7200 Almeda Rd, Houston, TX 77054
The Opportunity
Helix at Med Center is a garden-style multifamily community with a demonstrated value-add profile, ideally positioned within Houston’s premier medical, life-science, and healthcare employment corridor. The Property benefits from immediate access to the Texas Medical Center (“TMC”), the world’s largest medical complex and the eighth-largest business district in the United States with approximately 120,000 employees and more than $3 billion in construction underway.
TMC’s continued expansion, including the nearby TMC Helix Park and Hines’ Levit Green developments, should drive sustained demand from the area’s growing base of healthcare, research, academic, and life-science professionals. With limited new supply in the immediate area, Helix at Med Center represents a differentiated opportunity to acquire an established, low-density, garden-style community serving TMC’s expanding employment ecosystem while offering a more spacious and attainable alternative to newer high-rise product closer to the TMC core.
Investment Summary
Investment Highlights
Cash-Flowing, Strong-Performing Asset
- Originally developed by Sueba, known for high-quality construction, timeless design, and extensively landscaped community environments.
- Above-market unit sizes with in-unit washers and dryers and covered parking available to all residents.
- Best-in-class amenities package, including shuttle service to the Texas Medical Center (TMC).
- Maintained 93% average occupancy over last five years, demonstrating resilient performance through varying market conditions.
- Current ownership has improved curb appeal and amenities, creating a strong platform for the next owner to execute a revenue-growth strategy.
Revenue Growth Potential for New Ownership
- Significant remaining value-add opportunity to create a more consistent, modern interior finish standard across all units.
- 28 classic units feature white tile flooring in wet areas, carpeted living areas, original cabinetry, and Formica countertops.
- 186 units feature brown vinyl flooring in living and wet areas, carpeted living areas on second and third floors, and dark granite countertops.
- 10 units have been upgraded with grey vinyl flooring, quartz countertops, and shakerstyle cabinetry, providing a proven design direction for a broader renovation program.
- A cohesive upgrade program, including stainless-steel appliance packages, modern cabinet treatments, upgraded lighting and plumbing fixtures, and refreshed flooring, could drive additional rent growth.
- Additional ancillary-income potential includes implementing a bulk cable/wifi contract, adding package lockers, and updating common areas, which can improve convenience, competitiveness, and resident retention.
Market Support for Higher Rents
- Leasing trends demonstrate tangible pricing momentum with 5.6% average increase on 89 lease renewals year-to-date.
- The highest level of unit updates has achieved an average $174 premium to in-place rents on classic units, demonstrating resident willingness to pay for an enhanced product.
- $213 average higher rents at renovated rent comparables, supporting a markto- market and renovation-driven revenue-growth opportunity.
- Only ten other 1990s vintage assets in the submarket and seven have been renovated since 2019.
- New supply remains limited in the submarket with only two high-rise projects in the pipeline.
Key Demand Drivers For Value Appreciation
- Next to TMC, the eighth-largest business district in the U.S. with 50M square feet, 120K jobs, and 20K medical students.
- Central positioning between TMC Helix Park and Hines’ Levit Green, placing Helix at Med Center near two of Houston’s most important life-science-oriented mixed-use developments.
- Strong connectivity throughout Central Houston via the 610 Loop, Highway 288, and the METRORail Red Line.
- Convenient access to area grocery stores, Hermann Park (445 acres), and NRG Park (350 acres), home of the NFL’s Houston Texans.
The Location
PHOTO GALLERY
Contact Us
BERKADIA HOUSTON
2229 San Felipe , St #1600
Houston, TX 77019
713.974-1300
Berkadia.com/commercial-real-estate-houston
Investment Sales
CHRIS YOUNG
Managing Director
972.743-5742
[email protected]
TX CRE #630674
CHRIS CURRY
Senior Managing Director
713.553-0151
[email protected]
TX CRE #566750
JEFFREY SKIPWORTH
Managing Director
214.533-3322
[email protected]
TX CRE #560404
JOEY RIPPEL
Managing Director
601.919-5155
[email protected]
TX CRE #654288
KYLE WHITNEY
Senior Director
713.724-1456
[email protected]
TX CRE #658451
TUCKER FAMA
Associate Director
281.923-3856
tucker.fama@berkadia.com
TX CRE #9002106
JACK NEVIL
Financial Analyst
832.457.9734
[email protected]
TX CRE #838490
Mortgage Banking
NICK MURPHY
Senior Director
346.772.2067
[email protected]
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