M U L T I F A M I L Y P R O P E R T Y F O R S A L E ARLEN OASIS APARTMENTS Presented By: LOGAN WALLER 214.736.1502 logan@loganwaller.com WALLER GROUP, L.L.C. 5115 McKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com
TABLE OF CONTENTS Confidentiality & Disclaimer All materials and information received or derived from Waller Group, L.L.C. its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither Waller Group, L.L.C. its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of significance to such party. Waller Group, L.L.C. will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. Contents PROPERTY INFORMATION 3 LOCATION INFORMATION 11 FINANCIAL ANALYSIS 13 DEMOGRAPHICS 16 EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Waller Group, L.L.C. makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Waller Group, L.L.C. does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Waller Group, L.L.C. in compliance with all applicable fair housing and equal opportunity laws. WALLER GROUP 5115 McKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com 2
SECTION 1 PROPERTY INFORMATION
EXECUTIVE SUMMARY PROPERTY INFORMATION OFFERING SUMMARY PROPERTY OVERVIEW Sale Price: $2,300,000 Number Of Units: 68 Cap Rate: 8.99% NOI: $206,688 Lot Size: 2.15 Acres Year Built: 1969 Building Size: 41,075 Renovated: 2017 Zoning: MF Market: El Paso Stabilized 68 units, potential for added value with streamlined management and conversion of large 3 bedroom units which will be completed before closing. Diverse unit mix is attractive to area tenants. Property features ample surface parking and private resident access to landscaped courtyard and grilling area. General unit maintenance has been well kept by current ownership and 9 units have received recent rehabs. Currently 6 tenants receiving subsidies. On-site leasing office, on-site laundry. PROPERTY HIGHLIGHTS Favorable unit mix of 1, 2, and 3 beds Stabilized rents above market rates Value-add potential Well maintained units and community amenities Renovations to be complete before closing Submarket: Fort Bliss/Biggs Field Price / SF: $56.00 WALLER GROUP 5115 McKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com 4
PROPERTY DESCRIPTION PROPERTY INFORMATION PROPERTY OVERVIEW Stabilized 68 units, potential for added value with streamlined management and conversion of large 3 bedroom units which will be completed before closing. Diverse unit mix is attractive to area tenants. Property features ample surface parking and private resident access to landscaped courtyard and grilling area. General unit maintenance has been well kept by current ownership and 9 units have received recent rehabs. Currently 6 tenants receiving subsidies. On-site leasing office, on-site laundry. LOCATION OVERVIEW Apartment development in El Paso has been in full swing this cycle, and the metro has expanded its inventory by about 15% since 2010. Despite the spike in 2016, vacancies have stayed in a tight range. The four-quarter trailing absorption was near the all-time high in 17Q4 and helped bring occupancies near historical norms. Apartment construction surged in El Paso immediately following the recession, largely due to the economic stability provided by Fort Bliss, one of the nation s largest Army bases. Post-recession, the government s Base Realignment and Closure (BRAC) plan led to a major expansion of Fort Bliss, which contributes $6 billion annually to the local economy and provides more than 60,000 jobs. Additionally, the University of Texas at El Paso enrolls about 25,000 students and provides close to 3,600 jobs to the local economy. Demographics are a mixed bag here. In-migration has slowed since the Fort Bliss expansion project completed in 2010, but the population here is still increasing faster than the national average, posting year-over-year growth of 1%. WALLER GROUP 5115 McKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com 5
PROPERTY DETAILS PROPERTY INFORMATION SALE PRICE $2,300,000 LOCATION INFORMATION Building Name Arlen Oasis Apartments Street Address 4510 Arlen Ave City, State, Zip El Paso, TX 79904 County/Township El Paso Market El Paso Submarket Fort Bliss/Biggs Field BUILDING INFORMATION PROPERTY DETAILS Property Type Property Subtype Zoning Lot Size Submarket PARKING & TRANSPORTATION Parking Type Multifamily Low-Rise/Garden MF 2.15 Acres Fort Bliss/Biggs Field Surface Building Size 41,075 SF Occupancy % 91.2 Number Of Floors 2 Year Built 1969 Last Renovated 2017 Load Factor Yes Construction Status Existing Framing Wood Condition Good Number Of Buildings 5 UTILITIES & AMENITIES No Central HVAC Wall units included Laundry Description On-site common TAX INFORMATION Tax Value Land $182,520.00 Tax Value Improvements $1,838,223.00 Assessed Value $2,020,743.00 WALLER GROUP 5115 McKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com 6
ADDITIONAL PHOTOS PROPERTY INFORMATION WALLER GROUP 5115 McKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com 7
ADDITIONAL PHOTOS PROPERTY INFORMATION WALLER GROUP 5115 McKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com 8
ADDITIONAL PHOTOS PROPERTY INFORMATION WALLER GROUP 5115 McKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com 9
ADDITIONAL PHOTOS PROPERTY INFORMATION WALLER GROUP 5115 McKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com 10
SECTION 2 LOCATION INFORMATION
LOCATION MAPS LOCATION INFORMATION WALLER GROUP 5115 McKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com 12
SECTION 3 FINANCIAL ANALYSIS
UNIT MIX SUMMARY FINANCIAL ANALYSIS UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MARKET RENT MARKET RENT/SF 2/2 13 19.1 891 $690 $0.77 $686 $0.77 2/1 12 17.6 766 $670 $0.88 $589 $0.77 1/1 41 60.3 423 $490 $1.16 $401 $0.95 3/2 2 2.9 1,470 $824 $0.56 $940 $0.64 Totals/Averages 68 100% 41,058 $38,781 $0.94 $34,351 $0.84 WALLER GROUP 5115 McKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com 14
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cKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com 15
SECTION 4 DEMOGRAPHICS
DEMOGRAPHICS REPORT DEMOGRAPHICS 1 MILE 2 MILES 3 MILES Total population 16,972 38,100 65,074 Median age 28.7 31.1 32.1 Median age (male) 26.9 30.4 31.2 Median age (female) 30.5 32.0 33.3 Total households 5,791 12,797 22,106 Total persons per HH 2.9 3.0 2.9 Average HH income $29,594 $37,307 $41,576 Average house value $97,573 $119,058 $118,748 * Demographic data derived from 2010 US Census WALLER GROUP 5115 McKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com 17
DEMOGRAPHICS MAP DEMOGRAPHICS POPULATION 1 MILE 2 MILES 3 MILES Total population 16,972 38,100 65,074 Median age 28.7 31.1 32.1 Median age (male) 26.9 30.4 31.2 Median age (Female) 30.5 32.0 33.3 HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILES Total households 5,791 12,797 22,106 # of persons per HH 2.9 3.0 2.9 Average HH income $29,594 $37,307 $41,576 Average house value $97,573 $119,058 $118,748 * Demographic data derived from 2010 US Census WALLER GROUP 5115 McKinney Ave Dallas, TX 75205 214.736.1500 wallergrouphomes.com 18