Cortland Med Center is an institutionally owned and operated multifamily asset advantageously located near the Texas Medical Center, the largest medical complex in the world. The low-density, early 2000s vintage, garden-style community on 15 acres cannot be duplicated in the market today. It is available below replacement cost with minimal deferred maintenance, best-in-class finishes, and rent gaps with competitors that new ownership can bridge. Well-positioned in the path of impressive growth, its location offers the best new job creation opportunities in Houston’s urban core, in conjunction with a growing supply/demand deficit, which paves the way for long-term above-market performance.
the property
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201 Wilcrest Dr, Houston, TX 77042
Latitude 2976
734
TOTAL UNITS
1975/1976
YEAR BUILT
1,063
AVG UNIT SF
The Opportunity
The Location
The Property
Contact
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Privacy
Terms of Use
The Location
address
Price
Terms
Year Built | renovated
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Occupied
Market
All Cash
2004 | 2019
15.47
344
283,737
825
$1,500
$1.81
94%
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Market Support
for Higher Rents
Average effective rents are
$200 below rent comparables
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Cash Flowing, Strong
Performing Asset
Averaged 94% occupancy for the last 24 months
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Averaged 94% occupancy for the last 24 months
$6.9 million capital infusion from Cortland, a best-in-class, institutional owner-operator, that fully modernized and repositioned the community
Little to no deferred maintenance remaining for new ownership
Unit mix is designed to appeal to urban renters, young professionals, and students with 56% 1B units and roommate-friendly 2B and 3B floor plans
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investment highlights
THE OPPORTUNITY
investment summary
9111 Lakes at 610 Dr
Houston, TX 77054
Updated Unit Interiors Available in Select Units
Towhomes Available
Open Concept Floor Plans
8-Foot and Vaulted Ceilings
Ceiling Fans
Black or Stainless Steel Appliances
Washer/Dryer Connections in Select Units
Washer/Dryers Included in Select Units
Private Patios or Balconies
Private Yards in Select Units
apartment home amenities
Modernized Leasing Office/Clubhouse
Business Center
Fully-Equipped Fitness Center
Resort-Style Swimming Pool
Trellised Outdoor Kitchen with Gas Grills
Picnic Pavilion with BBQ Grills
Children’s Playgound
Package Lockers
Clothing Care Centers
Beautifully Landscaped
community amenities
Community common areas
community amenities
Updated Unit Interiors Available in Select Units
Towhomes Available
Open Concept Floor Plans
8-Foot and Vaulted Ceilings
Ceiling Fans
Black or Stainless Steel Appliances
Washer/Dryer Connections in Select Units
Washer/Dryers Included in Select Units
Private Patios or Balconies
Private Yards in Select Units
apartment home amenities
community amenities
Community amenities
Community common areas
Community common areas
One, two, and three bedroom units available
Two-story townhomes available
9’ ceilings with crown molding
Entry closets*
2-inch faux wood blinds
Bay windows*
Ceiling fans in living areas and bedrooms
Wood-style flooring in entries, living areas, and wet areas*
Carpeted living areas*
Built-in bookshelves*
Built-in desks
Digital programmable thermostats
Den/study*
Custom-designed gourmet kitchens
Kitchen islands*
Breakfast bar
Kitchen pantries
Energy-efficient stainless steel appliances
Side-by-side refrigerators*
Granite countertops
Designer hardware and tile backsplashes
Soft-close shaker-style cabinets
and drawers with bronze pulls
Under-cabinet lighting
USB integrated outlets
Gooseneck faucet with undermount
dual-basin kitchen sinks
Updated plumbing fixtures
and lighting packages
Carpeted bedrooms
Generous walk-in closets
Framed bathroom mirrors
Double sink vanities*
Deep soaking bathtubs with curved shower rods
Full-size washer and dryer sets
Private patios or balconies
with exterior storage
apartment home amenities
In select units*
CUTT ABLESON
Senior Managing Director
Mortgage Banking
+1 (713) 469-4503
cutt.ableson@berkadia.com
Michael Case
Financial Analyst
+1 (281) 224-7013
michael.case@berkadia.com
CARL RASMUSSEN
Associate Director
Mortgage Banking
+1 (713) 469-4514
carl.rasmussen@berkadia.com
TUCKER FAMA
Financial Analyst
+1 (281) 923-3856
tucker.fama@berkadia.com
TODD MARIX
Senior Managing Director
+1 (713) 826-5979
todd.marix@berkadia.com
JEFFREY SKIPWORTH
Managing Director
+1 (214) 533-3322
jeffrey.skipworth@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
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
contact us
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.
Key Demand Drivers
for Value Appreciation
Less than ten minutes from the Texas Medical Center (TMC), the 8th largest business district in the U.S.
Average effective rents are $200 below rent comparables
No communities in lease-up and 2 high-rises under construction in the submarket
3%-4% rent growth projected in 2025 and 2026
Projected demand for 5K+ new units in submarket due to new development
Less than ten minutes from the Texas Medical Center (TMC), the 8th largest business district in the U.S. with 50MM SF and 120K employees
$3B+ in new projects underway in the TMC, projected to create upwards of 40K+ new jobs
Less than ten minutes from NRG Park, a 350-acre sports and entertainment complex that hosts 500 events annually and includes Houston’s NFL stadium
Less than ten minutes from five TMC Med Schools
and Rice University (50K+ students cumulatively)
Houston, TX Office
2229 San Felipe, Suite 1600
Houston, TX 77019
+1 (713) 974-1300 | Berkadia.com
Modernized Leasing Office/Clubhouse
Business Center
Fully-Equipped Fitness Center
Resort-Style Swimming Pool
Trellised Outdoor Kitchen with Gas Grills
Picnic Pavilion with BBQ Grills
Children’s Playgound
Package Lockers
Clothing Care Centers
Beautifully Landscaped
community amenities
apartment home features
One, two and three bedrooms available
9’ ceiling with crown molding
Vaulted ceilings*
Entry closets*
2-inch faux wood blinds
Bay windows*
Ceiling fans in living areas
and bedrooms
Wood-style flooring in entries,
living areas, and wet areas on 1st floor
Carpeted living areas on
2nd and 3rd floors
Digital programmable thermostats
Den/Study*
Custom-designed gourmet kitchens
Kitchen pantries
Energy-efficient stainless steel appliances
Side-by-side refrigerators
Granite countertops
Designer tile backsplashes
Soft-close cabinetry and drawers
with oil-rubbed bronze hardware
Under-cabinet lighting
USB integrated outlets
Gooseneck faucet with undermount
dual-basin kitchen sinks
Updated plumbing fixtures
and lighting packages
Carpeted bedrooms
Spacious walk-in closets
Framed bathroom mirrors
Double sink vanities*
Deep-soaking bathtubs
with curved shower rods
Full-size washer and dryer sets
Private patios or balconies
with exterior storage
In-home alarm system available
New resident clubhouse with Wi-Fi
Business center with 3 desktop computers and Wi-Fi
Resident lounge and workspace
with Wi-Fi and billiards
Cyber café with gourmet coffee bar
State of the art fitness center
with peloton bikes
Resort-style pool with sun deck
Outdoor kitchen with a pergola,
4 gas grills, and seating
Outdoor resident lounge
24/7 package lockers
Leash-free bark park
Scenic nature trails on-site
Garages available
Covered parking available
Storage units available
Valet trash service
Gated, limited-access community
Tucker Knight
Senior Managing Director
Mortgage Banking
+1 (713) 469-4515
tucker.knight@berkadia.com