THE OPPORTUNITY
The Boulevard at Deer Park is a two-story, low density, garden-style multifamily community in a high barriers-to-entry suburban submarket with zoning restrictions and limited Class A supply.
The majority of its units feature white appliances, and both renovated units on its rent roll and rent comparables offer compelling evidence for potential rental income gains under new ownership. The local schools are the best in the area and household income, fueled by a healthy petrochemical industry, is well above market averages.
• Resident lounge with WiFi and kitchen
• Business center with WiFi
• State of the art Ftness center
• Stunning, resort-style pool with sun deck
• Two barbecue grills
• Picnic areas
• Large, leash-free pet park
• Laundry facility on-site
• Covered and garage parking available
• Reserved parking available
• Perimeter fencing and controlled access
• Updated unit interiors in select units
• 9-foot ceilings
• Grey vinyl plank flooring in select units
• White, slate, or stainless steel appliances
• Kitchen islands in select units
• Kitchen pantries
• Ceiling fans in living areas and bedrooms
• Carpeted bedrooms
• Washer/dryer connections
• Washer/dryers included in select units
• Private patios or balconies with storage
the property
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401 W Pasadena Blvd, Deer Park, TX 77536
The Boulevard
at Deer Park
216
TOTAL UNITS
2000
YEAR BUILT
94%
occupied
The Opportunity
The Location
The Property
Contact
Doc Center
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The Location
CUTT ABLESON
Senior Managing Director
Mortgage Banking
+1 (713) 469-4503
cutt.ableson@berkadia.com
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
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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 loan brokerage 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: https://www.berkadia.com/licensing/.
community amenities
unit amenities
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
2000
12.23
216
201,804
934
$1,388
$1.49
94%
Key Demand Drivers
for Value Appreciation
Zoned to A-rated schools in A-rated
Deer Park ISD, ranked #6 in Harris County
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Market Support
for Higher Rents
Most recent renovated units yielding $160 average premiums over classic rents
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Revenue Growth Potential
for New Ownership
185 classic units (86% of unit mix) can be updated to same level of other units
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White appliance packages in classic units
100% washer/dryer connections but only 66 units with washer/dryer machines
Can add private yards for $50 premiums
Increase monthly rent on garages (100% leased)
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Zoning restrictions strictly limit new supply in Deer Park
0 units built in Deer Park in the last decade
Only 1 property currently under construction
8.0% T12 rent growth in submarket and 3.3% projected for 2023
Quick accessibility to/from the Sam Houston Tollway/Beltway 8
259K jobs within 10 miles, including the
Port of Houston/Houston Ship Channel
Within 10 minutes of all major local employers including Pemex (formerly Shell, 3K employees)
investment highlights
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