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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.
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kyle whitney
Senior Director (713) 724-1456 kyle.whitney@berkadia.com
TX CRE #658451
jed dalton
Associate Director (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
houston, tx office
2229 San Felipe, Ste 1600
Houston, TX 77019 (713) 974-1300 | Berkadia.com
The Location
tucker fama
Senior Financial Analyst (281) 923-3856 tucker.fama@berkadia.com
TX CRE #9002106
ESTEE IBÁÑEZ
AVP, Financial Analysis (713) 469-4512 estee.ibanez@berkadia.com
TX CRE #687201
JOHNNY KING
Director
Mortgage Banking (713) 469-4502 johnny.king@berkadia.com
CUTT ABLESON
Senior Managing Director
Mortgage Banking (713) 469-4503 cutt.ableson@berkadia.com
CARL RASMUSSEN
Associate Director
Mortgage Banking (713) 469-4514 carl.rasmussen@berkadia.com
Price
Terms
Year Built
Total Acreage
Total Units
Total SF
Avg Unit SF
Avg Rent/Unit
Avg Rent/SF
Occupied
Market All Cash 2021 9.40 234 230,618 986 $1,558 $1.57 94%
Smart Living Texas City offers investors a stabilized, newly constructed multifamily community in a fast-growing suburb of Houston with high barriers-to-entry. The fully amenitized, three-story garden-style community with surface parking is the only conventional multifamily asset in Texas City owned by the Texas City Housing Authority under Chapter 392 of the Texas Local Government Code.
This structure allows the housing authority to fully exempt property taxes in exchange for 50% of the units reserved for households at 80% of Area Median Income (AMI). There is no lower income requirement in this agreement. The current 4-Person AMI for this area is $101,100, and it has increased an average of 2.6% annually historically. This location’s population trends, zoning restrictions that limit new multifamily development, and connectivity to both jobs and enviable coastal lifestyle amenities further support long-term growth and strong returns to investors.
The Opportunity
VISIT DOC CENTER
Investment Summary
Investment Highlights
Community
The Property
apartment units
Community Amenities
Investment Sales and Mortgage Banking
VISIT DOC CENTER
CHRIS POLLARD
Managing Director
Mortgage Banking
(214) 360-3839 chris.pollard@berkadia.com
JASON RICE
Senior Managing Director
Mortgage Banking
(214) 360-3811
jason.rice@berkadia.com
3210 Gulf Fwy. | Texas City, TX 77591
unit Amenities
CUTT ABLESON
Senior Managing Director, Mortgage Banking (713) 459-4503 cutt.ableson@berkadia.com
Townhomes available with attached garages and private yards
9-foot ceilings
Vinyl wood flooring throughout
Gas stoves and stainless steel appliances
Granite countertops
Ceiling fans in living areas and bedrooms
Garden-style soaking tubs
Stand-up showers in select units
Tankless water heaters
Full-size washers and dryers
Private patios or balconies
Clubhouse with leasing office
Resident kitchen area with coffee bar
Fitness center
Amazon package lockers
Swimming pool with tanning shelf
Poolside grilling area with covered seating
Two dog parks
Outdoor social areas
Courtesy officer
Surface parking with carports available
Perimeter fencing and controlled access
Favorable Chapter 392 Structure: 100% tax exempt multifamily community with baseline income requirement of 80% of AMI and only Chapter 392 asset in Texas City.
Impressive Demographics: $96,600 AMI currently and $110K average household income within one mile.
Strong Population Growth: 19% population growth in Texas City in last five years.
Barriers-to-Entry: Zoning restrictions in Texas City and surrounding municipalities limit new multifamily development.
Few Historical Deliveries: Only seven conventional multifamily communities have been built within a five-mile radius in the last 25 years.
No New Construction: No new multifamily under construction within ten miles.
Modern Luxury Product: Smart Living is newly constructed and includes high-end finishes such as gas cooktop ranges and tankless water heaters.
Attractive Unit Mix: Nearly 70% of units are 2B and 3B units, strategically designed to align with suburban renter profiles.
Healthy Cash Flows: No concessions and 94% average occupancy since stabilization.
Multiple Avenues to Increase Income: Can implement a bulk cable/internet contract, add an amenity fee, add private yards to select units, and increase fees on fully occupied rentable items.
Third-Party Support: 4% rent growth projected in 2025 by RealPage, ranked #4 in Houston metro and ranked #7 in the metro for rent growth from 2025 to 2027.
Visibility and Accessibility: Valuable exposure to 87K cars daily on I-45, one of the metro’s primary north-south transportation corridors, providing convenient connectivity to the region.
Diverse Local Economy: Major employers include Marathon Petroleum, HCA Houston Healthcare, and College of Mainland.
Abundant Lifestyle Amenities: Positioned in the retail, restaurant, and recreation heart of Texas City, within 10 minutes of all zoned schools, and only 30 minutes from Galveston beaches.
Smart Living Texas City
The Asset
Highlights
DOC CENTER
Terms of Use
Privacy
Contact
Location
CUTT ABLESON
Senior Managing Director, Mortgage Banking (713) 459-4503 cutt.ableson@berkadia.com
Favorable Chapter 392 Structure: 100% tax exempt multifamily community with baseline income requirement of 80% of AMI and only Chapter 392 asset in Texas City.
Impressive Demographics: $96,600 AMI currently and $110K average household income within one mile.
Strong Population Growth: 19% population growth in Texas City in last five years.
Barriers-to-Entry: Zoning restrictions in Texas City and surrounding municipalities limit new multifamily development.
Few Historical Deliveries: Only seven conventional multifamily communities have been built within a five-mile radius in the last 25 years.
No New Construction: No new multifamily under construction within ten miles.
Modern Luxury Product: Smart Living is newly constructed and includes high-end finishes such as gas cooktop ranges and tankless water heaters.
Attractive Unit Mix: Nearly 70% of units are 2B and 3B units, strategically designed to align with suburban renter profiles.
Healthy Cash Flows: No concessions and 94% average occupancy since stabilization.
Multiple Avenues to Increase Income: Can implement a bulk cable/internet contract, add an amenity fee, add private yards to select units, and increase fees on fully occupied rentable items.
Third-Party Support: 4% rent growth projected in 2025 by RealPage, ranked #4 in Houston metro and ranked #7 in the metro for rent growth from 2025 to 2027.
Visibility and Accessibility: Valuable exposure to 87K cars daily on I-45, one of the metro’s primary north-south transportation corridors, providing convenient connectivity to the region.
Diverse Local Economy: Major employers include Marathon Petroleum, HCA Houston Healthcare, and College of Mainland.
Abundant Lifestyle Amenities: Positioned in the retail, restaurant, and recreation heart of Texas City, within 10 minutes of all zoned schools, and only 30 minutes from Galveston beaches.