The Opportunity
Alta Vista is a 514-unit, value-add opportunity in Southeast Houston, offering investors significant upside via lease-up and repositioning. Currently 24 percent occupied, this low-density, garden-style community offers investors a chance to address deferred maintenance and drive performance while leveraging an attractive amenity set, including an impressive pool area, two playgrounds, and an on-site daycare. Directly across from Richey Elementary School and fronting a recently revitalized Richey Street corridor, Alta Vista also benefits from meaningful barriers-to-entry for new multifamily and proximity to the Houston Ship Channel and Port of Houston, anchoring long-term demand from the healthy petrochemical industry.
Investment Summary
Investment Highlights
Revenue Growth For Potential New Ownership
- Deploy repositioning and value-add strategy to address deferred maintenance, bring down units online, enhance operations, and drive occupancy to market levels
- Implement RUBS and a bulk cable agreement to increase NOI
- Leverage key attributes to attract new traffic, including a low-density site on 28.28 acres, attractive brick buildings, and abundant amenities (on-site daycare, two playgrounds, and best-in-class pool area)
- Add signage and improve curb appeal to increase traffic by maximizing the property’s 1,600+ feet of frontage along Richey St with exposure to 19,400 cars daily
- Add reserved or covered parking spaces
- Repurpose building next to leasing office to another amenity, such as a clubhouse with a gym, to increase retention and competitive position
- Site could enter the Opportunity Zone 2.0 program, which would let buyers reduce capital gains taxes while funding renovations
MARKET SUPPORT FOR HIGHER RENTS
- Light renovations, including granite countertops and new cabinets, are achieving $20 to $40 premiums
- Recent lease momentum includes 13% higher rents on the last 10 leases
- Nearly $500 rent gap with average Class A rent in the submarket and $200 rent gap with average Class B rent in the submarket
- Class A and Class B communities average 93% and 92% occupancy, respectively, in the submarket
- Barriers-to-entry for new construction due to zoning restrictions, which moderates new supply and allows existing properties to outperform
- Only five properties have been added to submarket since 2021, and there are no new units under construction in the submarket
- Rent growth is expected to recover to 2% in 2027 and average 3% annually from 2028 to 2030 (RealPage)
KEY DEMAND DRIVERS FOR VALUE APPRECIATION
- Located in Pasadena, the second-largest city in the Houston MSA, with a population of 155K and 52K local jobs
- Densely populated local area with plentiful lifestyle retail (6M square feet within three miles), schools, and neighborhood parks
- Across Richey Street from Richey Elementary School
- Richey Street completed a multi-phase $12M expansion and improvement project last year
- New healthcare clinic, Legacy Pasadena Southmore Clinic, under construction less than three miles east and expected to create 100+ jobs
- New 61-acre mixed-use development planned within two miles with a regional Harris Health medical center plus grocery, entertainment, restaurant, and office uses
- 92K jobs within five miles and 410K jobs within ten miles, including the Port of Houston and major local employers, HCA Houston Healthcare Southeast and San Jacinto Community College
- Port of Houston ($439B economic impact, 78K direct local jobs) is ranked #1 in the U.S. in multiple categories, the largest port on the U.S. Gulf Coast, and is home to the largest petrochemical complex in the U.S.
- Chevron (500+ jobs), Kinder Morgan (500+ jobs), and Lyondell Chemical (1K+ jobs) all operate petrochemical campuses within five minutes of the property
The Location
The Property
Community Amenities
Unit Amenities
Contact Us
Investment Sales
CHRIS CURRY
Senior Managing Director
713.553.0151
[email protected]
TX CRE #566750
JEFFREY SKIPWORTH
Managing Director
214.533-3322
[email protected]
TX CRE #560404
CHRIS YOUNG
Managing Director
972.743.5742
[email protected]
TX CRE #630674
JOEY RIPPEL
Managing Director
601.919-5155
[email protected]
TX CRE #654288
KYLE WHITNEY
Senior Director
713.724-1456
[email protected]
TX CRE #658451
JED DALTON
Associate Director
832.314-5078
[email protected]
TX CRE #787068
TUCKER FAMA
Associate Director
281.923.3856
tucker.fama@berkadia.com
TX CRE #842558
JACK NEVIL
Financial Analyst
832.457.9734
jack.nevil@berkadia.com
TX CRE #838490
Mortgage Banking
JOHNNY KING
Director
713.469.4502
johnny.king@berkadia.com
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