3101 Smith St, Houston, TX, 77006-3458, US

Pearl Midtown

Asset Description

JONES LANG LASALLE (“JLL”) IS PLEASED TO PRESENT PEARL MIDTOWN (“THE PROPERTY” OR “THE ASSET”), A 154-UNIT, 5-STORY PODIUM-STYLE PROPERTY IN HOUSTON’S MIDTOWN NEIGHBORHOOD.

Completed in 2014, Pearl Midtown stands prominently in Houston’s sought-after Midtown submarket, known for its high concentration of renters. This property occupies a prime location at the nexus of Houston’s most dynamic neighborhoods and major employment centers, offering residents unparalleled walkability. Strategically positioned near Montrose, Downtown, and the Texas Medical Center, Pearl Midtown provides an ideal home base for a diverse array of Houston professionals. The surrounding area boasts a rich array of bars and restaurants, embodying the essence of a true live-work-play environment. Pearl Midtown represents a rare investment opportunity, combining a top-tier location with attractive pricing well below replacement cost. This exceptional asset offers investors the chance to own a piece of one of Houston’s most desirable residential communities.

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Attributes

Number of units

154

Occupancy

94.8%

Year built

2014

Rentable area

129,638 sf

Land area net

1.15 acres

Media

Investment Highlights

SIGNIFICANT DISCOUNT TO REPLACEMENT COST
Potential for a buyer to acquire a stabilized property well below replacement cost
LIMITED COMPETING SUPPLY
Zero comparable properties currently under construction or opened within the last year within a one-mile radius of the Property
HIGHLY SOUGHT-AFTER WALKABILITY IN URBAN HOUSTON
Positioned to benefit from the ability to walk to nearby restaurants and bars within Midtown, Montrose and Downtown
PRIME LOCATION TO HOUSTON’S MAJOR EMPLOYMENT CENTERS
Proximate to Downtown, The Medical Center and Montrose
Strong rental demand from medical professionals
STRONG IN-PLACE CASH FLOW AND PROPERTY PERFORMANCE
High occupancy over the last year
Steady in-place rental income and occupancy with room to push rent
VALUE-ADD POTENTIAL FOR BUYER
Potential for common area refresh and units upgrades