Phoenician Apartments
2345 Bering Drive, Houston, TX, 77057, US
264 Einheiten
Jones Lang LaSalle (“”JLL””) is pleased to present Ascension on the Bayou (“the Property” or “the Asset”), a 280-unit podium-style apartment community located in Houston’s exclusive West Memorial neighborhood. This 2017 completed Class A asset is a benefactor of Houston’s continual westward migration and is well-positioned proximate to some of Houston’s top business and retail destinations including the Energy Corridor, CityCentre, Memorial City and Westchase. Adjacent to Beltway 8, the Property is highly accessible to some of Houston’s most travelled thoroughfares including Interstate 10 and Memorial Drive. Ascension on the Bayou offers luxurious floorplans with best-in-class amenities and Buffalo Bayou Park right outside tenant’s back door. This Property offers a prime opportunity for new ownership to acquire a timeless, institutionally-maintained community with strong activity in a prime multifamily submarket at a discount to replacement cost.
SOPHISTICATED ADDRESS PROMOTES STRONG SURROUNDING DEMOGRAPHICS (1-MILE)
⊲ $166,542 Average Household Income
⊲ $786,921 Average Home Values
⊲ 75.5% with Bachelor or Graduate Degrees
⊲ 53% Renter-Occupied Housing Units
PROXIMATE TO HOUSTON’S MAJOR EMPLOYERS AND HIGH TRAFFIC RETAIL DESTINATIONS
⊲ Employment: BP | Memorial Hermann Memorial City | Phillips 66 | Shell | Texas Children’s Hospital
⊲ Retail: CityCentre | Memorial City Mall | Memorial Villages | Town & Country Villages
STRONG SUBMARKET FUNDAMENTALS
⊲ 2.8% T3 Rent Growth
⊲ 93.9% Class A Submarket Occupancy
OPPORTUNITY TO ACQUIRE THE BEST-OF-THE-BEST, LEED SILVER CLASS “A” BOUTIQUE PODIUMSTYLE COMMUNITY
INSTITUTIONALLY MAINTAINED ASSET BELOW REPLACEMENT COST
ADJACENT TO SAM HOUSTON TOLLWAY AND LESS THAN ONE MILE FROM INTERSTATE 10
EXCEPTIONAL BUFFALO BAYOU SETTING WITH BACK DOOR ACCESS TO TERRY HERSHEY PARK