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3/14/14
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Mediterra at Westchase Apartments, a 312-unit multifamily complex in Houston’s Westchase submarket, was acquired by an institutional investor from California. The terms of the sale were not released.
Built in 1980 on 10.4 acres, Mediterra at Westchase Apartments is located just off Westheimer Rd at 3131 Hayes Place in Houston, near the Sam Houston Tollway, U.S. Hwy 6, the 610 Loop, U.S. Hwy 59, Westpark Tollway and I-10.
Mediterra at Westchase Apartments offers residents six different floor plans that include efficiencies, one-bedroom units, two-bedroom apartments and three-bedroom units, with an average unit size of 803 sf. Unit amenities include spacious closets, outside storage and ceiling fans. All apartments except the efficiencies have fireplaces. The upstairs units feature nine-foot vaulted ceilings and select units have washer/dryer connections. The renovated units have been upgraded with stainless steel and black appliances, two-tone paint, faux-wood flooring, brushed-nickel finishes, two-inch blinds and granite-like countertops.
Community amenities include a resort-style swimming pool with tropical landscaping, a sundeck and barbecue grill, a fitness center, a business center, an updated leasing office, covered parking, free cable TV service, two laundry care centers and controlled access gates. All of the units are sub-metered for electricity. Residents pay for water, trash, pest control, and gas through third-party billing.
Jeffrey Fript and Kyle Bruchmiller in Marcus & Millichap’s Houston office represented the seller, a Texas-based investment firm. Fript also advised the buyer in the deal.
“Mediterra at Westchase Apartments is a stabilized asset with significant upside to be gained through the continuation of the value-add program,” says Fript. “The buyer plans to reposition the asset via interior and exterior upgrades in an effort to capitalize on the explosive growth in the Westchase submarket.”
The location provides residents with easy commutes to all of Houston’s major employment centers, including The Galleria, the Energy Corridor District, the Texas Medical Center and the central business district. Houston’s Westchase district is known for its business climate and is home to approximately 16 msf of office space, 81,000 employees and more than 2,000 businesses.
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