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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.
© 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.
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
1999
15.65
400
336,381
841
$1,164
$1.39
96% | 92%
Westchase Forest is a first-generation Public Facility Corporation (PFC) asset with a 100% tax exemption in exchange for reserving 50% of units for affordable rents, set to Area Median Income (AMI). As one of the first-generation PFC assets in Houston and one of only three in the Westchase District, it has more favorable terms compared to newer agreements. The new 4-Person AMI for this area in 2025 is $101,100, and it has historically risen an average of 2.5% annually. Houston’s demographic trends will continue to increase these income limits for the foreseeable future by all economic indicators. Westchase is at the center of Houston’s growth, both its population center and job creation hub, experiencing unprecedented and transformative capital investment in its office buildings, infrastructure, and livability over the past decade with another $1B+ already earmarked for the next decade. New ownership will be able to leverage ongoing housing demand, limited new supply, and tax advantages while increasing income and returns in a booming market.
The Opportunity
VISIT DOC CENTER
Investment Summary
Investment Highlights
Community
The Property
apartment units
Community Amenities
Investment Sales
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
11355 Richmond Ave. | Houston, TX 77082
unit Amenities
CUTT ABLESON
Senior Managing Director, Mortgage Banking (713) 469-4503 cutt.ableson@berkadia.com
Updated unit interiors in select units
9-foot and vaulted ceilings
Carpeted living areas in select units
Vinyl wood flooring in living areas in select units
Original or resurfaced formica countertops
White or stainless steel appliances
White cabinets with original or new cabinet doors
New hardware and fixtures in select units
Tile backsplashes 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
Business center and conference room
Fitness center
Two swimming pools
Poolside grilling area with covered seating
Outdoor social area with picnic tables
Recreational playground
Pet park
Surface parking with carports available
Perimeter fencing and controlled access
Lack of Comparable Opportunities: One of only three PFC assets in Westchase.
Favorable PFC Structure: 100% tax exempt multifamily community with 99-year term lease and baseline income requirements of 60% and 80% of AMI on 200 units.
High AMI: Increased to $101,100 in 2025, meaning that max rent limits on units with income limits are comparable to market-rate units in this location.
High Delta with Max Rents: 9% delta on maximum allowable rents for 60% AMI units and 44% for 80% AMI units.
Proof in Market for Higher Rents: $313 higher average rents at the two other PFC properties in Westchase and $251 higher average rents at market rate comparables.
Third-Party Support for Higher Rents: 3% (RealPage) and 3.3% (CoStar) average rent growth from 2026 to 2027.
Interior Value-Add Potential: 100% of unit interiors can be modernized.
Other Income Growth: Complete implementation of new $20 fee for Amazon lockers, add a bulk cable/internet contract, and increase rent on highly occupied rentable items.
Expense Savings: $2M capital investment by current ownership, including a water conservation program that will continue to positively impact financials under new ownership.
No New Construction: No new units in lease-up or under construction in Westchase due to land-use and deed restrictions. Only one new property delivered in last five years and only three in last ten years.
Strong Population Growth: 23% population growth in Westchase District over the last five years.
Job-Rich Environment: 56K jobs directly in Westchase District, 285K within five miles, and 822K jobs within ten miles.
Fortune 500 HQ in Westchase: Apache, National Oilwell Varco, and Phillips66.
Office Leasing: West Houston (Memorial City, Westchase, and Energy Corridor) had largest drop in office vacancy in the U.S. from Q4 2023 to Q4 2024.
Significant New HQ moves to Westchase in 2024: Bechtel (+1,500 jobs), Apache Corporation (+800 jobs), and Noble Corporation (+400 jobs).
$1B New 70-acre Mixed-Use Development: Park Eight Place began construction and obtained Houston’s first “Walkable Place” designation for developer incentives.
$233M New Livability Initiatives Underway: Pedestrian and roadway improvements, including streetscape enhancement in front of property and expansion of Richmond Ave to six lanes.
Visibility and Accessibility: Valuable exposure to 26K cars daily on Richmond Ave, which also provides convenient connectivity to multiple highways.
$1M Homes Next Door: Next to most affluent residential neighborhood in Westchase with $1.4M average home prices.
Abundant Lifestyle Amenities: Located in best grocery store corridor in the region and walking distance to five-mile trail system and brand new $17M Camden Park.
Westchase Forest
The Asset
Highlights
DOC CENTER
Terms of Use
Privacy
Contact
Location
Mortgage Banking
jeff irish
Senior Managing Director +1 (208) 296-2076
jeff.irish@berkadia.com
Affordable Housing
brandon grisham
Senior Managing Director +1 (253) 653-3313
brandon.grisham@berkadia.com
JORDAN SKYLES
Director
+1 (208) 631-4981
jordan.skyles@berkadia.com
jed dalton
Associate Director (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
kyle whitney
Senior Director (713) 724-1456 kyle.whitney@berkadia.com
TX CRE #658451
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
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
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
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
Lack of Comparable Opportunities: One of only three PFC assets in Westchase.
Favorable PFC Structure: 100% tax exempt multifamily community with 99-year term lease and baseline income requirements of 60% and 80% of AMI on 200 units.
High AMI: Increased to $101,100 in 2025, meaning that max rent limits on units with income limits are comparable to market-rate units in this location.
High Delta with Max Rents: 9% delta on maximum allowable rents for 60% AMI units and 44% for 80% AMI units.
Proof in Market for Higher Rents: $313 higher average rents at the two other PFC properties in Westchase and $251 higher average rents at market rate comparables.
Third-Party Support for Higher Rents: 3% (RealPage) and 3.3% (CoStar) average rent growth from 2026 to 2027.
Interior Value-Add Potential: 100% of unit interiors can be modernized.
Other Income Growth: Complete implementation of new $20 fee for Amazon lockers, add a bulk cable/internet contract, and increase rent on highly occupied rentable items.
Expense Savings: $2M capital investment by current ownership, including a water conservation program that will continue to positively impact financials under new ownership.
No New Construction: No new units in lease-up or under construction in Westchase due to land-use and deed restrictions. Only one new property delivered in last five years and only three in last ten years.
Strong Population Growth: 23% population growth in Westchase District over the last five years.
Job-Rich Environment: 56K jobs directly in Westchase District, 285K within five miles, and 822K jobs within ten miles.
Fortune 500 HQ in Westchase: Apache, National Oilwell Varco, and Phillips66.
Office Leasing: West Houston (Memorial City, Westchase, and Energy Corridor) had largest drop in office vacancy in the U.S. from Q4 2023 to Q4 2024.
Significant New HQ moves to Westchase in 2024: Bechtel (+1,500 jobs), Apache Corporation (+800 jobs), and Noble Corporation (+400 jobs).
$1B New 70-acre Mixed-Use Development: Park Eight Place began construction and obtained Houston’s first “Walkable Place” designation for developer incentives.
$233M New Livability Initiatives Underway: Pedestrian and roadway improvements, including streetscape enhancement in front of property and expansion of Richmond Ave to six lanes.
Visibility and Accessibility: Valuable exposure to 26K cars daily on Richmond Ave, which also provides convenient connectivity to multiple highways.
$1M Homes Next Door: Next to most affluent residential neighborhood in Westchase with $1.4M average home prices.
Abundant Lifestyle Amenities: Located in best grocery store corridor in the region and walking distance to five-mile trail system and brand new $17M Camden Park.