Residences at Gramercy_Property for Sale

2601 Gramercy St, Houston, TX, 77030-3100, US

Residences at Gramercy

Asset description

Jones Lang LaSalle (“”JLL””) is pleased to present Residences at Gramercy (“the Property” or “the Asset”), a 224-unit, 5-story apartment community with structured parking located in Houston’s Medical Center neighborhood.

Residences at Gramercy offers a differentiated living experience, with spacious floorplans and thoughtful finishes that foster a true sense of community. Strategically located near the Texas Medical Center, the largest of its kind in the United States, the property enjoys a steady influx of residents drawn by proximity to this key employment hub. Originally constructed in 2006, Residences at Gramercy offers a prime opportunity for further enhancements and value-add improvements to drive income increases.

With an attractive assumable loan at a 2.84% interest rate, investors are presented with a distinct chance to optimize cash flow at this exceptional property in a coveted location.

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Attributes

Units

224

Occupancy

93.8%

Year built

2006

Building area net

23,448 sm

Land area net

1.17 ha

Media

Investment highlights

Accretive Loan Assumption
2.84% Interest Rate
Over 6 Years of Term Remaining
Above Market Loan-to-Value
Value-Add Potential
Potential for Unit Upgrades and Rent Increases
Prime Medical Center Location
Proximate to Major Healthcare Employers
Strong Rental Demand from Medical Professionals
Differentiated Product
Large Unit Sizes and Thoughtful Finishes
Strong In-Place Cash Flow and Property Performance
97% Occupied Over the Last Year
Steady In-Place Rental Income and Occupancy with Room to Push Rent and Other Income
Highly Insulated Competing Supply Market
Zero Comparable Properties Currently Under Construction or Opened within the Last Year in the Medical Center/Braes Bayou Submarket
Affluent and Highly Educated Surrounding Demographics
(1-Mile Radius)
$170,180 Average Household Income
$915,261 Average Home Value
90% College Educated or Further