TOUR
EXECUTIVE SUMMARY
LOCATION
CONTACT

Investment Highlights

  • Prodigious Value-Add Upside
  • Strong Year Over Year Rent Growth
  • Quality School District
  • Limited New Supply
  • Major New Developments Underway in Clear Lake

Prodigious Value-Add Upside

Skylar Pointe presents a significant value-add opportunity in the Houston MSA based on its location, age, below-market rental rates.

Of the 449 total units, 205 have received a degree of renovation:

120 units have received basic upgrades with updated interior paint, new flooring, resurfacing, and updated key fixtures. These achieve an average $60 rent premium.

70 units received a mid-level upgrade with new black appliances and all fixtures were updated over the basic upgrade package, achieving an average $115 premium.

15 units have been fully upgraded, receiving new cabinetry, granite countertops throughout, stainless steel appliances, new paint schemes, new lighting and plumbing fixtures, and updated flooring. The full upgrade package garners a $300 rent premium over classic units.

With 244 units having received no updates at all (Classic Unit), there is remarkable opportunity for a new owner to continue the program and reap these rent premiums.

Strong Y-o-Y Rent Growth

Skylar Point proves significant Effective Rent growth performance. Effective Rent has grown over 33% from 2014 to Present.

 

Quality School District

Skylar Pointe benefits from League City’s and the City of Webster’s zoning regulations. These have the effect of restricting new supply within each city’s limits, reducing the threat of competition for the foreseeable future.

BERKADIA   |   2229 San Felipe, Suite 1600  |   Houston, TX 77019  |   T: +1 713 469 4513

© 2019 :: Berkadia Berkadia® is a trademark of Berkadia Proprietary Holding LLC.

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 loan brokerage business in Nevada.

©2019 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. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx

For detials with Texas Real Estate Commission, click to view: Texas Real Estate Commission Consumer Protection Notice | Texas Real Estate Commission Information About Broker Services