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kyle whitney
Senior Director (713) 724-1456 kyle.whitney@berkadia.com
TX CRE #658451
jed dalton
Associate Director (832) 314-5078 jed.dalton@berkadia.com
TX CRE #787068
joey rippel
Managing Director (601) 919-5155 joey.rippel@berkadia.com
TX CRE #654288
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
houston, tx office
2229 San Felipe, Ste 1600
Houston, TX 77019 (713) 974-1300 | Berkadia.com
The Location
tucker fama
Senior Financial Analyst (281) 923-3856 tucker.fama@berkadia.com
TX CRE #9002106
ESTEE IBÁÑEZ
AVP, Financial Analysis (713) 469-4512 estee.ibanez@berkadia.com
TX CRE #687201
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
CARL RASMUSSEN
Associate Director
Mortgage Banking (713) 469-4514 carl.rasmussen@berkadia.com
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Occupied
Market
All Cash
1963
1.85
103
101,010
981
$1,336
$1.37
94%
Greenway Court offers the rare opportunity to acquire 103 units in one of Houston’s most walkable and affluent urban neighborhoods. This is an exceptionally well-maintained asset by a 17-year ownership group with no major capital expenditure required and updates needed in all units. It is next door to a Costco-anchored shopping center with convenient connectivity to Houston’s largest employment centers and world-class lifestyle amenities. The permanency of the location, combined with the revenue growth potential and exit flexibility, make it a highly attractive investment.
The Opportunity
VISIT DOC CENTER
Investment Summary
Investment Highlights
Community
The Property
apartment units
Community Amenities
Investment Sales and Mortgage Banking
VISIT DOC CENTER
CHRIS POLLARD
Managing Director
Mortgage Banking
(214) 360-3839 chris.pollard@berkadia.com
JASON RICE
Senior Managing Director
Mortgage Banking
(214) 360-3811
jason.rice@berkadia.com
3411 Cummins St | Houston, TX 77027
Leasing office with coffee bar
Swimming pool with poolside loungers
Poolside pergola with picnic table
Courtyard pergola with stainless steel grilling station and outdoor dining table
Unit Amenities
White, black, or stainless steel appliances
Ceiling fans in living areas and bedrooms
Washer/dryer connections in select units
Washer/dryer machines available
Updated unit interiors in select units
Townhomes with private patios available
8-foot or vaulted ceilings
Carpeted floors throughout in select units
Tile or wood-style flooring in wet areas
Zen courtyard with seating areas
Community clothes care center
Pet-friendly courtyard
Underground parking
Higher Rents at Renovated Comparables: $241 higher average rents at renovated rent comparables.
Diminishing Comparable Supply: Class BC product comprised 70% of Houston’s urban supply 12 years ago; now, it is only 42%.
Limited New Multifamily Supply: Only 2 high-rises under construction and a micro-living, all studio property in lease-up in the submarket.
Impressive Walkability: 83 Walk Score compared to 47 Houston average. Next door to a Costco-anchored 268K power retail center. Neighborhood is ranked #4 Most Walkable in Houston.
New Development: The RO, a 17-acre mixed-use development underway less than one mile from the property will add another town center and additional amenities to enhance area livability.
Affluent Demographics: Positioned near Houston’s wealthiest neighborhoods with price points above $1MM and an $139K average household income within one mile.
Connectivity to Jobs: 646K jobs within five miles and 1.2M jobs within ten miles.
Excellent Condition: Ownership in place since 2008 with no major capex needed, consistent occupancy, and a great online reputation in market (4.6 average rating on Google).
Floor Plan Diversity: 17% of units are townhomes and 75% of unit mix is 2B or 3B, a rarity in this vintage in Houston’s urban core – enabling an average 981 square foot unit at the property.
Exit Flexibility: Collect increasing cash flows while evaluating redevelopment opportunities for the 1.85-acre site with ingress and egress on both Cummins St and Timmons Ln.
100% Interior Value-Add Opportunity: All 103 units can be updated with newer finishes. Only one unit has granite countertops.
Further Boost Rental Income: Can add washer/dryer connections and machines to 88 units (85% of unit mix).
Increase Other Income: Can implement a bulk cable/internet contract and valet trash.
Large Rent Gaps with New Construction: $596 higher average rents in 27 newer, stabilized properties within one mile.
