The Opportunity
The Co-Op at the Med Center is a 200-unit, garden-style multifamily community that offers investors the opportunity to capitalize on the Texas Medical Center (TMC)’s transformative growth.
Already the largest medical center in the world and with $3 billion in funded development consistently creating new jobs in the next three to five years, new ownership is well-positioned to capture increasing rents, as housing demand will continue to outpace supply in this high-growth corridor.
The property has been successfully renovated with best-in-class amenities, and major capex items have been addressed, while interior value-add opportunities remain for future upside. It also boasts a signature address on Main Street and a prime, walkable location next to Kroger. Residents are only minutes from NRG Park, METRORail, and TMC. The property’s proximity to Rice University, the Museum District, and Hermann Park further strengthens its appeal to renters and ensures long-term value appreciation.
Investment SUmmary
- Price
- Terms
- Built | Redeveloped
- Total Acreage
- Total Units
- Total SF
- Avg Unit SF
Investment Highlights
Heavy Lifting Completed and Proven Value-Add
- $3M capital infusion since 2018 to transform, modernize, and successfully reposition
the community - Diverse floor plan options include studios and townhomes with furnished units available
- Broad appeal to both short and long-term renter profile in TMC, including medical students, traveling nurses, and visitors
- Opportunity to complete updates to 95 units (47% of unit mix) by adding partitions to studios without them and mounted microwaves to units without them
- $25 to $75 rent premiums on the current rent roll for partitions and/or
mounted microwaves - Can add washer and dryer connections and install machines in all units
- Can add reserved parking spaces and can increase fee for private study areas, which are 100% rented
- Can continue to convert 1B Loft TH units to 2B TH units (+200 premiums yielded) and can convert studio unit currently used as maintenance office to a rentable unit
Market Support for Higher Rents
- 16 properties within one mile radius averaging $100+ higher rents
- $103 rent gap with average Class B rent in the submarket and $511 rent gap with average Class A rent in the submarket
- $249 rent gap with renovated comparables
- Only two high-rises totaling 824 units are under construction in the TMC
- 3% average annual rent growth projected 2026 to 2027 (CoStar)
Demand Drivers for Value Appreciation
- Valuable frontage on Main Street with visibility to 41K cars daily
- Outstanding connectivity to all of Central Houston via Main Street, the METRORail Red Line, the 610 Loop, and Hwy 288
- 79 Walk Score and 92 Bike Score, compared to Houston averages of 47 and 49
- Next door with gated access to Kroger and only five minutes from Target and Fiesta
- Walking distance to NRG Park (350 acres) home of NFL’s Houston Texans, the Houston Livestock Show and Rodeo and year-round entertainment
- Walking distance to more than 30 miles of public greenspace and hike and bike trails that run along Brays Bayou from West Houston through TMC to East Houston
- Walking and biking distance to TMC, the eighth largest business district in the U.S. with 50M square feet, 120K jobs, and 50K medical students
- 253K jobs in three miles, 466K jobs in five miles, and 1.1M in 10 miles
- $118K average household income within three miles and significant premium to own in surrounding neighborhoods
The Location
The Property
Community Amenities
Community Amenities
- Clubhouse with coffee bar
- Fitness center
- Private study rooms available
- Package room
- Swimming pool with sundeck and heated spa
- Grilling stations
- Basketball court
- Sand volleyball court
- Bark park
- Clothes care center
- Open surface parking
- Perimeter fencing with controlled access
Unit Amenities
Unit Amenities
- Studios and townhomes available
- 8-ft ceilings
- Faux wood floors in living rooms
- Faux wood blinds
- Wood burning fireplaces in select units
- Granite or faux granite countertops
- Almond, black, or stainless steel appliances
- Microwaves in select units
- Kitchen pantries
- Framed bathroom mirrors in select units
- Enclosed showers in select bathrooms
- Patios in select units
Contact Us
HOUSTON, TX OFFICE
2229 San Felipe, Ste 1600
Houston, TX 77019
713.974.1300 | Berkadia.com
Investment Sales & Mortgage Banking
JOEY RIPPEL
Managing Director
+1 601.919.5155
[email protected]
TX CRE #654288
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
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
ESTEE IBÁÑEZ
Senior Financial Analyst
(713) 469-4512
[email protected]
TX CRE #687201
CUTT ABLESON
Senior Managing Director
Mortgage Banking
(713) 469-4503
[email protected]
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