Updated unit interiors in select units
8-foot ceilings
Tile flooring in select units
Vinyl wood plank flooring in select units
White or black appliances
Resurfaced countertops in select units
Pass through-kitchen bars in select units
Ceiling fans in bedrooms
Carpeted bedrooms
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.
contact us
MITCH SINBERG
Senior Managing Director
Mortgage Banking (561) 609-4006 mitch.sinberg@berkadia.com
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
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 and mortgage banking
houston, tx office
2229 San Felipe, Ste 1600
Houston, TX 77019 (713) 974-1300 | Berkadia.com
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8501 Broadway St. | Houston, TX 77061
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Occupied
Market
All Cash
1976
8.92
328
228,782
698
$720
$1.03
90%
The Plaza at Hobby Airport is a garden-style multifamily asset with substantial value-add potential. The close-in community is only nine miles southeast of Downtown Houston in a prototypical workforce housing neighborhood with abundant jobs and little new supply. The attractive, New Orleans-inspired asset is primed for new ownership to update and reposition the community, fully supported by higher rents at comparables and attractive rent growth projected by third parties.
THE OPPORTUNITY
investment highlights
investment summary
the location
the property
unit gallery and amenities
community gallery and amenities
unit amenities
community amenities
New Orleans-inspired aesthetic
Leasing office
Swimming pool with sun deck
Children’s playground
Charcoal grilling areas with tables
Laundry facility
Mature landscaping and open greenspaces
Open surface parking
Perimeter fencing and controlled access
tucker fama
Financial Analyst (281) 923-3856 tucker.fama@berkadia.com
TX CRE #9002106
community
apartment homes
MATTHEW ROBBINS
Managing Director
Mortgage Banking (561) 609-4008 matthew.robbins@berkadia.com
$3.1MM+ capital infusion by current and previous ownership to update exteriors and address deferred
New water conversation program already yielding 45% monthly savings on utilities
100% value-add opportunity for all unit interiors
Can update appliances, countertops, cabinetry, flooring, hardware and fixtures
Can implement valet trash and reserved parking, both of which are available at comps
Can implement a bulk cable/internet contract
26 properties within three miles that average $150+higher average rents
3% average rent growth for 2025 to 2026 projected by Axiometrics/Real Page and CoStar and 4% projected by Yardi Matrix
676K jobs within 10 miles, including Downtown Houston
5 minutes north of Hobby Airport (36K jobs and $5.8B local economic impact)
The Opportunity
The Location
The Property
Contact
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Privacy
Terms of Use
The Plaza at Hobby Airport
$470MM expansion of Hobby Airport underway
Minutes from Interstate 45 and walkable to Metro bus stops
Abundant lifestyle amenities close-by including schools and grocery options
BACK TO TOP
The Opportunity
The Location
The Property
Contact
Doc Center
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 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.
houston, tx office
2229 San Felipe, Ste 1600
Houston, TX 77019 (713) 974-1300 | Berkadia.com