UNIVERSITY PLACE
711 St Marys Blvd | Galveston, TX 77550
The Opportunity
University Place is a 17-unit, garden-style community offering 100% unit interior upside with current rents below market levels. The property’s smaller scale provides an efficient path to implement and oversee unit-by-unit renovations, enabling controlled capital deployment and faster rent growth realization. It is ideally located on the east side of Galveston, at the center of the island’s ongoing economic expansion initiatives, and within walking distance of UTMB Galveston, the island’s largest and most established employment anchor. New ownership will benefit from direct access to UTMB’s base of 10K+ employees and 3K+ students, favorable submarket rent growth projections, proven renovation upside, and a constrained new supply environment.
Investment Summary
Investment Highlights
Full Interior Renovation Opportunity
- All 17 units offer a clear path to interior upgrades and repositioning to better compete with newer product.
- Current interiors feature dated finishes, including white appliance packages and Formica countertops.
- Can increase revenue by adding washer/dryer connections and machines, implementing valet trash, and implementing a bulk Wi-Fi agreement.
Compelling Mark-to-Market Rent Upside
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$135 rent gap to renovated properties of similar vintage, providing a clear runway for rent growth post-renovation.
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More than $1,000 rent gap to nearest Class A assets, allowing for significant upside while maintaining an affordability advantage relative to new construction.
Constrained Supply and Favorable Rent Growth Fundamentals
- No new supply currently under construction in the submarket.
- 93% average occupancy supports healthy operating fundamentals.
- Strict zoning regulations in Galveston create barriers to new development.
- Third-party projections call for 2%–4% annual rent growth in the submarket.
Strategic Location by UTMB and Lifestyle Appeal
- Walking distance to UTMB Galveston, the island’s largest employer with 10K+ jobs and 3K+ students, including five schools, four hospitals, and a major research presence.
- Located within two miles of the Galveston Ferry, a free 24-hour, 2.7-mile transportation link to the Bolivar Peninsula.
- Healthy diverse local economy, anchored by UTMB, the Port of Galveston, Royal Caribbean and MSC cruise terminals, and expanding resort and hospitality developments.
- Less than two miles from the planned $700M Margaritaville Resort (500+ jobs) and approximately seven miles from the $1B Davie Defense expansion (2K+ jobs).
- Attractive live-work-play environment with access to beaches, parks, water recreation, and the historic Strand District, supporting tenant retention.
- Strong regional connectivity to Clear Lake’s aerospace and technology corridor and the broader Houston metro, further diversifying the employment base.
The Location
THE PROPERTY
Contact Us
Investment Sales
CHRIS YOUNG
Managing Director
972.743-5742
[email protected]
TX CRE #630674
CHRIS CURRY
Senior Managing Director
713.553-0151
[email protected]
TX CRE #566750
JEFFREY SKIPWORTH
Managing Director
214.533-3322
[email protected]
TX CRE #560404
JOEY RIPPEL
Managing Director
601.919-5155
[email protected]
TX CRE #654288
KYLE WHITNEY
Senior Director
713.724-1456
[email protected]
TX CRE #658451
TUCKER FAMA
Associate Director
281.923-3856
tucker.fama@berkadia.com
TX CRE #9002106
ESTEE IBÁÑEZ
AVP, Financial Analysis
713.469-4512
[email protected]
TX CRE #687201
Mortgage Banking
TIM LEONHARD
Senior Managing Director
214.360.3849
[email protected]
UNIVERSITY PLACE
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