Investment Sales and Mortgage Banking
TUCKER FAMA
Senior Financial Analyst
+1 (281) 923-3856
tucker.fama@berkadia.com
TX CRE #9002106
ESTEE IBÁÑEZ
Senior Financial Analyst (713) 469-4512 estee.ibanez@berkadia.com
TX CRE #687201
tucker fama
Financial Analyst (281) 923-3856 tucker.fama@berkadia.com
TX CRE #9002106
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
TUCKER S. KNIGHT
Senior Managing Director
Mortgage Banking
+1 (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
houston, tx office
2229 San Felipe, Ste 1600
Houston, TX 77019 (713) 974-1300 | Berkadia.com
UPDATED LEASING AND CLUBHOUSE
Newly built resident clubhouse with leasing office
Conference area and coffee bar for resident use
24-hour fitness center
10-ft deep Olympic-sized swimming pool
Shaded sundeck with pool furniture
Covered poolside grilling area with 2 gas grills, lounge seating, and fans
Children's playground
Dog park
Mature landscaping and open greenspaces
Open surface parking
Perimeter fencing
Updated unit interiors in select units
8-foot or vaulted ceilings
Gray wood-style flooring in select units
White, black, or stainless steel appliances
Resurfaced or Quartz countertops
Microwaves in select units
White, espresso, or gray cabinetry
Ceiling fans in living areas and bedrooms
Carpeted bedrooms
Washer/dryer connections
Private patios
Community Amenities
the property
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the location
500 W Pasadena Blvd, Deer Park, TX 77536
The Opportunity
The Location
The Property
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Quick accessibility to Highway 225 and the Sam Houston Tollway/Beltway 8
Zoned to A-rated schools in A-rated Deer Park ISD, ranked #4 in Harris County
Three miles to San Jacinto College Central Campus (143 acres, 15K students)
$90K average income (one-mile) and $327K average home price (Deer Park)
Healthy, high-paying job market anchored by stable and recession resistant petrochemical industry
Less than ten minutes from all area major employers – Dow, Lubrizol Specialty Chemicals, Pemex, Shell, and Universal Plant Services (6K+ jobs)
74K jobs within 5 miles and 269K w/in 10 miles, including Port of Houston
Port of Houston (#1 U.S. Port in multiple categories, 147K jobs), the economic engine of East Houston, is undergoing a $1B expansion
Key Demand Drivers for Value Appreciation
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Institutional ownership in place for more than 10 years
Little to no deferred items with major capex items addressed
New roofs, new exterior paint, and nearly all HVACs have been replaced
100% individual, single-story apartment homes with fenced-in patios
96% of unit mix is 2B, 3B, and 4B units
1,145 average unit size is the largest in the submarket (128 properties)
Class A amenities package, including an updated clubhouse ($1M renovation) and a 10 foot deep “Olympic sized” pool
All classic units with white or black appliances can be updated
$263 average premium for fully renovated units
Washers and dryers can be added to all units without them (100% connections)
Zoning restrictions strictly limit new supply in Deer Park
One conventional property built in Deer Park in the last 20 years
3.1% average annual rent growth projected 2026 to 2028 (CoStar, RealPage)
Asset and Market Support for Higher Rents
investment highlights
Price Market
Terms All Cash or Assumption
Year Built 1969
Total Acreage 31.182 Total Units 309 Total SF 353,943 Avg Unit SF 1,145 Avg Rent/Unit $1,510
Avg Rent/SF $1.32 Occupied 95%
investment summary
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Unit Amenities
Lender Freddie Mac
Original Loan $28,980,000
Loan Term 120 months
Origination Date 8/20/2022 Est Balance at Sale $28,980,000 Interest Rate 4.71% Amortization 360 months Start Date 10/1/2028
Maturity Date 9/1/2032 Fixed or Floating Fixed
Loan Summary
RENOVATED UNITS
Classic units
community amenities
Newly built resident clubhouse with leasing office
Conference area and coffee bar for resident use
24-hour fitness center
10-ft deep Olympic-sized swimming pool
Shaded sundeck with pool furniture
Covered poolside grilling area with 2 gas grills, lounge seating, and fans
Children's playground
Dog park
Mature landscaping and open greenspaces
Open surface parking
Perimeter fencing
Updated unit interiors in select units
8-foot or vaulted ceilings
Gray wood-style flooring in select units
White, black, or stainless steel appliances
Resurfaced or Quartz countertops
Microwaves in select units
White, espresso, or gray cabinetry
Ceiling fans in living areas and bedrooms
Carpeted bedrooms
Washer/dryer connections
Private patios
Community Amenities
Unit Amenities
EXTERIORS OF HOMES
Assumable Debt with Below Market Interest Rate and Three Years of Interest Only Remaining Villages at Parktown is a best-in-class, single-story multifamily community in a high barriers-to-entry suburban submarket with zoning restrictions and limited competition. The institutionally owned and maintained, low-density community is comprised entirely of single-story units with private, fenced-in patios. It is completely unique in the market with no peer in the region. Current ownership has been in place for more than 10 years, addressing all major CapEx items, improving community amenities, and beginning interior renovations that new ownership can complete and expand. Its value-add potential, coupled with its strong competitive positioning and healthy locational demand drivers offer a long runway to increase rental income and returns to investors.
the opportunity
The Opportunity
The Location
LOCATION
Contact Info
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CLAY AKIWENZIE
Managing Director
Mortgage Banking
+1 (775) 447-0595
clay.akiwenzie@berkadia.com
jed dalton
Associate Director (832) 314-5078 jed.dalton@berkadia.com
TX CRE #787068
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.
TUCKER FAMA
Senior Financial Analyst
+1 (281) 923-3856
tucker.fama@berkadia.com
TX CRE #9002106
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