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5950 Antoine Dr. - Houston, TX 77091
PROPERTY OVERVIEW
Pepper Tree Manor is a 250-unit affordable housing community catering specifically to seniors 55 and older. Situated in Houston, TX, the property enjoys a convenient location just 30 minutes away from downtown. Residents will find themselves within minutes of prominent retailers such as Target and a Walmart Supercenter. Additionally, the community benefits from its proximity to a wide range of restaurants, outdoor recreational areas, schools, and major transportation routes.
The property was built and placed in service between 2006 & 2008 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 50% & 60% of the Area Median Income (AMI) limits, which are provided by the Texas Department of Housing and Community Affairs.
Pepper Tree Manor presents a selection of one and two bedroom apartment homes, thoughtfully designed to provide comfort and convenience. Each unit is equipped with washer/dryer connections and ceiling fans for added functionality. The community boasts a range of amenities, including a sparkling pool, well-equipped fitness center, convenient laundry facility, and a dedicated grilling area.
Senior LIHTC property with a variety of residential and community amenities
The submarket has experienced fantastic rental growth with a 27% increase in rental rates over the past 36 months, per Yardi
Terrific rental upside as the property is operating at a 12% loss to lease to the achieved rents on recently leased units
The property is located approximately 30 minutes from downtown houston, offering residents a variety of entertainment and employment options
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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.
© 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
2229 San Felipe
Suite 1600
Houston. TX 77019
HOUSTON OFFICE
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Brandon Grisham
Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
INVESTMENT ADVISORS
Chris Curry
Senior Managing Director
Multifamily
713.469.4513
chris.curry@berkadia.com
MORTGAGE BANKING
Senior Managing Director
504.458.1626
tim.leonhard@berkadia.com
Tim Leonhard
Managing Director
504.722.1999
chris.crump@berkadia.com
Chris Crump
PROPERTY Stats
250
UNITS
2006 - 2008
Built
200,336
sF
Director
Affordable Housing
425.761.1640
mike.terry@berkadia.com
MIKE TERRY
601 Union St.
Suite 3909
Seattle, WA 98101
SEATTLE OFFICE