Modera Garden Oaks

The Opportunity

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Modera Garden Oaks is a newly constructed and stabilized, best-in-class, mid-rise multifamily community in central Houston. Available below replacement cost, it offers investors a unique opportunity to enter one of Houston’s fastest-appreciating and most supply-constrained neighborhoods at the early stages of its transformation. Located just north of Houston Heights and only five miles from Downtown Houston, this modern, amenity-rich community is positioned within Garden Oaks, a historic residential enclave experiencing rapid gentrification and record home price growth. With strict deed restrictions in Garden Oaks limiting future competition, exceptional connectivity to Houston’s key employment and lifestyle districts, and a high-quality tenant base, Modera Garden Oaks is primed to deliver strong returns as the area matures and demand for multifamily continues to rise.

investment highlights

the location

the property

investment summary

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

the opportunity

community amenities

apartment homes

Market All Cash 2024 3.31 327 292,024 893 $1,829 $2.05 95% | 93%

COMMUNITY amenities

641 W Crosstimbers StHouston, TX 77018

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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.

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

jed dalton Associate Director(832) 314-5078jed.dalton@berkadia.com TX CRE #787068

ESTEE IBÁÑEZ AVP, Financial Analysis(713) 469-4512estee.ibanez@berkadia.com TX CRE #687201

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

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

CHRIS POLLARD Managing Director Mortgage Banking (214) 360-3839chris.pollard@berkadia.com

JASON RICE Senior Managing Director Mortgage Banking (214) 360-3811 jason.rice@berkadia.com

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

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

CORBY CHAFFIN Managing Director, Mortgage Banking(713) 459-4516corby.chaffin@berkadia.com

jeff irish Senior Managing Director+1 (208) 296-2076 jeff.irish@berkadia.com

brandon grisham Senior Managing Director+1 (253) 653-3313 brandon.grisham@berkadia.com

JORDAN SKYLES Director +1 (208) 631-4981 jordan.skyles@berkadia.com

Affordable Housing

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 and Mortgage Banking

Clubhouse overlooking pool deck Resident social areas with coffee bar and games Private conference rooms with TVs Coworking space with conference room Creative podcasting studio HIIT-inspired fitness studio with TRX station and Echelon Fitness smart mirror pods Theater room with large projection screen Luxor package lockers with cold storage Resort-style pool with ledge and trellis Outdoor kitchen area with 2 grills and TV Courtyard with fire pit, lawn games, and grills Dog run with cleaning station Dedicated bicycle storage area Controlled access garage entry with ButterflyMX system EV Charging stations available Storage spaces available

unit amenities

10’ ceilings Smart home tech packages with keyless entry Two interior color schemes available Vinyl wood flooring in living and wet areas Quartz countertops Kitchen islands Custom 42-inch cabinetry with under cabinet lighting ENERGY STAR stainless steel appliances Chrome Symmons kitchen faucet with pull down spray heads Sliding barn door den/study spaces in select units Carpeted bedrooms with ceiling fans Designer bathrooms with backlit mirrors Garden style soaking tubs with curved shower rods Stand up showers in select units Full-size or stackable washers and dryers Private patios or balconies Private yards available in select units

Rapid Lease-Up Testament to pent-up demand for Class A multifamily in this location, Modera Garden Oaks stabilized in just 14 months, averaging 24 move-ins a month during its lease-up.

First-to-Market Amenities Premium amenities that appeal to today’s renters include a podcast studio, coworking spaces, fitness studio with private workout pods, and self-serve package lockers with cold storage.

Impressive Renewals Up to 16% increases on the first renewals of second-generation leases this year.

Strong Resident Demographics Attracting a high-quality, young professional tenant base with an average age of 31, average household income of $136K, and a 17% rent-to-income ratio, further underscoring opportunities to increase rents on renewals.

Other Income Growth Can boost Other Income with monthly amenity fees and reserved parking.

Central Location Positioned within one mile of the 610 Loop and I-45, offering residents quick access to The Heights, Downtown, and Uptown/Galleria.

Lifestyle Amenities Surrounded by new restaurants, bars, and retail in Garden Oaks and within 15 minutes of Houston’s top parks, cultural attractions, and professional sports stadiums.

Local Gentrification Garden Oaks is ranked #5 in Houston for 10-year land appreciation, with home prices up 19% year-over-year and 90% over the past decade.

Significant Premium to Own $1.2M average home prices in Garden Oaks and $1M+ in adjacent neighborhoods.

Barriers-to-Entry Strict deed restrictions in Garden Oaks and adjacent neighborhoods, preserving long-term value and limiting future competition.

Substantial Drop in New Multifamily Supply 88% YoY decrease in Heights submarket and 51% YoY decrease overall in Houston will allow new ownership to turn second generation leases in strengthening market conditions.