the Reserve at Eagle Landing
911 Sun Prairie Dr
Houston, TX 77090
investment summary
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%
232
total units
1984
YEAR BUILT
81%
occupied
investment highlights
- 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.
- 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.
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
- Leasing office
- Children’s playground
- Picnic area with two grilling stations
- Perimeter fence
- Controlled access
- Open surface parking
contact us
investment sales
Houston, TX Office
2229 San Felipe, Suite 1600
Houston, TX 77019
+1 (713) 974-1300 | Berkadia.com
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