THE OPPORTUNITY
Latitude 2976 is a newly renovated and successfully repositioned, garden-style community with proven value-add on its rent roll. It is a best-in-class asset and offers stabilized, consistent cash flow. Capital investment by current ownership substantially improved the community’s effective age, its tenancy, and addressed deferred maintenance.
Future owners can focus on value-add remaining by finishing unit upgrades, increasing rental rates, and increasing other income items to capture additional income.
• Modern leasing office/clubhouse
• Kitchen with coffee/tea bar
• Resident business center
• State of the art fitness center
• Four swimming pools
• Picnic areas with BBQ grills
• Children's playground
• Two leash free dog parks
• Pedestrian gate access to trails
• Amazon package lockers
• Five onsite clothes care centers
• Townhomes available
• Vaulted ceilings in select units
• Ceiling fans in bedrooms
• Six panel doors in select units
• Fireplaces in select units
• Built in bookshelves in select units
• Wood-style flooring in select units
• Resurfaced countertops in select units
• Washer/dryer connections
• Washer/dryer machines included in select units
• Private patios or balconies
the property
Visit Doc Center
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
Contact
Doc Center
Privacy
Terms of Use
The Location
Chris Pollard
Managing Director
Mortgage Banking
+1 (214) 360-3839
chris.pollard@berkadia.com
Michael Case
Financial Analyst
+1 (281) 224-7013
michael.case@berkadia.com
KYLE WHITNEY
Director
+1 (713) 724-1456
kyle.whitney@berkadia.com
JOEY RIPPEL
Managing Director
+1 (601) 919-5155
joey.rippel@berkadia.com
CHRIS young
Managing Director
+1 (972) 743-5742
chris.young@berkadia.com
JEFFREY SKIPWORTH
Managing Director
+1 (214) 533-3322
jeffrey.skipworth@berkadia.com
TODD MARIX
Senior Managing Director
+1 (713) 826-5979
todd.marix@berkadia.com
CHRIS CURRY
Senior Managing Director
+1 (713) 553-0151
chris.curry@berkadia.com
2229 San Felipe
Suite 1600
Houston, TX 77019
+1 (713) 974-1300
Berkadia.com
houston OFFICE
Investment Sales and Mortgage Banking
contact us
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 loan brokerage business in Nevada.
© 2023 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
community amenities
unit amenities
investment summary
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Occupied
Market
All Cash
1975/1976
32.37
734
780,229
1,063
$1,171
$1.11
93%
Key Demand Drivers
for Value Appreciation
$120K average household income
and $700K average housing price in area
Learn More...
Market Support
for Higher Rents
Best-in-class asset with amenities package comparable to newly built product
Learn More...
Revenue Growth Potential
for New Ownership
All units have been renovated since 2018 and there are two levels of interior renovations
Learn More...
All units have been renovated since 2018 and there are two levels of interior renovations
Opportunity to bring all units to same level of finishes and add hard surface countertops
Could extend wood-style plank floors throughout all living areas and bedroom areas
100% washer/dryer connections but machines only in 36% of units
Increase parking income by increasing fees on highly occupied garages and carports
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Close
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Best-in-class asset with amenities package comparable to newly built product
50% 2B/3B units including 64 townhomes and 15% of the 3B units in the submarket
No concessions at the property or at any of its peers
$537 rent gap with Class A product in submarket
$182 rent gap with Class B product in submarket
Limited new construction nearby
$120K average household income and $700K average housing price in area
Excellent area connectivity to shopping, schools, and employment with 239K jobs within five miles
Located in heart of an affluent residential enclave across from exclusive Lakeside Country Club and footsteps from 12 miles of hike and bike trails in Terry Hershey Park
investment highlights
community amenities
unit amenities
Opportunity
Location
Property
Contact
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 loan brokerage business in Nevada.
© 2023 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
2229 San Felipe
Suite 1600
Houston, TX 77019
+1 (713) 974-1300
Berkadia.com
houston OFFICE