Villas at River Oaks

The Opportunity

The Location

The Property

Contact

Doc Center

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Updated leasing office and model Swimming pool Poolside loungers and tables Covered wooden pergola Open greenspaces Assigned parking spaces Covered parking spaces available Perimeter fencing and controlled access

The Opportunity

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.

CARL RASMUSSEN Associate Director Mortgage Banking(713) 469-4514carl.rasmussen@berkadia.com

kyle whitney Director(713) 724-1456kyle.whitney@berkadia.com TX CRE #658451

KELLY WITHERSPOON Senior Managing Director(512) 968-1989kelly.witherspoon@berkadia.com TX CRE #506184

tucker fama Financial Analyst(281) 923-3856tucker.fama@berkadia.com

jed dalton Senior Financial Analyst(832) 314-5078jed.dalton@berkadia.com TX CRE #787068

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 and mortgage banking

houston, tx office 2229 San Felipe, Ste 1600 Houston, TX 77019(713) 974-1300 | Berkadia.com

Visit Doc Center

777 Dunlavy St | Houston, TX 77019

The Villas at River Oaks is one of the few remaining garden-style communities in Houston’s urban core and arguably the best located with incomparable accessibility, visibility, and walkability. This impeccably maintained and institutionally owned three-story, 1990s vintage asset is available below replacement cost and with supportable value-add to drive rental income, revenue, and returns. Consistently running at low vacancy, it offers healthy cash flow and enviable exit flexibility due to its extraordinary location. New construction and rent comparables highlight growth trends, while lifestyle amenities and demographics illustrate the long-term demand for rental housing. This offering is available for a limited time and with limited information.

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the community (1 of 2)

Signature address with valuable frontage on Allen Pkwy and Dunlavy St (35K cars daily) Convenient, traffic light-controlled ingress and egress 77 Walk Score, which will only improve with new mixed-use development in area Expedient commutes to Houston’s largest employers with one million jobs within ten miles Significant premium to own with very limited home inventory and $1MM+ average prices

Only garden community in a neighborhoodof new high-rises Garden product cannot be built in the market today Even on a post-renovations basis, this asset is still below replacement cost Averaged 94% occupancy for last 12 years $124K average household income of residents on current rent roll

Investment Highlights

Price Terms Year Built Year Renovated Total Acreage Total Units Total SF Avg Unit SF Avg Rent/Unit Avg Rent/SF Occupied

Market All Cash 1996 2016 5.30 288 240,788 836 $1,633 $1.95 96%

3% rent growth projected in submarket for 2025 to 2026 by CoStar and Yardi Matrix $1,239 average rent gap with high-rises in area $563 average rent gap with newest mid-rises $427 average rent gap with fully renovated early 2000s vintage mid-rises New high-rise construction helps elevate area rents, increasing rent gaps and the runway new ownership has to raise rents, while still maintaining an affordability advantage

All units can be updated to modern standards, most notably 79 units with classic finishes Carpet can be replaced in bedrooms, countertops can be updated in all kitchens, and bar tops can be lowered in all units No rentable items charged at the property Can add reserved parking spaces, evidenced by nine of the 14 closest comps, which are charging $15 to $100/month fees to their residents Current rent levels represent only 16% of residents’ average household income

Compelling Value-Add Story is Enhanced by Market Support

The Location

The Property

Product Type and Location Drives Healthy Cash Flow

Community Amenities

Corby Chaffin Director Mortgage Banking(713) 469-4516corby.chaffin@berkadia.com

Estee Ibáñez Senior Financial Analyst(713) 469-4512estee.ibanez@berkadia.com TX CRE #687201

777 Dunlavy St | Houston, TX 77019

Updated unit interiors in select units 9-foot ceilings Hardwood style floors in select units Stainless steel appliances Side by side refrigerators Espresso cabinetry with brushed nickel pulls Granite countertops Carpeted bedrooms Ceiling fans in living areas and bedrooms Washers and dryers included Private patios or balconies

unit Amenities

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apartment homes

Community Amenities

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