Log In/Sign Up
Your email has been sent.
Alta Vista 621 S Richey St 514 Unit Apartment Building For Sale Pasadena, TX 77506
Investment Highlights
- Deploy repositioning and value-add strategy to address deferred maintenance, bring down units online, enhance operations, and drive occupancy to mar
- Repurpose building next to leasing office to another amenity, such as a clubhouse with a gym, to increase retention and competitive position
- Class A and Class B communities average 93% and 92% occupancy, respectively, in the submarket
- Implement RUBS and a bulk cable agreement to increase NOI
- Light renovations, including granite countertops and new cabinets, are achieving $20 to $40 premiums
- Nearly $500 rent gap with average Class A rent in the submarket and $200 rent gap with average Class B rent in the submarket
Executive Summary
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.
Property Facts
| Sale Type | Investment | Construction Status | Under Renovation |
| No. Units | 514 | Building Size | 406,330 SF |
| Property Type | Multifamily | Average Occupancy | 24% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1970/2017 |
| Building Class | C | Parking Ratio | 2.05/1,000 SF |
| Lot Size | 28.28 AC |
| Sale Type | Investment |
| No. Units | 514 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 28.28 AC |
| Construction Status | Under Renovation |
| Building Size | 406,330 SF |
| Average Occupancy | 24% |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2017 |
| Parking Ratio | 2.05/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Walk-In Closets
Site Amenities
- Clubhouse
- Courtyard
- Day Care
- Laundry Facilities
- Playground
- Pool
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 89 | $1,076 CAD | 440 - 770 |
| 1+1 | 233 | $1,183 CAD | 770 |
| 2+1 | 47 | $1,447 CAD | 799 |
| 2+2 | 61 | $1,622 CAD | 900 |
| 3+2 | 84 | $1,897 CAD | 1,100 - 1,200 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 0281760000002 | Improvements Assessment | $31,490,889 CAD |
| Land Assessment | $10,337,377 CAD | Total Assessment | $41,828,266 CAD |
Property Taxes
Parcel Number
0281760000002
Land Assessment
$10,337,377 CAD
Improvements Assessment
$31,490,889 CAD
Total Assessment
$41,828,266 CAD
Contacts
-
Christopher Curry -
Tucker Fama -
Jack Nevil -
Johnny King -
Berkadia Real Estate Advisors
1 of 10
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
Alta Vista | 621 S Richey St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.