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kyle whitney
Senior Director (713) 724-1456 kyle.whitney@berkadia.com
TX CRE #658451
jed dalton
Senior Financial Analyst (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
investment sales
houston, tx office
2229 San Felipe, Ste 1600
Houston, TX 77019 (713) 974-1300 | Berkadia.com
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Attractive 3.72% Fixed Rate Loan with 6 Years Remaining, Followed by Variable Debt with 10 Years of Term
Lakewood is a garden-style multifamily community in the heart of a fast-growing Houston suburb with high barriers-to-entry. It has an attractive assumable loan in place and is primed for new ownership to complete interior renovations to yield increasing cash flows in a strengthening market. There are no new units under construction in job-rich, Texas City with its expanding base of health care and petrochemical jobs. This lack of new supply, coupled with healthy demand drivers, underscore long-term, above-market return potential for new ownership.
Lakewood can be purchased with 506 South, a complementary community in Southeast Houston for a portfolio execution. The properties are available together or separately.
investment highlights
the location
the property
tucker fama
Senior Financial Analyst (281) 923-3856 tucker.fama@berkadia.com
TX CRE #9002106
ESTEE IBÁÑEZ
Senior Financial Analyst (713) 469-4512 estee.ibanez@berkadia.com
TX CRE #687201
INVESTMENT SALES
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
2410 24th St N | Texas City, TX 77590
CARL RASMUSSEN
Associate Director
Mortgage Banking (713) 469-4514 carl.rasmussen@berkadia.com
Corby chaffin
Managing Director
Mortgage Banking (713) 469-4516 corby.chaffin@berkadia.com
the opportunity
community amenities
apartments/ UNITS
investment summary
Leasing office
Resident coffee/tea bar
Refreshing swimming pool
Poolside seating and sundeck
Wooden pergola with outdoor lounge seating
Onsite laundry facility
Open surface parking
Community Amenities
tucker knight
Managing Director
Mortgage Banking (713) 469-4515 tucker.knight@berkadia.com
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Leased | Occupied
Market
Loan Assumption*
1976
3.30
88
57,600
655
$980
$1.48
93% | 89%
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.
© 2025 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.
jed dalton
Associate Director
(832) 314-5078
jed.dalton@berkadia.com
TX CRE #787068
Cash Flowing, Strong Performing Asset
Revenue Growth Potential For New Ownership
Market Support For Higher Rents
Demand Drivers For Value Appreciation
Updated unit interiors in select units
8-foot ceilings
Tile laminate or wood-style flooring
White, almond, or stainless steel appliances
Carpeted bedrooms
Ceiling fans in bedrooms
Fenced patios on first floor
Unit Amenities
*Loan information is in the Doc Center
$500K+ invested by current ownership to address deferred maintenance, modernize and reposition the community, and upgrade select unit interiors
64% 1B and 36% 2B units, an attractive mix for workforce demographics
3% average higher rents on renewals
43% lower insurance rates on renewal in April (new policy to be assumed by buyer)
45% of units have classic finishes, including white or almond appliances
Can add quartz or granite countertops to 100% of units
Add washer and dryer connections and machines
Implement bulk wifi/cable agreement and valet trash service
Extend patios and add private yards to select first floor units
Add reserved or covered parking options
$70 average higher in place rents on renovated units
15 properties in Texas City averaging $100+ higher rents
$287 rent gap with renovated competitors
$414 rent gap with new construction in the submarket
Zoning restrictions in Texas City and surrounding municipalities
No units under construction within ten miles
3.1% average annual rent growth projected 2026 to 2027 (RealPage)
19% population growth in Texas City over the last five years
40K jobs within 10 miles, including the Texas City Refinery District (3K+ jobs)
$1.4B+ expansion underway at Marathon Oil’s Texas City Refinery, already the largest in the Houston metro
10 minutes from HCA Houston Healthcare Texas City (850 jobs) and College of the Mainland (300 jobs and 5K students)
15 minutes from Clear Lake (88K jobs) and Galveston (32K jobs)
Across from Godard Park (21 acres), within 10 minutes of all zoned schools, and only 30 minutes from Galveston beaches
Proximate to Mainland City Centre (750K SF), home to TEX, the largest entertainment center in Texas, the largest World Gym in the U.S., and a Restaurant Row
