The opportunity
Scale & Geographic Diversification in Top-Performing Metro
portfolio HIGHLIGHTS
The Space City Triple-Play Portfolio offers a strategic acquisition of three value-add multifamily communities totaling 700 units across Houston’s most resilient and high-demand submarkets. Green Tree Place, Raintree, and Willow Springs capitalize on Houston’s robust economic engines and are positioned in the Energy Corridor of West Houston and near the Port of Houston in East Houston – areas currently experiencing unprecedented economic expansion.
Each property offers immediate upside through interior upgrades, mark-to-market rent adjustments, and proven value-add potential. All three properties are highly occupied, feature washer and dryer connections in all units, and have benefited from recent capital infusions, which position them for immediate operational upside. Investors can unlock revenue and NOI growth by bridging rent gaps between renovated and unrenovated units and capitalizing on recent rent momentum. With projected 3%+ annual rent growth from 2026 to 2028 in all three submarkets by RealPage, the portfolio offers durable cash flow and compelling long-term appreciation.
This portfolio delivers the basis, scale, geographic diversification, and embedded upside to generate returns for today’s investors. Additionally, the properties are positioned in an ascendant Houston market with unmatched demographic momentum, economic diversity, and infrastructure-driven job creation that ensures sustained housing demand for decades ahead. These properties are available on an All Cash basis and can be purchased together, grouped, or separately
Built
avg rent/unit
Green tree place
raintree
willow springs
1984
$1,208
1985
$1,131
1984
$1,212
Located north of Energy Corridor in rapidly growing West Houston and zoned to Katy ISD, Green Tree Place is a 200-unit, two-story garden-style multifamily community. Half of the units have been updated and are yielding $130 premiums. Additionally, 42 units have fund-required (self-imposed) rent restrictions in place by current ownership with 6% lower rents than market-rate units. New ownership can convert all these units to market-rate, renovate remaining units, implement a bulk cable contract, implement valet trash, add reserved parking, add a new building with 3B floor plans (frequently requested by residents) and add or convert amenities.
4211 Clay Hill Dr | Houston, TX 77084
Green Tree Place
the properties
Property
99%
leased
$1,208
rent/unit
$1.63
rent/SF
96%
leased
$1,131
rent/unit
$1.38
rent/SF
Raintree is a low-density, 248-unit, garden-style multifamily community in Baytown, a popular suburb of East Houston and petrochemical hub for the Port of Houston. The property is five minutes from ExxonMobil Baytown (7K jobs, $2B expansion underway). Only 17% of its units have been updated, and they are yielding $228 premiums. New ownership can renovate remaining units, implement a bulk cable contract, add reserved parking and/or carports, and add or convert amenities.
3300 Rollingbrook Dr | Baytown, TX 77521
Raintree
95%
leased
$1,212
rent/unit
$1.60
rent/SF
Willow Springs, a 252-unit, garden-style multifamily community, is positioned in Pasadena, one of the largest cities in the Houston MSA, with convenient proximity to the Port of Houston, Hobby Airport, and Bay Area Houston. Only 22% of its units have been updated, and they are yielding $238 premiums. 26 units have fund-required (self-imposed) rent restrictions in place with 15% lower rents than market-rate units. New ownership can convert all these units to market-rate, renovate remaining units, implement a bulk cable contract, and add or convert amenities.
3402 Preston Ave | Pasadena, TX 77505
Willow Springs
The location
Units
200
248
252
occupied
96%
94%
93%
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A Collection of Three Value-Add Multifamily Assets in the Houston Metro
Immediate Revenue Growth & Value-Add Potential with Support
Strong Economic Drivers & Job Growth in Submarkets
Quality Assets in Good School Districts
The Properties
The Opportunity
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the location
the properties
the opportunity
DOCUMENT CENTER
CONTACT US
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houston, tx office
2229 San Felipe, Ste 1600
Houston, TX 77019 (713) 974-1300 | Berkadia.com
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.
jed dalton
Senior Financial Analyst (832) 314-5078 jed.dalton@berkadia.com
TX CRE #787068
ESTEE IBÁÑEZ
AVP - Financial Analysis (713) 469-4512 estee.ibanez@berkadia.com
TX CRE #687201
tucker fama
Senior Financial Analyst (281) 923-3856 tucker.fama@berkadia.com
TX CRE #9002106
JACK NEVIL
Financial Analyst (832) 457-9734 jack.nevil@berkadia.com
TX CRE #838490
CUTT ABLESON
Senior Managing Director Mortgage Banking (713) 469-4503
cutt.ableson@berkadia.com
kevin owens
Associate Director Mortgage Banking (602) 997-3807
kevin.owens@berkadia.com
kyle whitney
Senior Director (713) 724-1456 kyle.whitney@berkadia.com
TX CRE #658451
joey rippel
Managing Director (601) 919-5155 joey.rippel@berkadia.com
TX CRE #654288
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
Corby chaffin
Managing Director
Mortgage Banking (713) 469-4516 corby.chaffin@berkadia.com
tucker knight
Managing Director
Mortgage Banking (713) 469-4515 tucker.knight@berkadia.com
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
jed dalton
Associate Director
(832) 314-5078
jed.dalton@berkadia.com
TX CRE #787068
Investment Sales & Mortgage Banking
700 units across three submarkets in West and East Houston
Population and job tailwinds in Houston with #2 population growth and #3 job growth in the U.S.
Houston leads Texas major metros in multifamily performance with absorption outpacing deliveries and the smallest pipeline (<10,000 units) since 2018
Energy Corridor (33M square feet, 120K jobs) in West Houston is one of the most active office leasing corridors in the U.S. with more than one million square feet leased and 2K new jobs added since the beginning of 2024
Port of Houston ($439B economic impact, 78K direct jobs) is ranked #1 in the U.S. in multiple categories, is the largest port on the U.S. Gulf Coast, and is home to the largest petrochemical complex in the U.S. (#2 in the world)
$2B expansion at ExxonMobil Baytown Chemical Plant and $1B channel expansion at Port of Houston will both create thousands of new jobs over the next four years
All properties are full, averaging 96% leased and 94% occupied across the portfolio, with limited or zero concessions
Each property features a modernized clubhouse and refreshed common areas and curb appeal due to capital investments by current ownership
All properties feature washer and dryer connections in all units
Zoned to good school districts with college options nearby, highlighted by Green Tree Place in Katy ISD, the #1 school district in the Houston Metro
Investment Summary
tim leonhard
Senior Managing Director Mortgage Banking (214) 360-3849
tim.leonhard@berkadia.com
93%
occupancy
94%
occupancy
96%
occupancy
Proven rent gaps between renovated and unrenovated units, ranging from $130 at Green Tree Place to $228 at Raintree and $238 at Willow Springs
6% average rent increases YTD on renewals at Green Tree Place and Willow Springs and 3% at Raintree
Mark-to-market opportunities with conversion of fund-required, rent-restricted units at Green Tree Place and Willow Springs to market-rate units with 6% and 15% rent differentials, respectively
Rental and Other Income opportunities across the portfolio include adding washers and dryers to units without them, more parking options, valet trash service, private yards, and improving or adding amenities
New supply pipelines approaching zero in each submarket with zoning restrictions in East Houston and 3%+ annual rent growth projected through 2028