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| 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.
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| 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.
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| 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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