HOUSTON VALUE-ADD PORTFOLIO

Transcription

1 4 HOUSTON VALUE-ADD PORTFOLIO EXECUTIVE SUMMARY Bammel N. Houston Rd. Houston, TX Rudel Drive Tomball, TX El Camino Village Dr. Houston, TX Richmond Ave. Houston, TX UNITS 128 UNITS 449 UNITS 304 UNITS Four Property Listings: 1,138 Total Units Offered Individually or as a Portfolio a Berkshire Hathaway and Leucadia National company

2 PORTFOLIO LOCATIONS PORTFOLIO EXECUTIVE SUMMARY THE OFFERING Berkadia s Multifamily Investment Sales Team is pleased to announce the exclusive listing of the 1,138-unit Houston Value-Add Portfolio, comprised of four garden-style, multi-family communities located in some of Houston s most desirable submarkets, near major regional and nationally-recognized employers, retail shopping destinations, as well as outstanding recreational amenities. The four communities can be purchased as a portfolio or individually, with all of them presenting a tremendous valueadd opportunity through the continuation of a proven unit interior upgrade program. New owners could continue the in-place unit interior upgrade program or choose to add additional upgrades to the existing program in order to generate additional returns. The Houston Value-Add Portfolio offers an investor the opportunity for long-term stability, future rent growth and continued value appreciation, making this portfolio an excellent investment for years to come. PORTFOLIO HIGHLIGHTS Four Well-Maintained Assets Totaling 1,138 Units, Which Can Be Purchased Individually or as a Portfolio Proven In-Place Value-Add Programs With the Opportunity for Further Upgrades to Generate Additional Revenue High Performing (Portfolio Average Year-Over-Year New Lease Rent Growth of 7.4%), Stabilized Communities, Making the Portfolio Ideal for the Investor Seeking Long Term Value Appreciation and a Steady Cash Flow Access to Major Employment s Provides an Unique Opportunity for an Investor who Is Looking to Break into the Greater Houston Area By Purchasing a Portfolio, Allowing for Unrestricted Financing Options PORTFOLIO Property Address Units Year Built London Park Marymont Skylar Pointe Woodtrail Bammel North Houston Houston, TX Rudel Road Tomball, TX El Camino Drive Houston, TX Richmond Avenue Houston, TX Current Occupancy Average SF Average Market Rent/Unit Average Market $/Unit % 814 $797 $ % 876 $1,045 $ % 945 $932 $ % 688 $807 $1.17 Totals/Average Portfolio 1, % 839 $881 $1.05

3 LONDON PARK 1-BUILDING WITH CLUBHOUSE 21 APARTMENT BUILDINGS ACRES BAMMEL N. HOUSTON HOUSTON, TX UNIT PROPERTY WITH VALUE-ADD OPPORTUNITY 2-STORY Proven Value-Add Program: 52 units or 20% of the community has already been renovated by a previous operator and is achieving up to $75 premium. Original $797 (80 Units Black on Black Appliances Vinyl wood flooring in the wet areas only in 2nd floor units Refinished in kitchen and bathrooms (125 Units +$50 W/D (128 Units Hardwood (37 Units $937 : Property management has executed its apartment turnover program,, on 125 units that are garnering an additional $25 per month. COMMUNITY AMENITIES Controlled Access Gates Covered Parking Included with Each Home Dog Park with Wash Station Executive Business Newly Upgraded 24 Hour State-of-the-Art Fitness Park-like Setting with Mature Landscaping UNIT AMENITIES All units include the following amenities: Private Patios/Balconies with Storage Washer/Dryer Connections CLASSIC UNITS (80 units) Pet Friendly Picnic Areas with Barbecue Grills Resort-style Pool with Fountain and Gazebo Sun Deck Two Clothes Care s Icemaker Refrigerator, Built-in Microwave Multiple Outlets: Internet, Cable, Phones FAIRFIELD TURN (125 units) Oversized Walk-in Closets Vaulted Ceilings on Upper PREVIOUS OWNER UPGRADES (52 units) d by Market Units 257 Year Built ,143 SF 814 SF Occupancy 95.3% Average Market Rent Per Square Foot $0.98 Average Effective Market Rent Per Unit $797 Additional Upgrades: New lighting, new cabinets, faux granite, and two-inch wood should generate an additional $50 per month. This creates a total premium of $75 per unit per month over the

4 COMMUNITY HIGHLIGHTS Proven Value-Add Program: 40 units or 31% of the community has already been renovated and is achieving up to $100 premium. Gated Access Playground Sparkling Swimming Pool and Sundeck MARYMONT APARTMENTS 1-BUILDING WITH CLUBHOUSE 11 APARTMENT BUILDINGS 5.5 ACRES d by Market 2-STORY Units 128 Year Built RUDEL DRIVE TOMBALL, TX UNIT PROPERTY WITH VALUE-ADD OPPORTUNITY 112,080 SF 876 SF Occupancy 96.9% Average Market Rent Per Square Foot $1.19 Average Effective Market Rent Per Unit $1,045 Original $1,044 (12 Units +$35 Black on Black Appliances Vinyl wood flooring in the wet areas only in 2nd floor units Refinished in kitchen and bathrooms (76 Units +$65 W/D (43 Units ardwood (23 Units $1,209 : Property management has executed its apartment turnover program,, on 77 units that are garnering an additional $35 per month. Additional Upgrades: New lighting, new cabinets, faux granite, and two-inch wood should generate an additional $65 per month. This creates a total premium of $100 per unit per month over the Within Tomball School District 12 Miles to Willowbrook Mall 13 Miles to either Beltway 8 or I-45 Central Greenbelt 8 Miles to TX 99 Grand Parkway UNIT HIGHLIGHTS All units include the following amenities: Private Patios/Balconies with Storage Wide Window Expanses Kitchen Pantry CLASSIC UNITS (12 units) Breakfast Bar Large Closets Outlets for Internet, Cable TV and Phone FAIRFIELD TURN (76 units) Washer/Dryer Connections PREVIOUS OWNER UPGRADES (40 units)

5 Proven Value-Add Program: 54 units or 12% of the community has already been renovated and is achieving up to $100 premium. COMMUNITY HIGHLIGHTS Business Covered Parking Prestigious Clear Creek Independent School District Two-story Clubhouse with Media and Lounge Kids Playground Minutes from I-45 Near Hwy 146 And Beltway 8 Two Swimming Pools, One with a Waterfall and Pergola SKYLAR POINTE 47 APARTMENT BUILDINGS 5 TOWNHOME BUILDINGS ACRES 1110 EL CAMINO VILLAGE DRIVE HOUSTON, TX UNIT PROPERTY WITH VALUE-ADD OPPORTUNITY 2-STORY Original $929 (120 Units +$30 Black Appliances Countertop resurface (276 Units +$70 W/D (134 Units Hardwood (60 Units $1,094 : Property management has executed its apartment turnover program,, on 276 units that are garnering an additional $30 per month. 24 Hour State-of-the- Art Fitness UNIT HIGHLIGHTS All units include the following amenities Multiple Large Closets Pantry and Breakfast Bar CLASSIC UNITS (120 units) Patio or Balcony Three Kitchen Design Packages FAIRFIELD TURN (276 units) Washer/Dryer Connections Washer/Dryer Included in 315 Units PREVIOUS OWNER UPGRADES (124 units) d by Market Units 449 Year Built ,375 SF 945 SF Occupancy 93.8% Average Market Rent Per Square Foot $0.99 Average Effective Market Rent Per Unit $932 Additional Upgrades: New lighting, new cabinets, faux granite, and two-inch wood should generate an additional $70 per month. This creates a total premium of $100 per unit per month over the FAIRFIELD TURN - 1 (9 units)

6 WOODTRAIL 1-BUILDING WITH CLUBHOUSE 12-APARTMENT BUILDINGS 9 ACRES 9900 RICHMOND AVE. HOUSTON, TX UNIT PROPERTY WITH VALUE-ADD OPPORTUNITY 2 & 3-STORY Proven Value-Add Program: 19 units or 6% of the community has already been renovated and is achieving up to a $75 premium. Original $807 (85 Units +$35 Black on Black Appliances Vinyl wood flooring in the wet areas only in 2nd floor units Refinished in kitchen and bathrooms (200 Units +$50 W/D (11 Units Hardwood (45 Units $957 : Property management has executed its apartment turnover program,, on 200 units that are garnering an additional $35 per month. COMMUNITY HIGHLIGHTS 24-hour State-ofthe-Art Fitness Clubhouse Executive Business / Conference Gated Access Laundry UNIT HIGHLIGHTS All units include the following amenities: Breakfast bar and pantry Ceiling Fan CLASSIC UNITS (85 units) Covered Parking On-site Storage Picnic Area with BBQ Grills Swimming Pool with Sun Deck Wi-Fi at Pool and Clubhouse Multiple outlets for Internet, cable TV and phone FAIRFIELD TURN (200 units) Oversized, walk-in closets PREVIOUS OWNER UPGRADES (19 units) d by Market Units 304 Year Built ,158 SF 688 SF Occupancy 95.1% Average Market Rent Per Square Foot $1.17 Average Effective Market Rent Per Unit $807 Additional Upgrades: New lighting, new cabinets, faux granite, and two-inch wood should generate an additional $40 per month. This creates a total premium of $75 per unit per month over the 10

7 4 Four Property Listings: 1,138 Total Units Offered Individually or as a Portfolio HOUSTON VALUE-ADD PORTFOLIO MULTIFAMILY INVESTMENT SALES TEAM RYAN EPSTEIN Senior Managing Director T: ryan.epstein@berkadia.com JENNIFER RAY Associate Director T: jennifer.ray@berkadia.com WES BREEDING Associate Director T: wes.breeding@berkadia.com DEBT/EQUITY FINANCE TUCKER KNIGHT Senior Managing Director T: tucker.knight@berkadia.com TO SCHEDULE A TOUR, CONTACT: LESLIE GINZEL Marketing Coordinator T: leslie.ginzel@berkadia.com Post Oak Blvd. Ste Houston, TX 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. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. # , Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. # , Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. # For state licensing details for the above entities, visit: com/legal/licensing.aspx