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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
Leased | Occupied
Market
All Cash
1994
7.459
246
228,360
928
$1,381
$1.49
98% | 96%
Terra at Piney Point is a garden-style multifamily community with significant rental upside and a proven value-add story. It is enviably positioned next to Piney Point Village, one of the wealthiest areas in Texas by per capita income and one of the most expensive neighborhoods in Houston. In addition to this proximity, residents are centrally located between Houston’s urban core and fast-growing West Houston, offering convenient connectivity and multiple commute options to Houston’s largest employment centers and best lifestyle amenities. The strength of this location and its appeal to renters is reflected in the property’s consistently high occupancy. This institutionally maintained property has multiple pathways to increase revenue. Terra at Piney Point offers value-add returns and is available well below replacement cost, making it a very compelling investment opportunity in today’s market.
The Opportunity
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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
8787 Woodway Dr | Houston, TX 77063
unit Amenities
CORBY CHAFFIN
Managing Director
Mortgage Banking (713) 469-4516 corby.chaffin@berkadia.com
Updated unit interiors in select units
9-foot and vaulted ceilings
Carpeted living areas in select units
Vinyl plank flooring in living areas in select units
Ceiling fans in living areas and bedrooms
Formica, granite, or quartz countertops
White, black, or stainless steel appliances
White or espresso cabinet boxes
Nest thermostats and USB outlets in select units
Full-size washers and dryers
Private patios or balconies with storage closets
Clubhouse with leasing office
Resident kitchen area with coffee bar
Clubroom with casual seating areas
24-hour fitness center
Sparkling swimming pool
Poolside wood fireplace with pergola and gas grill
Outdoor summer kitchen with Alfresco dining
Serene courtyard with 200-year-old oak tree, fountains and grilling area
Community garden
Abundant surface parking
EV chargers and detached garages available
Perimeter fencing and controlled access
No Significant Outlay of Capital Needed: Ownership has been in place since 2018, and property is well-maintained with little to no deferred maintenance.
Interior Value-Add Potential: 110 units (45% of the unit mix) can be updated.
Increase Other Income: Implement bulk cable/internet package.
Proof on Rent Roll: $185 higher in-place rents for renovated units.
Higher Rents in Market: 21 newer or renovated properties within three miles with $100+ higher average rents.
Third-Party Rent Growth Support: 3.2% average rent growth projected in submarket from 2026 to 2027 by CoStar.
No New Supply: No new conventional multifamily in lease-up, under construction, or planned in the submarket. Citywide, only 1.8% of Houston’s total supply is under construction, the lowest level amongst major Texas metros.
1M+ Jobs: 1.2M jobs within ten miles, 384K within five miles, and 153K within three miles.
15-Minute Commutes: Galleria/Uptown District, Memorial City, Westchase District, and Energy Corridor are within 15-minute drives.
Path of Growth: West Houston is one of the hottest leasing office markets in the nation, and Galleria is poised for a similar trajectory – both bringing significant jobs and creating more housing demand in the area.
Strong Operations: High resident retention (60% over the last 12 months) and consistently low vacancy (averaged 96% occupancy over the last five years).
Impressive Resident Base: Low bad debt (less than 0.5% for the past 12 months) and $97K average household income.
Piney Point Village Proximity: $510K average household income and $3MM+ average housing prices creating significant premium to own.