Cortland Vizcaya is an institutionally owned and operated multifamily asset in fast-growing West Houston, offering value-add returns to investors. The early 2000s vintage, low-density community with surface parking is available below replacement cost. The majority of units feature original finishes, and updated units yield $168 average premiums. Rent growth is driven by area demographics, zoning to A-rated schools in Houston’s #1 school district, and proximity to the Texas Medical Center West Campus ($1B campus with 3.2K jobs).
the property
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
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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
14.02
312
310,764
996
$1,473
$1.49
96%
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Market Support
for Higher Rents
$116 (1B) to $252 (2B) average premiums on in-place rents for updated units
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Revenue Growth Potential for New Ownership
67% of units feature original finishes, including black appliances
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67% of units feature original finishes, including black appliances
All 2nd and 3rd floor units have carpeted living areas
Can add private yards to select first floor units
Can add integrated Smart Home features with app compatibility
Can implement an amenity fee and increase rentable item fees
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investment highlights
THE OPPORTUNITY
investment summary
18108 S Park View Dr, Houston, TX 77084
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 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
Key Demand Drivers
for Value Appreciation
Zoned to nearby A-rated schools in Katy ISD, the #1 school district in the Houston metro
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
Clubhouse with social areas, fireplace, coffee bar, and demonstration kitchen
Resident lounge with billiards, conference room, and TV
State of the art fitness center with Peloton bikes
Package locker room with parcel lockers
Resort-style swimming pool
Poolside grilling area with gas grills
Picnic area with gas grill
Outdoor exercise station
Leash-free bark park
Valet trash service
Surface parking, carports, and detached garages
Storage units available
Perimeter fencing and controlled access
Proximity to scenic local parks and nature trails
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Center
$116 (1B) to $252 (2B) average premiums on in-place rents for updated units
4.3% higher rents on renewals over the last 30 days
$145 average rent gap with rent comparables
No concessions and 95% average occupancy for stabilized area peers
Significantly larger units and lower density than newly constructed product
Substantial drop-off will occur in new supply pipeline this year
3% average rent growth projected in submarket in 2025 and 2026
Zoned to nearby A-rated schools in Katy ISD, the #1 school district in the Houston metro
Walking and biking distance to Cullen Park, one of the largest urban parks in nation
Exposure to 35K cars daily on Barker Cypress Rd and excellent accessibility to I10
82K jobs within five-mile radius and 410K jobs within ten-mile radius, including the Texas Medical Center West Campus and Energy Corridor
Community common areas
Community common areas
apartment home features
Updated unit interiors*
Lakeside views*
9’ ceilings*
Vaulted ceilings*
Sunrooms*
Built-in desks*
Nest thermostats*
Carpeted living areas*
Wood-style flooring
Black or stainless steel appliances
Side-by-side refrigerators*
Granite countertops
Tiled backsplashes
Kitchen pantries
Ceiling fans
Large, walk-in closets
Garden bath tubs
Full-size washers and dryers
Personal patios and balconies
*In select units
unit amenities
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
jed dalton
Senior Financial Analyst (832) 314-5078 jed.dalton@berkadia.com
TX CRE #787068
ESTEE IBÁÑEZ
Senior Financial Analyst (713) 469-4512 estee.ibanez@berkadia.com
TX CRE #687201
tucker fama
Financial Analyst (281) 923-3856 tucker.fama@berkadia.com
TX CRE #9002106
kyle whitney
Director (713) 724-1456 kyle.whitney@berkadia.com
TX CRE #658451
joey rippel
Managing Director (601) 919-5155 joey.rippel@berkadia.com
TX CRE #654288
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
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
contact us
The Opportunity
The Location
The Property
Contact
Doc Center
Privacy
Terms of Use
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.
houston, tx office
2229 San Felipe, Ste 1600
Houston, TX 77019 (713) 974-1300 | Berkadia.com