1998 Built | 288 Units | Value-Add | Prime Infill Location
Houston, Texas
The Opportunity
Marquis on Westheimer is a well-maintained, 1998-vintage garden-style multifamily asset offered at an attractive low basis with meaningful value-add upside, driven by 85% unrenovated interiors and a proven rent premium already achieved in an existing upgrade program. Situated on a prime infill location along one of Houston’s most trafficked corridors, the property combines high visibility, walkability, and immediate access to major employment hubs in a supply-constrained submarket with no new construction underway within 3 miles. Nearly 20 years of continuous ownership under an institutional-quality owner has preserved the asset while deferring much of the interior renovation, giving new ownership a clear, executable roadmap to upgrade the remaining units, grow NOI, and position the property for a favorable exit supported by strong long-term demand.
Investment Summary
Investment Highlights
Exceptional Asset Quality — Long-Term Stewardship, Low Basis Entry
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Nearly 20 years of continuous ownership under only two total owners.
- 94% average occupancy over the last 10 years and 50% recent renewal rate provides consistent cash flow performance.
- High-value capital projects are complete or underway, including a full exterior repaint in 2026, limiting near-term capital needs.
- 67% 1B and 33% 2B units across only 3 floor plan variations reduce operational complexity and streamlines execution of an interior renovation program.
- All units feature 9-foot or vaulted ceilings, in-unit washers and dryers, ceiling fans in living areas and bedrooms, and private patios or balconies.
85% Value-Add Upside — Proven Rent Premiums, Executable Strategy
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Only 43 of 288 units have been fully upgraded, leaving 85% of the interior portfolio as an untapped value-add opportunity.
- The classic or lightly updated units comprising 85% of the unit mix include black or white appliances, formica or resurfaced countertops, and flat-face cabinets.
- Light updates from new flooring, countertops, and/or painted cabinets have yielded $15 to $50 premiums.
- Full renovation of 43 units with granite countertops, undermount sinks, stainless steel appliances, painted cabinets with pulls has yielded $90 premiums.
- Other income opportunities include adding Smart features to all units, adding a premium security system with a resident fee, adding a dog park, and increasing the $10 fee on reserved parking spaces.
Prime Infill Location — Supply-Constrained, Walkable, and Connected
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No new construction within 3 miles, creating a supply-constrained submarket that supports in-place occupancy and future rent growth.
- Walk Score of 74 (Very Walkable) versus a Houston average of 47, offering rare and true pedestrian environment in the market.
- 282 feet of direct Westheimer Road frontage provide exceptional visibility and convenient access along a major corridor with 66,780 vehicles per day.
- Central infill location between the Westpark Tollway, Sam Houston Tollway, and Loop 610 gives residents quick, multi-directional access to Central Houston and West Houston.
- 134K jobs within 3 miles, 369K jobs within 5 miles, and 1.1M jobs within 10 miles, including Galleria/Uptown District, Westchase District, and Energy Corridor within a 20-minute commute.
- Dense, infill setting near wealthy residential neighborhoods, exclusive private schools and a deep amenity base of retail, dining, and lifestyle offerings.
The Location
The Property
Community Amenities
Unit Amenities
Contact Us
BERKADIA HOUSTON
2229 San Felipe, St #1600
Houston, TX 77019
713.974-1300
Berkadia.com/commercial-real-estate-houston
Investment Sales
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
CHRIS YOUNG
Managing Director
972.743.5742
[email protected]
TX CRE #630674
JOEY RIPPEL
Managing Director
601.919.5155
[email protected]
TX CRE #654288
KYLE WHITNEY
Senior Director
713.724.1456
[email protected]
TX CRE #658451
JED DALTON
Associate Director
832.314.5078
[email protected]
TX CRE #787068
TUCKER FAMA
Associate Director
281.923.3856
tucker.fama@berkadia.com
TX CRE #9002106
CHRIS SHAEFFER
Financial Analyst
801.870.3358
[email protected]
TX CRE #842558
Mortgage Banking
CORBY CHAFFIN
Managing Director
713.469.4516
[email protected]
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