713-553-0151
621 S Richey St, Pasadena, TX for Sale
Apartments - FOR SALE
1/9
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621 S Richey St
Pasadena, TX 77506
Downtown Pasadena


HIGHLIGHTS

  • Deploy repositioning and value-add strategy to address deferred maintenance, bring down units online, enhance operations, and drive occupancy to mar
  • Implement RUBS and a bulk cable agreement to increase NOI
  • Repurpose building next to leasing office to another amenity, such as a clubhouse with a gym, to increase retention and competitive position
  • Light renovations, including granite countertops and new cabinets, are achieving $20 to $40 premiums
  • Class A and Class B communities average 93% and 92% occupancy, respectively, in the submarket
  • Nearly $500 rent gap with average Class A rent in the submarket and $200 rent gap with average Class B rent in the submarket

OVERVIEW

Alta Vista is a 514-unit, value-add opportunity in Southeast Houston, offering investors significant upside via lease-up and repositioning. Currently 24 percent occupied, this low-density, garden-style community offers investors a chance to address deferred maintenance and drive performance while leveraging an attractive amenity set, including an impressive pool area, two playgrounds, and an on-site daycare. Directly across from Richey Elementary School and fronting a recently revitalized Richey Street corridor, Alta Vista also benefits from meaningful barriers-to-entry for new multifamily and proximity to the Houston Ship Channel and Port of Houston, anchoring long-term demand from the healthy petrochemical industry.

FOR SALE DETAILS

PRICE

Request Info for Price

# OF UNITS

514

CAP RATE

Request Cap Rate

% LEASED

24%

STATUS

Under Renovation

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Alta Vista

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1970

PARKING SPACES

832

LAND DETAILS

LAND ACRES

28.28 AC

LAND SF

1,231,877 SF

ZONING

-

APN/PARCEL ID

0281760000002

ASK ABOUT THIS PROPERTY

Christopher CurryBerkadia Real Estate AdvisorsMore Info
713-553-0151

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Christopher CurryBerkadia Real Estate AdvisorsMore Info
713-553-0151

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.