The Opportunity

3000 @ Med Center offers opportunistic investors a 323-unit, garden-style multifamily community in receivership primed for a value-add repositioning. Located within five minutes of the Texas Medical Center, the largest medical complex in the world, this asset offers immediate upside through occupancy stabilization and rent growth. With the property operating well below comparable communities, new ownership is poised to achieve significant revenue upside through operational repositioning, interior updates, and strategic management execution. Its value-add potential is wellsupported by its closest comparable, currently achieving 18% higher rents post-renovation.

Set on a prime, urban infill site within a desirable residential pocket west of Main Street, 3000 @ Med Center benefits from sustained renter demand anchored by world-class healthcare, education, and research employment drivers. The submarket’s steady growth and recession-resistant employment base provide investors a durable rent roll and consistent cash flow through market cycles. Supported by proximity to the METRORail and the 610 Loop inside Central Houston, this asset’s location offers unmatched connectivity and livability, setting the stage for substantial NOI growth and long-term value creation under capable new ownership.

investment summary

3000 Murworth Dr | Houston, TX 77025
  • PriceMarket
  • TermsAll Cash
  • Built1977
  • Year RenovatedN/A*
  • Total Acreage9.49
  • Total Units323
* Property is believed to have most recently been updated in 2022.
  • Total SF249,366
  • Avg Unit SF772
  • Avg Rent/Unit$1,010
  • Avg Rent/SF$1.29
  • Leased52%
  • Occupied51%

Investment Highlights

Revenue Growth Opportunities

  • Current 51% occupancy is below historical average (94%) and comps average (93%)
  • 100% of interiors can be updated to consistent, modern standards
  • 159 units (49%) of unit mix have classic finishes, and 164 units (51%) have a range of updated finishes, including new ceiling fan kits, lighting, and plumbing fixtures
  • Can add washer/dryer connections and machines to 310 units (96% of unit mix)
  • Can address deferred maintenance and improve curb appeal to improve competitiveness

Market Support for Higher Rents

  • $185 or 18% higher average rents at closest and most relevant comp (94% occupied)
  • 28 properties within two mile radius at 90%+ occupancy, averaging $100+ higher rents
  • $308 rent gap with average Class B rent in the submarket and
  • $712 rent gap with average Class A rent in the submarket
  • Only two high-rises totaling 824 units are under construction in the TMC

Demand Drivers for Value Appreciation

  • Outstanding connectivity to all of Central Houston via Main Street, the METRORail Red Line, the 610 Loop, and Hwy 288
  • Positioned in affluent residential corridor in preferable micro location west of Main Street with significant premium to own in surrounding neighborhoods
  • Current rents ($1,010) only account for 14% of monthly average income within one-mile radius and 10% of monthly average income within three-mile radius
  • $675K average home price in closest residential neighborhood
  • Walking distance to NRG Park (350 acres) home of NFL’s Houston Texans, the Houston Livestock Show and Rodeo and year-round entertainment
  • Less than five minutes from Texas Medical Center, the eighth largest business district in the U.S. with 50M square feet and 120K jobs

The Location

Contact Us

Investment Sales

CHRIS CURRY
Senior Managing Director
+1 (713) 553-0151
[email protected]
TX CRE #566750

JEFFREY SKIPWORTH
Managing Director
+1 (214) 533-3322
[email protected]
TX CRE #560404

CHRIS YOUNG
Managing Director
+1 (972) 743-5742
[email protected]
TX CRE #630674

JOEY RIPPEL
Managing Director
+1 (601) 919-5155
[email protected]
TX CRE #654288

KYLE WHITNEY
Senior Director
+1 (713) 724-1456
[email protected]
TX CRE #658451

JED DALTON
Associate Director
+1 (832) 314-5078
[email protected]
TX CRE #787068

JACK NEVIL
Financial Analyst
+1 (832) 457-9734
[email protected]
TX CRE #838490

Mortgage Banking

JOHNNY KING
Director
+1 (713) 469-4502
[email protected]

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