the property
1007 Cypress Station Dr | Houston, TX 77090
1967
YEAR BUILT
The Opportunity
The Location
The Property
Contact
Doc Center
Privacy
Terms of Use
The Location
210
total units
93%
occupied
Community
gallery
Updated unit interiors in select units
9-foot ceilings
Vinyl wood flooring throughout on 1st floor
Carpeted living areas on 2nd and 3rd floors
Stainless steel appliances
Quartz or faux marble countertops
Tile backsplashes in select units
Framed bathroom mirrors in select units
Stackable or full-size washer and dryers
Private patios and balconies
Exterior storage closets in select units
apartment home amenities
Key Demand Drivers
for Value Appreciation
332K jobs within 10 miles, including Bush IAH (141K jobs, $1.4B expansion underway)
Learn More...
Market Support
for Higher Rents
34 renovated units (22% of unit mix) achieving $127+ average premiums
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Revenue Growth Potential
for New Ownership
Can upgrade 122 units or 78%
of unit mix
Learn More...
Can upgrade 122 units or 78% of unit mix
Can add private yards, patio coverings, and implement
valet trash to increase income
Can update and expand fitness area, update pool area,
and add dog park or playground to increase competitiveness
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34 renovated units (22% of unit mix) achieving
$127+ average premiums
7.4% higher rents on most recent leases
New and renovated comparable properties achieving
$167+ average higher rents
Top 10 submarket market in Houston for 2023 rent growth (4.7%, Axiometrics)
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332K jobs within 10 miles, including Bush IAH
(141K jobs, $1.4B expansion underway)
Less than one mile from a regional medical district
with 1M SF and 2K jobs
2.7M SF of retail within one mile,
including Kroger-anchored center
Healthy local economy driven by Grand Parkway expansion, health care industry growth, The Woodlands, and City Place (Global HQ for Exxon Mobil and HPE)
investment highlights
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Leased | Occupied
Market
All Cash
1999
5.84
156
136,512
875
$1,166
$1.30
84% | 79%*
Preserve at Cypress Creek is an attractive, low-density, garden style multifamily community offering immediate rental income upside with proven value-add on its rent roll and mark to market opportunities. The well-maintained, boutique community is well-positioned in a popular rental corridor of North Houston with convenient highway access and expedient commutes to multiple employment centers that are creating jobs and housing demand, including Bush IAH, City Place, and The Woodlands.
investment summary
Visit Doc Center
*There was a fire in Building 2. Affected units have been repaired, upgraded, and are leasing back up at higher rates.
THE OPPORTUNITY
apartment home
gallery
Modernized clubhouse and leasing office
Resident coffee bar
Business center
Fitness center
Swimming pool with fountain feature
Sundeck with lounge chairs
Grilling station with pergola
Mature landscaping and large greenspaces
Reserved parking spaces available
Carports and garages available
Gated with controlled access
community amenities
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.
© 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 www.berkadia.com/licensing.
Michael Case
Financial Analyst
+1 (281) 224-7013
michael.case@berkadia.com
CARL RASMUSSEN
Associate Director
Mortgage Banking
+1 (713) 469-4514
carl.rasmussen@berkadia.com
Cutt Ableson
Senior Managing Director
Mortgage Banking
+1 (713) 469-4503
cutt.ableson@berkadia.com
TUCKER FAMA
Financial Analyst
+1 (281) 923-3856
tucker.fama@berkadia.com
TODD MARIX
Senior Managing Director
+1 (713) 826-5979
todd.marix@berkadia.com
JEFFREY SKIPWORTH
Managing Director
+1 (214) 533-3322
jeffrey.skipworth@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
CHRIS CURRY
Senior Managing Director
+1 (713) 553-0151
chris.curry@berkadia.com
Houston, TX Office
2229 San Felipe, Suite 1600
Houston, TX 77019
+1 (713) 974-1300 | Berkadia.com
2229 San Felipe
Suite 1600
Houston, TX 77019
+1 (713) 974-1300
Berkadia.com
houston OFFICE
Investment Sales and Mortgage Banking
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