HOUSTON, TX– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has secured the exclusive listing to market Savannah Apartments (top left photo), a 306-unit Class B complex in Houston.
The listing price of $10,500,000 represents a price of $34,414 per unit and a cap rate of 7.8 percent.
Jeffrey Fript (top right photo) a senior associate in the Houston office of Marcus & Millichap, is representing the seller.
“This property presents a savvy investor with the opportunity to own a multifamily asset with significant upside potential in Houston, one of the healthiest rental markets in the United States,” says Fript.
“The property’s location near some major employment centers and Hobby International Airport (middle right photo), which has plans in place to expand its Southwest Airlines terminal, further enhances its investment appeal.
“The site is a prime candidate for redevelopment into workforce housing for Southwest employees or a mixed-use, rental project. In addition, the property has a five-year IRR of over 21 percent.”
The 231,792-square foot property is located at 8800 Broadway St. on 9.4 acres. Constructed in 1978, the asset includes a mix of one- and two-bedroom units directly across the street from Hobby International Airport.
Renovations to the property include new roofs, boilers, perimeter fences, an updated clubhouse and laundry facilities, new security cameras and a new pool. Unit upgrades include new appliances, cement balconies, kitchen cabinets and tiles.
The property has a loan assumption that matures in July 2016 and is being offered with in-place financing.
Hobby International Airport employs 7,000 people and the city of Houston recently approved plans by Southwest Airlines to expand its international gates, which is expected to generate approximately 10,000 new jobs in the region.
Savannah Apartments’ convenient location provides residents easy access to Interstate 45, the 601 Loop, the Sam Houston Toll Road and Highways 288 and 59.
Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
