Thursday, March 13, 2014

Marcus & Millichap Brokers Sale of 312 Multifamily Units in Houston, TX


Mediterra at Westchase Apartments,  3131 Hayes Place, Houston, TX

HOUSTON, TX – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Mediterra at Westchase Apartments, a 312-unit multifamily complex in Houston’s Westchase submarket. The terms of the sale were not released.

Jeffrey Fript
            Jeffrey Fript, an associate vice president investments, and Kyle Bruchmiller, an associate, both in Marcus & Millichap’s Houston office, represented the seller, a Texas-based investment firm. Fript also advised the buyer, an institutional investor from California.

            “Mediterra at Westchase Apartments is a stabilized asset with significant upside to be gained through the continuation of the value-add program,” says Fript. “The buyer plans to reposition the asset via interior and exterior upgrades in an effort to capitalize on the explosive growth in the Westchase submarket.”

            The property is located just off Westheimer Road at 3131 Hayes Place in Houston near the Sam Houston Tollway, U.S. Highway 6, the 610 Loop, U.S. Highway 59, Westpark Tollway and Interstate 10.

 Nearby schools include Outley Elementary, Budewig Intermediate School, O’Donnell Middle School, Elsik-Hasting-Taylor High School, Grace School, Remington College and Houston Community College.

The location provides residents with easy commutes to all of Houston’s major employment centers, including The Galleria, the Energy Corridor District, the Texas Medical Center and the central business district.

Kyle Bruchmiller
Houston’s Westchase district is known for its business climate and is home to approximately 16 million square feet of office space, 81,000 employees and more than 2,000 businesses.

            Built in 1980 on 10.4 acres, Mediterra at Westchase Apartments offers residents six different floor plans that include efficiencies, one-bedroom units, two-bedroom apartments and three-bedroom units.

The average unit size is 803 square feet. Unit amenities include spacious closets, outside storage and ceiling fans. All apartments except the efficiencies have fireplaces. The upstairs units feature nine-foot vaulted ceilings and select units have washer/dryer connections.

The renovated units have been upgraded with stainless steel and black appliances, two-tone paint, faux-wood flooring, brushed-nickel finishes, two-inch blinds and granite-like countertops.

Community amenities include a resort-style swimming pool with tropical landscaping, a sundeck and barbecue grill, a fitness center, a business center, an updated leasing office, covered parking, free cable TV service, two laundry care centers and controlled access gates. All of the units are sub-metered for electricity.

Residents pay for water, trash, pest control, and gas through third-party billing.

For a complete copy of the company’s news release, please contact:

Gina Relva,
Public Relations Manager
(925) 953-1716

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