The opportunity
1.
100% unit interior upgrade opportunity
2.
Can add washer/dryer connections
and machines for premiums
3.
Can add more reserved parking options for fees
4.
Located in a popular master-planned, mixed-use development
5.
Zero new supply submarket
portfolio HIGHLIGHTS
The Quad Collection offers investors instant economies of scale and value-add potential in densely populated and job rich West Houston. The local submarket has no new units in lease-up, underway, or planned - signaling viable rent growth opportunities in the future.
The four properties in this portfolio total 1,331 units and are within 1.5 miles of each other. Exteriors and deferred maintenance have been addressed, allowing new ownership to focus on increasing cash flows by updating all units to a consistent, modern standard and bringing current rents to market levels on turns.
All four properties are available on an All Cash basis and may be purchased all together, grouped, or individually.
Built
avg rent/unit
Estates at Westchase
Grand at Westchase
Preserve at Westchase
Vista at Westchase
1980
$912
1979
$816
1980
$860
1979
$973
Located in the Westchase District in rapidly growing West Houston, Estates at Westchase is a two-story, garden-style workforce housing community. Positioned north of Westheimer Road with frontage directly on Hayes Road, it has a “Very Walkable” Walk Score of 73, underlying the convenience of its location. Only six of its units (less than two percent) have received updates. The updates are also capturing a $100 premium. New ownership can continue and expand that interior renovation program, as well as add washers and dryers for a premium to 111 units with full-size connections.
2305 Hayes Rd, Houston, TX 77077
Estates at Westchase
the properties
CARL RASMUSSEN
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+1 (713) 469-4514
carl.rasmussen@berkadia.com
TUCKER S. KNIGHT
Senior Managing Director
Mortgage Banking
+1 (713) 469-4515
tucker.knight@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
Investment Sales and Mortgage Banking
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.
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2229 San Felipe
Suite 1600
Houston, TX 77019
+1 (713) 974-1300
Berkadia.com
houston OFFICE
houston office
2229 San Felipe
Suite 1600
Houston, TX 77019
+1 (713) 974-1300
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The Properties
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6.
$757 rent gap with Class A units in submarket
7.
$226 rent gap with rent comparables
8.
Transit-oriented locations near public transportation and quick access to multiple major freeways
9.
Three employment districts and 275K+ jobs within five miles
10.
Positioned in best grocery store corridor
in West Houston
11.
Close to 5 miles of paved walking trails and highly anticipated, new neighborhood park under construction
12.
Area infrastructure and livability improvements already attracting new corporate HQ (Apache, 800 employees, 2024 move-in)
13.
Apache Corp is relocating its HQ from Galleria to Westchase and consolidating its 800 employees into 328K SF of office space within 2 miles of this portfolio
14.
Westchase already home to HQ of BMC Software, Cardtronics, and Phillips 66 (#48 on Fortune 500)
Property
91%
occupancy
$912
rent/unit
$1.22
rent/SF
86%
occupancy
$816
rent/unit
$1.23
rent/SF
Grand at Westchase is a two-story, garden-style workforce housing community with attractive curb appeal, convenient accessibility, and excellent visibility in West Houston. It is advantageously located with frontage, ingress, and egress on Richmond Ave, which provides valuable exposure to 28,168 cars daily. Only 145 units (46% of its unit mix) have received updates. Average rents are below market and additionally with no premiums charged on the updated units, there is immediate mark-to-market upside as leases turn.
10881 Richmond Ave, Houston, TX 77042
Grand at Westchase
89%
occupancy
$860
rent/unit
$1.12
rent/SF
Preserve at Westchase is a two-story, garden-style workforce housing community in West Houston. It is located west of the Sam Houston Tollway with frontage on Meadowglen Lane and has a private gate with direct access to the paved Westchase Library Loop Trail. Its rents are below market, and all of its units are available for updates. It also has full-size washer and dryer connections in 268 units and washers and dryers are not provided in any units, offering another opportunity to increase income.
10615 Meadowglen Ln, Houston, TX 77042
Preserve at Westchase
91%
occupancy
$973
rent/unit
$1.19
rent/SF
Vista at Westchase is a two-story, garden-style workforce housing community with value-add opportunities in West Houston. It is located west of the Sam Houston Tollway with frontage on Walnut Bend Ln and has a private gate with direct access to the paved Westchase District Trail. Only 93 units (39% of its unit mix) have received updates and captured $75 average premiums. One unit that was brought fully up to modern standards for finishes yielded a $200 premium. New ownership can continue that interior renovation strategy, as well as add washers and dryers for a premium to 95 units with full-size connections.
3435 Walnut Bend Ln, Houston, TX 77042
Vista at Westchase
the location
the properties
the opportunity
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The location
1
2
3
4
Units
307
317
468
239
avg unit sf
747
667
763
818