The Opportunity
The Location
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Revenue Growth Potential for New Ownership
100% value-add opportunity
58% of units have classic finishes with white appliances
100% washer/dryer connections but only charging ten units for machine rentals
Can increase other income with reserved parking and valet trash service
Can implement water conservation program to decrease operating expenses
Can amenitize large greenspace to boost retention and competitiveness
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.
Investment Sales and Mortgage Banking
kyle whitney
Director (713) 724-1456 kyle.whitney@berkadia.com
TX CRE #658451
jed dalton
Senior Financial Analyst (832) 314-5078 jed.dalton@berkadia.com
TX CRE #787068
joey rippel
Managing Director (601) 919-5155 joey.rippel@berkadia.com
TX CRE #654288
chris young
Managing Director (972) 743-5742 chris.young@berkadia.com
TX CRE #630674
jeffrey skipworth
Managing Director (214) 533-3322 jeffrey.skipworth@berkadia.com
TX CRE #560404
chris curry
Senior Managing Director (713) 553-0151 chris.curry@berkadia.com
TX CRE #566750
investment sales
houston, tx office
2229 San Felipe, Ste 1600
Houston, TX 77019 (713) 974-1300 | Berkadia.com
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3500 Red Bluff Rd | Pasadena, TX 77503
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Occupied
Market
All Cash
1979
18.319
404
359,128
889
$1,089
$1.23
96%
Arcadia at Westheimer is a very attractive, garden-style multifamily asset with great curb appeal, impressive amenities, and substantial value-add potential. All major capex items, including new roofs and new exterior paint, have recently been addressed - allowing new ownership to focus on interior upgrades and other income items to increase revenue. The community is well-positioned in Houston’s path of growth, just south of the Energy Corridor, which has been recognized this year as one of the hottest office leasing markets in the country. New job creation and steady population growth, coupled with a pronounced lack of new supply, bolster the value-add story for new ownership.
THE OPPORTUNITY
investment highlights
Investment Summary
the location
the property
community gallery and amenities
Community Amenities
Newly renovated clubhouse
Clubroom with WiFi,TV and social areas
Business center
Fully equipped fitness center
Refreshing, saltwater swimming pool
Sundeck with covered tables and seating
Beautifully landscaped entryways with attractive curb appeal
Open greenspaces
Picnic tables and outdoor charcoal grills
Playground
Abundant open surface parking
Perimeter fencing and controlled access
tucker fama
Financial Analyst (281) 923-3856 tucker.fama@berkadia.com
TX CRE #9002106
ESTEE IBÁÑEZ
Senior Financial Analyst (713) 469-4512 estee.ibanez@berkadia.com
TX CRE #687201
community
apartment homes
contact us
JOHNNY KING
Director
Mortgage Banking (713) 469-4502 johnny.king@berkadia.com
CUTT ABLESON
Senior Managing Director
Mortgage Banking (713) 469-4503 cutt.ableson@berkadia.com
60% retention on renewals
6.2% average increase on renewals last month
5.2% increase on last ten leases
$287+ rent gaps with Class A averages in West Houston
Limited new supply in submarket and West Houston
Positioned in Alief submarket, the #1 submarket for rent growth in Houston in 2023, #1 projected for 2024, and #2 projected for 2025 to 2028
Market Support for Higher Rents
Abundant grocery options, big-box retailers, and parks within five minutes
Convenient location near four highways and walking distance to Metro bus stop
145K jobs within five miles including Energy Corridor (CBD of West Houston)
Fluor Corp and Noble Energy moving their HQ to West Houston by 2025 (+2K jobs)
West Houston leads Houston in population growth, job growth, and office leasing activity
Key Demand Drivers for Value Appreciation
Unit Amenities
9-ft ceilings
Wood-style flooring*
White or stainless steel appliance packages
Formica or granite countertops
Tile backsplashes*
Resurfaced cabinets or new cabinet boxes
Kitchens with lowered bar tops*
Built-in bookcases*
Wood burning fireplaces*
Carpeted bedrooms with walk-in closets
Garden-style bathtubs
Washer/dryer connections
Private patios or balconies
*In select units