspaces between buildings
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.
investment sales
kyle whitney
Director(713) 724-1456kyle.whitney@berkadia.com
TX CRE #658451
jed dalton
Senior Financial Analyst(832) 314-5078jed.dalton@berkadia.com
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
investment sales
houston, tx office
2229 San Felipe, Ste 1600
Houston, TX 77019(713) 974-1300 | Berkadia.com
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2600 Westhollow Dr | Houston, TX 77082
Price
Terms
Year Built | Renovated
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit | SF
Leased | Occupied
Market
Loan Assumption
2003 | 2018
13.092
322
405,237
1,259
$1,320 | $1.05
98% | 95%
Assumable Fannie Mae Loan with 3.44% Fixed Interest Rate and Full-Term I/O
Parkland at West Oaks is an attractive and well-maintained, garden-style multifamily community, positioned in a path of tremendous growth and primed for interior upgrades in all units. Located just south of the Energy Corridor in fast-growing West Houston, the community stays consistently full, averaging 94% occupancy over the last ten years - due in part to its generously sized apartment homes that greatly appeal to suburban renters. Only two other communities within a three-mile radius have larger units, and both have been updated with more modern finishes. Rent gaps, lack of new supply, and market trends also further support the value-add potential and higher rent levels under new ownership.
THE OPPORTUNITY
investment highlights
investment summary
One of few communities in West Houston with average unit sizes above 1,200 square feet
Strategically built with only three floor plan options to minimize operating expenses
$422 rent gaps with Class A average in Energy Corridor
Limited new supply in West Houston
Positioned in Alief, #1 submarket projected for rent growth in 2024 and #2 projected for 2025 to 2028
market support for higher rents
Convenient location near four highways and walking distance to Metro bus stop
Abundant grocery options, Big Box retailers, and parks within five minutes
137K jobs within five miles including Energy Corridor (CBD of West Houston)
Shell Technology Center (2K jobs, $95K average salary) is one of only three in the world
West Houston leading metro and U.S. in office leasing activity
key demand drivers for value appreciation
the location
the property
community gallery and amenities
community amenities
Leasing office
Business center
24-hour fitness center
Playground
Picnic area with grills
Enclosed pet park
Surface parking
Reserved parking spaces available
Valet trash service
Fetch package service
Perimeter fencing and controlled access
tucker fama
Financial Analyst(281) 923-3856tucker.fama@berkadia.com
ESTEE IBÁÑEZ
Senior Financial Analyst(713) 469-4512estee.ibanez@berkadia.com
TX CRE #687201
community
apartment homes
Lender
Original Loan
Loan Term
Origination Date
Est Balance at Sale
Interest Rate
Amortization
Maturity Date
Fixed or Floating
Fannie Mae
$28,015,000
120 months
11/18/2021
$28,015,000
3.44%
Interest Only
12/1/2031
Fixed
loan summary
unit amenities
Updated unit interiors in select units
9-foot ceilings
Bay windows
Vinyl plank flooring in select units
Black or faux stainless appliances
Formica, granite-style countertops
Overmount sinks
Ceiling fans in bedrooms
Carpeted bedrooms
Walk-in closets
Washer/dryers included
Qualified buyers may be able to add a supplemental loan to the existing financing, generating outsized returns.