THE OPPORTUNITY
Wimbledon is a low-density, garden-style asset with proven value-add on its rent roll. The attractive, well-maintained community has little deferred to address and below market rents with comparables and third parties lending additional credence to higher attainable rents. It is positioned in a highly walkable location near the best high school in the area and the most popular regional park. The strong suburban location also boasts convenient access to major highways, regional employment districts, and abundant lifestyle amenities.
the property
Visit Doc Center
16222 stuebner airline rd | spring, tx 77379
1967
YEAR BUILT
The Opportunity
The Location
The Property
Contact
Doc Center
Privacy
Terms of Use
The Location
TUCKER FAMA
Financial Analyst
+1 (281) 923-3856
tucker.fama@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
JEFFREY SKIPWORTH
Managing Director
+1 (214) 533-3322
jeffrey.skipworth@berkadia.com
TODD MARIX
Senior Managing Director
+1 (713) 826-5979
todd.marix@berkadia.com
CHRIS CURRY
Senior Managing Director
+1 (713) 553-0151
chris.curry@berkadia.com
2229 San Felipe
Suite 1600
Houston, TX 77019
+1 (713) 974-1300
Berkadia.com
houston OFFICE
Investment Sales and Mortgage Banking
contact us
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.
© 2023 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit www.berkadia.com/licensing.
investment summary
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Occupied
Market
All Cash
1979
6.30
161
154,601
960
$1,121
$1.16
93%
Key Demand Drivers
for Value Appreciation
Zoned to #1 high school in Klein ISD,
the #5 school district in Harris County
Learn More...
Market Support
for Higher Rents
$163 avg rent gap with Class B properties in submarket ($325 avg gap with Class A)
Learn More...
Revenue Growth Potential
for New Ownership
95 units have classic finishes with 66 updated units receiving up to $247 premiums
Learn More...
95 units have classic finishes with 66 updated units receiving up to $247 premiums
Granite countertops can be added to all units
Washer/dryer machines can be added to majority of units
Valet trash can be implemented at the community
Add private yards to select first floor units for monthly premium
Add reserved parking spaces monthly fee
Implement package delivery service for monthly fee
Improve competitiveness with better curb appeal, improved landscaping, and repurposing unused outdoor spaces
Close
Close
Close
5.5% higher rents on last 30 leases
$163 avg rent gap with renovated competitors
$325 avg rent gap with Class A properties in submarket
3.7% average rent growth projected in 2023 in submarket (Axiometrics)
Healthy, cash flowing asset with 94% avg occupancy
since 2013
$1.3MM invested by current owner to reposition
and address deferred maintenance
Zoned to #1 high school in Klein ISD, the #5 school district
in Harris County
Walking distance to all zoned schools, grocery options,
and Meyer Park (286 acres)
$143K average household income within one mile and $442K average single-family price in area
34K jobs within 3 miles, 108K jobs within 5 miles,
and 350K jobs within 10 miles
#1 U.S. metro for population and employment growth
(Moody’s Analytics)
investment highlights
210
total units
93%
occupied
CARL RASMUSSEN
Associate Director
Mortgage Banking
+1 (713) 469-4514
carl.rasmussen@berkadia.com
Community gallery
Leasing office/clubhouse
Business center with 2 mac computers
Coffee bar
Sparkling swimming pool
Shaded poolside seating areas
2 grilling stations w/ tables and chairs
Fire pit lounge area
Dog park w/ agility stations
Open surface parking
Reserved carports available
Well-kept, mature landscaping and greenspaces
Perimeter fencing with controlled access
community amenities
Updated units available
Townhomes available
*8’ or 9’ ceilings
Crown molding and baseboards*
Dark vinyl plank flooring in entry, living and wet areas*
Grey vinyl plank flooring in entry, living and wet areas*
Entry closets*
Miniblinds*
Ceiling fans in living and bedrooms
New lighting kits*
Formica countertops in kitchens and bathrooms
Resurfaced countertops*
Grey subway tile backsplashes*
Overmount sinks
White cabinetry with brushed nickel cabinet pulls*
Almond color appliances*
Stainless steel appliances*
Carpeted bedrooms
Walk-in closets
Framed bathroom mirrors*
Garden tubs*
Medicine cabinets in bathrooms
Washer/dryer connections
Washer/dryer included*
In select units*
apartment home amenities
apartment home gallery
Andy Hill
Managing Director
Mortgage Banking
+1 (512) 226-8705
andy.hill@berkadia.com
Michael Case
Financial Analyst
+1 (281) 224-7013
michael.case@berkadia.com