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Camelot Apartments Offering Memorandum CAMELOT APARTMENTS OFFERING MEMORANDUM 3345 West Park Ave | Orange, TX 77630 68 Units | Built 1971/ Renovated 2018 Price: $4,250,000 In-place Cap Rate: 8% 8 TABLE OF CONTENTS 3 EXECUTIVE SUMMARY 15 COMPARABLE PROPERTIES Investment Highlights Rent Comparables Summary Exclusive Listing Rent Comparables Map Rent Comparables Detail 6 PROPERTY ANALYSIS Property Summary Construction 20 LOCATION OVERVIEW Amenities Location Overview Property Description City Apartments Schools Utilities Aerial View 12 FINANCIAL ANALYSIS Valuation Unit Mix and Rent Summary Income and Expenses Floor Plans GREYSTONE NATIONAL APARTMENT ADVISORS makes no warranty or representation about the content of this Broker’s Price Opinion. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. This Valuation does not constitute an appraisal of the subject property and has not been prepared in accordance with the Uniform Standards of Professional Appraisal Practice. EXECUTIVE SUMMARY 4 CAMELOT APARTMENTS INVESTMENT HIGHLIGHTS Greystone National Apartment Advisors is pleased to offer Camelot Apartments, a 68-unit multifamily opportunity in desirable Orange, Texas. • Extensively remodeled with approximately $1 million in Capital Improvements in 2018/ 19 (list available upon request) which included both exterior and interior updates. Interior upgrades included new shaker cabinets, stainless steel appliances, faux wood flooring, granite counter tops in 93% of the units. Renovation of this magnitude should allow for ease of ownership and lower than average maintenance cost compared to other apartment investments in the area. • Value-add opportunity through improved management and completed upgrades to the remaining 7% the units. • Rental rates for assets of this class in Orange, TX are $0.92, while Camelot’s in-place rents are just $0.75/ SF (Market Rent is $0.84), allowing for new ownership to increase rental collections in the short term. • Attractive unit mix with Studio, 1, 2 and 3-Bedroom floor plans. Washer/ Dryer connections in all Townhome units. • Growing submarket in the Golden Triangle according to CoStar Analytics should allow for rate increases for many years to come. • Available “All Cash” EXCLUSIVE LISTING Greystone National Apartment Advisors has been exclusively retained to represent the Seller of Camelot Apartments and its disposition. All inquiries about the Property should be made to Charles Emmott ([email protected]) or Jordon Emmott ([email protected]) directly. TOURS All prospective purchasers should email Lindsay Steszewski at [email protected] to schedule a tour. DO NOT contact the Property Management directly. OFFER REQUIREMENTS All Offers should be presented in the form of a non-binding Letter of Intent, and must include at a minimum: 1. Pricing 2. Earnest Money Deposit (Refundable/Non-Refundable) 3. Due Diligence Period 4. Closing Period 5. Financing Contingency (if any) 6. Qualifications (Other properties owned, letters of recommendation, verification of funds, etc.) SITE VISITS All site visits and requests for additional information are to be made through Greystone National Apartment Advisors by emailing Lindsay Steszewski at [email protected]. PROPERTY ANALYSIS CAMELOT APARTMENTS 7 PROPERTY SUMMARY 3345 West Park Avenue St Address: Orange, TX 77630 Number of Units: 68 Total Rentable SF: 70,412 Pinehurst Year Built: 1971 Shangri La Botanical Gardens and Nature Center Yesar Renovated: 2018 Stories: 2 Orange Avg Unit SF: 1,035 Lot Size: 3.29 AC Sabine River CAMELOT West Orange Density: 20.67 / Units/AC APARTMENTS Market Rent/Unit: $867 Market Rent/SF: $0.84 CONSTRUCTION Style: Garden-Style Foundation: Concrete Slab Framing: Wood DuPont Sabine Exterior: LP SmartSide and Brick River Works Roof: Flat Paving: Concrete with Rebar HVAC: Ground and Roof Mounted Units Hot Water: Electric - Individual 8 CAMELOT APARTMENTS AMENITIES INTERIOR AMENITIES ■ Neutral Paint & Appliance Package* Carpeting ■ White Shaker ■ Ceiling Fans* Cabinets* ■ Patio/ Balcony* ■ Stainless Steel/ ■ Crown Molding Brushed Nickel ■ Wood Vinyl Floors Fixtures* ■ Six Panel Doors* ■ Granite Counters ■ Walk-in Closets* ■ W/D Connections in ■ Tile Bath Surround all Townhome Units ■ Stainless Steel *In Select Units COMMUNITY AMENITIES ■ Covered Parking ■ 52 Carports and ■ Swimming Pool 32 Surface Spaces ■ Clothes Care Facility Available CAMELOT APARTMENTS 9 PROPERTY DESCRIPTION Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port Arthur Metropolitan Statistical Area (MSA), or otherwise known as The Golden Triangle. Built in 1971, the property consists of 4, two-story apartment buildings, constructed of masonry brick and LP SmartSide with flat roofs that are situated on a total area of 3.29 acres. The property flooded during Hurricane Harvey and underwent major renovations in 2018/ 19, which included exterior enhancements and interior updates including, but not limited to, new shaker cabinets, stainless steel appliances, faux wood flooring and granite countertops in 93% of the units (only 5 second floor units remain). The grounds are well-manicured featuring grass areas, shrubs, and mature trees, as well as a central courtyard with swimming pool. Currently, the property management office is located on- site in a one-bedroom unit (which could ultimately be leased for additional revenue) . There are 32 on-site open surface parking spaces available for residents and guests, as well as 52 covered parking spaces. Additional on-street parking is also available. Camelot of Orange offers six floor plans with a unit mix consisting of 1 studio unit of 400 square feet, 24 one-bedroom / one- bathroom units ranging from 750 to 777 square feet each, 11 two-bedroom / one-bathroom units measuring 979 square feet each, 29 two-bedroom / one- and one-half bathroom townhouse units measuring 1,249 square feet each, and 3 three-bedroom / one- and one-half bathroom townhouse units measuring 1,530 square feet each, for a total community average of 1,035 square feet per unit. Electricity is individually metered while water is centrally metered. The resident pays for electricity, and the property pays for water and sewer utilities, as well as trash removal services. 10 CAMELOT APARTMENTS SCHOOLS West Orange-Cove School District: Consolidated Elementary: West Orange-Stark Intermediate: West Orange-Stark Senior High: West Orange-Stark UTILITIES Electric: Paid By Resident Water & Sewer: Paid By Property Trash: Paid By Property Cable: Paid by Resident ($75/ mo) CAMELOT APARTMENTS 11 AERIAL VIEW Camelot St West Park Avenue FINANCIAL ANALYSIS CAMELOT APARTMENTS 13 UNIT MIX AND RENT SCHEDULE UNIT TYPE # OF UNITS AVG SF MARKET RENT/UNIT MARKET RENT/SF % OF UNITS Studio 1 400 $350 $0.88 1.47% 1 Bedroom/ 1 Bath 8 750 $690 $0.92 11.76% 1 Bedroom/ 1 Bath 16 777 $715 $0.92 23.53% 2 Bedrooms/ 1 Bath 11 979 $875 $0.89 16.18% 2 Bedrooms/ 1.5 Baths TH 29 1,249 $975 $0.78 42.65% 3 Bedrooms/ 1.5 Baths TH 3 1,530 $1,250 $0.82 4.41% TOTALS 68 1,035 $867 $0.84 100% LEGEND STUDIO 1.47% 62.22% 37.78% 1 BEDROOM 35.29% 2 BEDROOMS 58.82% 3 BEDROOMS 4.41% Source: All unit measurements are approximate and should be checked and verified independently. Market Rents are as of 5/22/2019. 14 CAMELOT APARTMENTS INCOME & EXPENSES PRO FORMA NOTES T4 ACTUALS PRO FORMA 1. Gross Potential Rent is per the May 20, 2019 INCOME ANNUAL MONTHLY ANNUAL MONTHLY Rent Roll. We have included a $85/ increase GROSS POTENTIAL RENT $707,520 $58,960 $707,520 $58,960 in Market Rents, to get the Property’s rent in Projected Increase in Market Rents N/A N/A $69,360 9.80% $5,780 line with comparables. 2. *Property Taxes shown are the 2019 Tax Loss/Gain to Lease N/A N/A (15,538) 2.00% (1,295) Assessment at the 2018 Tax Rate of 2.83363%. ADJ. GROSS POTENTIAL RENT $631,308 $52,609 $761,342 $63,445 3. Management Fee is 3.00% of Effective Gross N/A N/A (22,840) 3.00% (1,903) Vacancy Loss Income. Concessions N/A N/A (15,227) 2.00% (1,269) 4. Replacement reserves are estimated to be Bad Debt N/A N/A (7,613) 1.00% (634) $250 per unit and do not reflect actual capital TOTAL RENTAL INCOME $631,308 $52,609 $715,662 $59,638 expenditures. (ECONOMIC OCCUPANCY: 89.23%) (ECONOMIC OCCUPANCY: 92.12%) Disclaimer: The Pro Forma is delivered only as an EFFECTIVE GROSS INCOME $631,308 $52,609 $715,662 $59,638 accommodation and neither Seller, Greystone National Apartment Advisors nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, OPERATING EXPENSES PER UNIT PER UNIT members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such proforma. Purchaser must make its own investigation of the Payroll & Benefits 52,847 777 68,000 1,000 Property and any existing or available financing, and must independently confirm the accuracy of the projections General & Administrative 13,667 201 10,200 150 contained in the Pro Forma. Repairs & Maintenance 2,372 35 27,200 400 Contract Services 11,192 165 20,400 300 Advertising & Promotion 5,665 83 3,400 50 CONTROLLABLE EXPENSES $85,744 $1,261 $129,200 $1,900 TAX INFORMATION Utilities 60,311 $887 60,311 887 Insurance 51,000 $750 51,000 750 APPRAISAL DISTRICT ORANGE COUNTY 2018 TAX RATE 2.83363% Management Fee 30,009 $441 21,470 316 R15372, 48,831 $718 48,831 718 Property Taxes* Account # R15378, OPERATING EXPENSES ($275,895) ($4,057) ($310,812) ($4,571) R15875 Replacement Reserves
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