Lakebridge Townhomes

The Opportunity

The Location

The Property

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Revenue Growth Potential for New Ownership

Update classic units and partially updated units (white or black appliances, formica or resurfaced countertops, original or repainted cabinets) to fully renovated standards Remove popcorn ceiling textures, add ceiling fans to living areas, and add stainless steel appliances to all units Add washers and dryers to remaining units without them Add reserved or covered parking spaces Add and update community amenities to improve competitiveness Reposition with new, more visible signage and improved front gate access

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

kyle whitney Director(713) 724-1456kyle.whitney@berkadia.com TX CRE #658451

jed dalton Senior Financial Analyst(832) 314-5078jed.dalton@berkadia.com TX CRE #787068

joey rippel Managing Director(601) 919-5155joey.rippel@berkadia.com TX CRE #654288

chris young Managing Director(972) 743-5742chris.young@berkadia.com TX CRE #630674

jeffrey skipworth Managing Director(214) 533-3322jeffrey.skipworth@berkadia.com TX CRE #560404

chris curry Senior Managing Director(713) 553-0151chris.curry@berkadia.com TX CRE #566750

investment sales

houston, tx office 2229 San Felipe, Ste 1600 Houston, TX 77019(713) 974-1300 | Berkadia.com

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Price Terms Year Built Total Acreage Total Units Total SF Avg Unit SF Avg Rent/Unit Avg Rent/SF Occupied

Market All Cash 1984 3.479 94 134,286 1,429 $1,461 $1.02 91%

Lakebridge Townhomes is one of the only 100% two-story townhome communities in North Houston with attached garages for every townhome. This BTR-style asset is well-positioned next to expensive single-family neighborhoods. It is convenient to schools, lifestyle retail, health care, and major transportation corridors, which create consistent demand in the popular rental submarket. It is well-maintained with little deferred maintenance and is primed for interior value-add and repositioning under new ownership. Demographics, no threat of competitive new supply, and market trends all support healthy rent growth to increase future returns for investors.

investment highlights

Investment Summary

the location

the property

community gallery and amenities

Community Amenities

Leasing office with renovated model unit Open greenspaces and mature landscaping Central courtyard Gazebo picnic area with seating Children’s playground Enclosed dog park Perimeter fencing

tucker fama Financial Analyst(281) 923-3856tucker.fama@berkadia.com TX CRE #9002106

ESTEE IBÁÑEZ Senior Financial Analyst(713) 469-4512estee.ibanez@berkadia.com TX CRE #687201

community

townhomes

JOHNNY KING Director Mortgage Banking(713) 469-4502johnny.king@berkadia.com

CUTT ABLESON Senior Managing Director Mortgage Banking(713) 469-4503cutt.ableson@berkadia.com

*In select units

2218 Place Rebecca Lane Houston, TX 77090

CARL RASMUSSEN Associate Director Mortgage Banking(713) 469-4514carl.rasmussen@berkadia.com

Lender Original Loan Loan Term Origination Date Est Balance at Sale Interest Rate Amortization Amortization Date Maturity Date Fixed or Floating Prepayment Penalty

Fannie Mae $23,660,000 144 months 9/30/2020 $23,061,432* 3.05% 360 11/1/2023 10/1/2032 Fixed ($236,600)**

Loan Summary

* Assuming Jan 1, 2025 close. **As of Aug 5, 2024 with prepayment date of Jan 1, 2025.

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townhomes

lakebridge townhomes

the opportunity

$141 average premium achieved on in-place rents of renovated units 7.2% higher rents on most recent tradeouts 24% higher rents on a PSF basis of most relevant comps in area No new units under construction within three miles, and communities in lease-up are not townhome or BTR style 3% average annual rent growth projected for next three years by all major third parties

Market Support for Higher Rents

$92K average household income within one mile and $699K average home price in closest single-family neighborhood 38K jobs within 3 miles, 92K jobs within 5 miles, and 337K jobs within 10 miles Within 10-minute commute of I45, all zoned schools, and 10 million square feet of retail Nearby grocery options include Aldi, Food Town, Kroger, La Michoacana Meat Market, Sam’s Club, Target, and Walmart Within 10-minute commute of Northwest Houston Medical District (2K jobs) Houston is #1 metro for projected population and job growth (Moody’s Analytics)

Key Demand Drivers for Value Appreciation

Townhome Amenities

Updated interiors in select townhomes 100% 2B and 3B two-story townhomes with attached garages Two entrances to every townhome with a closed, protected option through the garage Wood-style flooring in select townhomes White or black appliances Formica, resurfaced, or granite countertops Fireplaces in select townhomes Washer and dryer connections Private balconies

Corby chaffin Managing Director Mortgage Banking(713) 469-4516corby.chaffin@berkadia.com