9110 Tidwell Rd. - Houston, TX 77078
PROPERTY OVERVIEW
Commons of Grace Senior Apartment Homes is a 108-unit mixed-income housing community for seniors ages 55+ located in Northeast Houston, TX. The property is conveniently located minutes from outdoor recreation, healthcare facilities, retail, and grocers. Downtown Houston is less than 30 minutes from the property offering even more entertainment opportunities.
The property was built and placed in service in 2007 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require at least 86 units to be rented to income qualifying residents earning no more than 40%, 50%, and 60% of the Area Median Income (AMI) limits, which are provided by the Texas Department of Housing & Community Affairs. The remaining units are unrestricted.
Commons of Grace Senior Apartment Homes offers one and two bedroom apartment homes featuring an open floorplan, fully equipped kitchen with pantry, a storage unit, washer/dryer connections, large walk-in closets, a designated work/craft area with desk, and a private covered patio or balcony.
The community offers residents a swimming pool, picnic area with grills, elevators, planned social events and activities, a fitness center, business center, media lounge, on-site beauty salon, and secure gated access.
Contacts and Office Locations
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.
© 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 the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
800 W. Main St.
Suite 1410
Boise, ID 83702
Boise OFFICE
Photo GALLERY
INVESTMENT ADVISORS
Jordan Skyles
Senior Director
Affordable Housing
ID License #SP42885
208.631.4981
jordan.skyles@berkadia.com
2229 San Felipe
Suite 1600
Houston, TX 77019
HOUSTON OFFICE
PROPERTY Stats
108
UNITS
2007
Built
100,908
sF
Senior Managing Director
Affordable Housing
ID License #DB36794
208.286.5013
jeff.irish@berkadia.com
Jeff Irish
Director
Affordable Housing
MT License #89005
425.761.1640
mike.terry@berkadia.com
Mike Terry
Senior LIHTC Property for ages 55+ with fantastic historical operations, as evidenced by a vacancy rate below 1% over the trailing-12 months
Terrific rental upside as the affordable units without tenant-based vouchers have a 7.7% loss to lease to the max net allowable rents in addition to the 22 unrestricted units at the property operating well below market comparables
The submarket has experienced strong rental growth with a 17% increase over the last 36 months, per Yardi
The property is located approximately 12 miles from Downtown Houston, Offering Residents a Variety of Entertainment and Employment Options
INVESTMENT HIGHLIGHTS
Managing Director
504.722.1999
chris.crump@berkadia.com
CHRIS CRUMP
MORTGAGE BANKING
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Senior Managing Director
504.458.1626
tim.leonhard@berkadia.com
TIM LEONHARD
Senior Managing Director
Multifamily
TX License #566750
713.469.4513
chris.curry@Berkadia.com
Chris Curry
Managing Director
Multifamily
TX License #630674
972.743.5742
chris.young@berkadia.com
Chris Young