The Opportunity
The Location
The Property
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Significant Opportunity to Increase Income
$4.7MM ($15K/unit) in capital improvements completed by current owner plus an additional $1MM ($3K/unit) by previous owner
All major capital expenditures and deferred maintenance have been addressed, allowing new ownership to fully focus on increasing rental income
$150 premiums on renovated units that have black appliances and granite countertops
169 units (55% of unit mix) available to renovate
Stainless steel appliances could be added to all units for an additional premium
Valet trash and reserved parking can be added to increase other income
Repurpose underutilized community spaces and charge a new community fee
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) 724-1456 kyle.whitney@berkadia.com
TX CRE #658451
jed dalton
Senior Financial Analyst (832) 314-5078 jed.dalton@berkadia.com
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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3500 Red Bluff Rd | Pasadena, TX 77503
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Leased | Occupied
Market
All Cash
1969
11.86
308
278,520
904
$1,047
$1.16
90% | 86%
The Life at Beverly Palms is a two-story, garden-style multifamily community in a high barriers-to-entry suburb of Southeast Houston. The submarket is projected to lead the Houston metro in rent growth in 2024 due to limited supply and a healthy local economy.
In addition to favorable market trends and compelling rent gaps with renovated peers, proven premiums on updated units at the property further illustrate potential for substantial rental income gains under new ownership.
THE OPPORTUNITY
investment highlights
Investment Summary
the location
the property
community gallery and amenities
Community Amenities
Leasing office/clubhouse
Resident kitchen in clubroom
Resident business center
Two swimming pools
Trellised picnic area with grilling station
Playground
Two laundry centers
Open surface parking
Laundry facility on-site
Perimeter fencing and controlled access
tucker fama
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
community
apartment homes
Unit Amenities
Updated unit interiors in select units
8-foot ceilings
Vinyl wood plank flooring in select units
White or black appliances
Formica or granite countertops
New or resurfaced cabinet doors
Updated hardware and lighting in select units
Ceiling fans in bedrooms
Carpeted bedrooms
Walk-in closets
$334 rent gap with closest renovated peer
$734 rent gap with newest community in submarket
#1 ranked submarket for 2024 rent growth (5.6%) in Houston Metro by Yardi Matrix
#3 ranked submarket for 2025 to 2027 rent growth (4.1% annual average)
Zoning restrictions limit new multifamily supply in submarket
Only one property in lease-up within three miles with no other units underway or planned
Abundant Support for Higher Rents
Quick accessibility to/from the Sam Houston Tollway/Beltway 8
Walking distance to 3 zoned schools in Pasadena ISD
266K jobs within 10 miles, including the Port of Houston/Houston Ship Channel
Within 10 minutes of all major local employers including San Jacinto College (2K jobs), Shell Deer Park (1.5K jobs), Pemex Deer Park (1.5K jobs), and Lubrizol (1.2K jobs)
Key Drivers for Consistent Traffic and Cash Flow
contact us
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