Gables Revere Upper Kirby and Gables Upper Kirby
3206 Revere St, Houston, TX 77098 | 2305 W Alabama St, Houston, TX 77098
The Opportunity
Class A+ Multifamily Portfolio Investment Opportunity in Houston, TX
Gables Upper Kirby is a boutique, Class A+ portfolio investment opportunity in an affluent, walkable location in Central Houston with outstanding livability and accessibility to Houston’s largest job districts. Comprised of two luxurious mid-rise assets on irreplaceable infill sites, these communities are available together or separately. Both offer secure cash flows and long-term value appreciation at an attractive basis with potential to enhance net operating income. Full amenities for the communities are detailed in the offering memorandum.
investment summary
Gables Revere Upper Kirby
Gables Upper Kirby
Price
Market
Terms
All Cash
Year Built
2005
Total Acreage
1.30
Total Units
144
Total SF
135,856
Avg Unit SF
943
Avg Rent/Unit
$1,768
Avg Rent/SF
$1.87
Occupied
94%
Leased
98%
Price
Market
Terms
All Cash
Year Built
2015
Total Acreage
1.57*
Total Units
145
Total SF
148,010
Avg Unit SF
1,020
Avg Rent/Unit
$2,119
Avg Rent/SF
$2.08
Occupied
93%
Leased
94%
*1.10 acres subject to ground lease until Apr 2107
Investment Highlights
Proximate to High-Wage Job Hubs
Centrally located within 5 miles and 15 minutes of 641K jobs in Houston’s urban core.
Real Estate Permanence
Fully amenitized, luxuriously appointed and meticulously designed to capture premium rents.
Resident Demographics Offer Rent Growth Support
Average resident household income of $125K with 19% rent-to-income ratio.
Strong Rental Income Trend
T3 annualized net rental income growth at Gables Revere and Gables Upper Kirby are 9.3% and 12.5% respectively.
Increase Rents with Improved Interiors
Gables Revere’s interiors could be updated to match interiors at the ten-year newer Gables Upper Kirby.
New Job Creation to Drive Housing Demand
40K+ biotech, Energy 2.0, and healthcare jobs will be created by multi-billion-dollar developments underway in nearby Innovation District, Downtown, and Texas Medical Center.
Incomparable Walkability
92 Walk Score with 17 restaurants and coffee shops, 12 boutique and necessity lifestyle retailers, 3 neighborhood bars, and Whole Foods within a quarter mile radius.
Affluent Residential Market
$1.4M average price in Upper Kirby neighborhood substantially limits affordability.
Declining New Multifamily Supply
46% decline in new deliveries in Central Houston and no new units in lease-up or under construction within one mile.
video tour
location
Photo Gallery
Gables Revere Upper Kirby
Gables Upper Kirby
select amenities
Gables Revere Upper Kirby
Gables Upper Kirby
Community
- 1,975 SF retail (In the Loop Salon)
- Resident lounge with kitchen and billiards
- Conference room and private study rooms
- Resort-style pool with grilling area
- Fitness center
- Courtyard with grilling area and fireplace
- Parking garage and bike racks
- Additional storage available
Community
- 4,370 SF retail (Bella Green restaurant)
- Leasing center
- 2 fitness centers and 2 business centers
- Resort-style pool with grilling area
- Courtyard with firepit
- Dog park
- Parking garage and bike racks
- Electric car charging stations
Apartment
- 10’ ceilings
- Floor to ceiling windows in select units
- Built-in bookshelves in select units
- Laminate wood flooring
- Granite countertops
- Backsplashes in most units
- Stainless steel appliances
- Washer/dryers
Apartment
- 10’ ceilings
- Floor to ceiling windows in select units
- USB outlets
- Bamboo wood flooring
- Granite countertops
- Backsplashes
- Stainless steel appliances
- Washer/dryers
Full amenities for the communities will be detailed in the offering memorandum.
Contact Us
berkadia
INVESTMENT SALES and mortgage banking
TODD MARIX
Senior Managing Director
+1 (713) 826-5979
todd.marix@berkadia.com
CHRIS CURRY
Senior Managing Director
+1 (713) 553-0151
chris.curry@berkadia.com
JEFFREY SKIPWORTH
Managing Director
+1 (214) 533-3322
jeffrey.skipworth@berkadia.com
CHRIS YOUNG
Managing Director
+1 (972) 743-5742
chris.young@berkadia.com
JOEY RIPPEL
Managing Director
+1 (601) 919-5155
joey.rippel@berkadia.com
kyle whitney
Director
+1 (713) 724-1456
kyle.whitney@berkadia.com
jed dalton
Financial Analyst
+1 (713) 469-4505
jed.dalton@berkadia.com
tucker s. knight
Senior Managing Director
Mortgage Banking
+1 (713) 469-4515
tucker.knight@berkadia.com
Gables Revere Upper Kirby
and Gables Upper Kirby
3206 Revere St, Houston, TX 77098 | 2305 W Alabama St, Houston, TX 77098
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.
© 2022 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 the Tax Credit Syndication group. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.