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9-foot and vaulted ceilings
Vinyl wood-style plank flooring in select units
White or black appliances
Granite countertops in select units
Natural wood or white shaker-style cabinets
Built-in bookcases in select units
Fireplaces in select units
Carpeted bedrooms
Washer/dryer machines included
Private patios or balconies
3 of 3
2 of 3
1 of 3
Revenue Growth Potential for New Ownership
Long-term, consistent ownership in place since 1994 (30 years)
Excellent cash flow with 96% average occupancy over the last 12 years
100% value-add opportunity
89% of units have white appliances
Only first floor units have been updated with vinyl wood-plank flooring
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.
contact us
johnny king
Director
Mortgage Banking(713) 469-4502johnny.king@berkadia.com
kyle whitney
Director(713) 724-1456kyle.whitney@berkadia.com
TX CRE #658451
jed dalton
Senior Financial Analyst(832) 314-5078jed.dalton@berkadia.com
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
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10990 West Rd | Houston, TX 77064
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Leased | Occupied
Market
All Cash
1993
5.89
148
125,176
846
$1,265
$1.48
97% | 93%
West Brook is an attractive and well-maintained, 1990s vintage, garden-style multifamily asset available below replacement cost. The boutique community has had the same ownership in place since 1994 and has original finishes in most of the units. It is one of the few remaining true value-add assets available in its submarket. Rent comparables and recent lease trends demonstrate quantifiable growth trends, while lifestyle amenities, demographics, and demand drivers illustrate long-term support for rental housing in its location.
THE OPPORTUNITY
investment highlights
investment summary
$75 to $300+ rent gaps with renovated peers within a three-mile radius
7.9% increases on renewals in 2023 with above-market 69% retention rate
$10–$105 premiums achieved for some upgrades in select units (appliances, for example)
No units in lease-up within three miles and only a senior living asset under construction
market support for higher rents
Zoned to Cy-Fair ISD, #1 school district for athletes in the Houston metro and #2 school district overall in Harris County
Impressive grocery store access with four options (Aldi, Food Town, HEB, and Kroger) within walking distance
Centrally positioned between Hwy 290 and Sam Houston Tollway with convenient access to jobs
159K jobs within five miles and 484K jobs within ten miles, anchored by retail, education, industrial, and health care industries
key demand drivers for value appreciation
the location
the property
unit gallery and amenities
community gallery and amenities
unit amenities
community amenities
Resident kitchen with coffee/tea bar and clubroom
Business center with printer/shredder
24-hour fitness center
Refreshing swimming pool with heated spa
Sundeck with poolside loungers and covered tables
Basketball court
Beautifully landscaped courtyards with bbq grills
Enclosed pet park
Surface parking, covered parking, and garages
Perimeter fencing and controlled access
tucker fama
Financial Analyst(281) 923-3856tucker.fama@berkadia.com
KELLY WITHERSPOON
Senior Managing Director(512) 968-1989kelly.witherspoon@berkadia.com
TX CRE #506184
michael case
Senior Financial Analyst(281) 224-7013michael.case@berkadia.com
TX CRE #767478
community
apartment homes