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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.
© 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.
Reached stabilization in only nine months after first units delivered, averaging 26 leases per month during Spring and Summer leasing seasons
the opportunity
Impressive Lease-Up
$154K average household income and 44% are older than 30
Ideal Resident Profile
Market rents have increased 11% since last January
Rent Momentum
Lease turnover starts in April and averages $100+ variances with current rents
Mark-to-Market Opportunity
on 2nd Generation Leases
Limited direct competition, few sites for development, and a difficult location to implement infrastructure for public utilities
Barriers-to-Entry
First new community visible on Huffmeister Rd (exposure to 18K cars daily) when driving north from Cypress North Houston Rd
Prime Visibility
106K jobs within five-mile radius and 321K within ten miles
Job Rich Location
Major employers within five miles include Chevron and four hospital systems - CHI St. Luke’s, HCA, Houston Methodist, and Memorial Hermann
High Wage Energy and Medical Employers
Home prices average $532K in Cypress
154% Premium to Own
Zoned to Cy-Fair ISD, #1 school district for athletes in the Houston metro and #2 school district overall in Harris County
Top-Ranked Schools
occupied
93%
Mkt Rent/SF
$1.76
Mkt Rent/Unit
$1,588
avg unit sf
900
total sf
216,048
total units
240
total acreage
8.33
year completed
2023
terms
all cash
price
market
Prose Cypress Creek is a newly built garden-style apartment community available below replacement cost. It is positioned in the high-growth Cypress suburb of Northwest Houston with barriers-to-entry for new apartment development. Developed by Alliance Residential, the Prose brand is a cost-efficient product, offering top-tier construction, four floor plans with modern finishes, and practical amenities at a price point that is accessible to a wide range of residents.
The rapid lease-up of Prose Cypress Creek is a testament to the success of this strategy and need for this product in this location. Only two other new conventional properties have come online within a two-mile radius over the last 20 years. Prose Cypress Creek’s impressive tenant profile, mark-to-market rent growth potential, and strong area demand drivers support long-term, above-market performance for new ownership.
investment summary
12202 Huffmeister Rd Cypress, TX 77429
Modern resident clubhouse with Wi-Fi
Resident amenity space with gaming room and catering kitchen
Co-working space with printer available
Fitness center featuring cardio and free weights
Sparkling pool with outdoor grill area
Poolside sundeck with ample seating
Outdoor yard games with cornhole
Spacious dog park with agility equipment
Playground
Package locker room
Covered parking available
Valet trash service
Gated, limited-access community
Zoned to highly-rated Cypress-Fairbanks ISD
Community
9’ ceilings
Entry closets*
2-inch faux wood blinds
Ceiling fans in living areas and bedrooms
Designer vinyl wood flooring throughout
Built-in shelving*
Kitchen islands*
Kitchen pantries
Stainless steel appliances
Side-by-side refrigerators
Granite countertops and tile backsplashes
Gooseneck faucet with undermount single-basin kitchen sinks
White shaker style cabinets and drawers with silver pulls
USB integrated outlets
Generous walk-in closets
Granite bathroom countertops with undermount sinks
Bathroom linen cabinets
Deep soaking bathtubs with curved shower rods
Full-size washer and dryers
* in select units
Apartment Home
Two new hospital campuses and three new industrial parks are underway, and a 77-acre R&D Chevron campus is planned
$1B+ in Development from Job Creators
The Opportunity
Investment Highlights
The Location
The Property
amenities
Modernized Leasing Office/Clubhouse
Business Center
Fully-Equipped Fitness Center
Resort-Style Swimming Pool
Trellised Outdoor Kitchen with Gas Grills
Picnic Pavilion with BBQ Grills
Children’s Playgound
Package Lockers
Clothing Care Centers
Beautifully Landscaped
community amenities
the Community
Modernized Leasing Office/Clubhouse
Business Center
Fully-Equipped Fitness Center
Resort-Style Swimming Pool
Trellised Outdoor Kitchen with Gas Grills
Picnic Pavilion with BBQ Grills
Children’s Playgound
Package Lockers
Clothing Care Centers
Beautifully Landscaped
community amenities
the Community
Modernized Leasing Office/Clubhouse
Business Center
Fully-Equipped Fitness Center
Resort-Style Swimming Pool
Trellised Outdoor Kitchen with Gas Grills
Picnic Pavilion with BBQ Grills
Children’s Playgound
Package Lockers
Clothing Care Centers
Beautifully Landscaped
community amenities
the Community
Modernized Leasing Office/Clubhouse
Business Center
Fully-Equipped Fitness Center
Resort-Style Swimming Pool
Trellised Outdoor Kitchen with Gas Grills
Picnic Pavilion with BBQ Grills
Children’s Playgound
Package Lockers
Clothing Care Centers
Beautifully Landscaped
community amenities
apartment homes
Tucker Knight
Senior Managing Director
Mortgage Banking
+1 (713) 469-4515
tucker.knight@berkadia.com
TUCKER FAMA
Financial Analyst
+1 (281) 923-3856
tucker.fama@berkadia.com
Jed Dalton
Senior Financial Analyst
+1 (832) 314-5078
jed.dalton@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
9.4% population growth over last five years and home to two of the top-selling master-planned developments in the U.S. last year
Booming Population Growth
CUTT ABLESON
Senior Managing Director
Mortgage Banking
+1 (713) 469-4503
cutt.ableson@berkadia.com
NAMED ONE OF THE TOP 10 LEASE-UPS IN TEXAS FOR 2023
(BY ZONDA, AS REPORTED BY MULTIFAMILY EXECUTIVE)
Corby Chaffin
Managing Director
Mortgage Banking
+1 (713) 469-4516
corby.chaffin@berkadia.com