911 Sun Prairie Dr
Houston, TX 77090
1984
YEAR BUILT
The Opportunity
The Location
The Property
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232
total units
81%
occupied
the Reserve at Eagle Landing
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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 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.
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
Tucker Knight
Senior Managing Director
Mortgage Banking
+1 (713) 469-4515
tucker.knight@berkadia.com
TUCKER FAMA
Financial Analyst
+1 (281) 923-3856
tucker.fama@berkadia.com
KYLE WHITNEY
Director
+1 (713) 724-1456
kyle.whitney@berkadia.com
CHRIS young
Managing Director
+1 (972) 743-5742
chris.young@berkadia.com
JEFFREY SKIPWORTH
Managing Director
+1 (214) 533-3322
jeffrey.skipworth@berkadia.com
CHRIS CURRY
Senior Managing Director
+1 (713) 553-0151
chris.curry@berkadia.com
JOEY RIPPEL
Managing Director
+1 (601) 919-5155
joey.rippel@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
Leasing office
Children’s playground
Picnic area with two grilling stations
Perimeter fence
Controlled access
Open surface parking
community amenities
Updated unit interiors in select units
Ceiling fans
Frost-free refrigerators
Microwaves in select units
Washer/dryer connections
Private patios or balconies with storage closets
unit amenities
the property
the location
investment highlights
Price
Terms
Year Built
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Occupied
Market
All Cash
1984
232
208,800
900
$992
$1.10
81%
investment summary
The Reserve at Eagle Landing is a 1980s vintage, garden-style multifamily community in a popular rental corridor of North Houston. It is a true reposition opportunity with immediate value-add achievable under consistent management. It is available with limited financials and at the current loan basis, which is below recent trades in the submarket. The current lender is willing to offer up to 75% LTV loan to potential buyers, eliminating finance risk. Preemptive offers are encouraged.
THE OPPORTUNITY
contact us
Jed Dalton
Senior Financial Analyst
+1 (832) 314-5078
jed.dalton@berkadia.com
Rent Gap with Comparables: Class B communities in the submarket average $1,222/unit, or $300 higher than average rents currently at the property.
Submarket Support: RealPage projects above-market, 3.9% rent growth in the submarket in 2024 and 3% to 3.8% in successive years.
Job-Rich Location: 105K jobs within five miles and 355K jobs within ten miles with strong health care, retail, education, industrial, and transportation anchors.
Expedient Commutes: Proximity to I-45 creates ease-of-access to large employment centers such as George Bush Intercontinental Airport, North Houston District, City Place, The Woodlands, and Downtown Houston.
Value-Add Potential: Three levels of interior finishes, including 102 classic units (44%) in unit mix. All units and amenities can be updated.
Proof on Rent Roll: Meaningful NOI growth is achievable if all units are brought to a common, modern standard. Top level of interior finishes average $80 premiums on 2B and 3B units.
Real Rent Growth: Recent leases average $1.15/SF, or 5% higher than $1.10/SF average of occupied units on the current rent roll.
Management Upside: Inconsistent management (four management companies in two years) creates an opportunity to bring long-term stability to the property.