Lexington on the Lake
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OFFERING MEMORANDUM LEXINGTON ON THE LAKE A CHARMING APARTMENT COMMUNITY IN BEAUMONT, TEXAS NON-ENDORSEMENT & DISCLAIMER NOTICE CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. OFFICES THROUGHOUT THE U.S. AND CANADA www.marcusmillichap.com EXCLUSIVELY LISTED BY KENT MYERS First Vice President Investments Austin, Texas Direct: (512) 338-7853 [email protected] License: TX 0561047 TABLE OF CONTENTS 02 01 PROPERTY DESCRIPTION // 13 03 EXECUTIVE SUMMARY // 7 FINANCIAL ANALYSIS // 23 04 05 RENT COMPARABLES // 27 MARKET OVERVIEW // 35 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap section 1 Executive Summary offering summary summary of terms investment overview investment highlights OFFERING SUMMARY LEXINGTON ON THE LAKE Total Price Total Price to Be Determined By Market 45 Units Rentable Square Feet 138,692 SF Number of Buildings 10 Number of Stories 2 Year Built 2000 Lot Size 17.32 AC 8 EXECUTIVE SUMMARY SUMMARY OF TERMS INTEREST OFFERED Marcus and Millichap has been retained on an exclusive basis to offer fee simple interest to qualified investors. TERMS OF SALE Lexington on the Lake is offered free and clear of any existing debt. PROPERTY TOURS Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the Marcus & Millichap listing agent. At no time shall the tenants, on-site management or staff be contacted without prior approval. EXECUTIVE SUMMARY 9 10 EXECUTIVE SUMMARY LEXINGTON ON THE LAKE 6195 N. Major Drive, Beaumont, TX, 77713 Lexington on the Lake is a charming apartment community in Beaumont, Texas where luxury meets value. Built in 2000, the complex consists of 152 units arranged in ten two-story buildings. Lexington on the Lake offers three spacious floorplans: a one-bedroom/one-bathroom measuring 696 square feet, a two-bedroom/two-bathroom measuring 946 square feet, and a three-bedroom/two-bathroom measuring 1,096 square feet. Lexington on the Lake is focused on providing residents a comfortable and convenient place to call home. The well-appointed units feature fully equipped kitchens, dining areas, ceiling fans, oversized closets, washer/dryer connections, private balconies or patios, and select units boast nine-foot ceilings and wood finish flooring. The community offers residents many amenities to enjoy including a sparkling swimming pool, fitness center, clubhouse, on-site management and maintenance, carports, tons of open green space, and, of course, the lake, which is stocked for fishing. With stylish homes and conveniences abound, residents find it easy to come home to Lexington on the Lake. Lexington on the Lake is located in the city of Beaumont, part of the Golden Triangle in southeast Texas. Beaumont is conveniently located off the Gulf of Mexico and shares borders with the Houston metro to the west and the Lake Charles market in Louisiana to the east. Lexington on the Lake is a tranquil, suburban property closely surrounded by employment opportunities, a strong retail presence, and recreational activities. Within just a few miles, residents can find an H-E-B plus!, Target, CVS, the Parkdale Mall, several schools and parks, a plethora of restaurant and eateries, and much more. The apartments are located at the intersection of TX-105 and US-96, giving residents easy means to everything Beaumont has to offer as well as interregional access. A best-in-class asset, this unique offering provides investors long term stability with upside potential and long-term value appreciation. INVESTMENT HIGHLIGHTS Shopping, Restaurants, & Recreation Nearby Highly Visible Location at Intersection of TX-105 & US-96 Conveniently Located Between Houston and Louisiana’s Lake Charles Market One of the Nation’s Largest Petrochemical Refining Areas Home to the Nation’s Fifth Largest Port EXECUTIVE SUMMARY 11 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap section 2 Property Description regional maps property details amenities LEXINGTON ON THE LAKE 14 PROPERTY DESCRIPTION LEXINGTON ON THE LAKE 152 UNITS PROPERTY DESCRIPTION 15 PROPERTY DESCRIPTION // Lexington on the Lake Parcel 039070-000-000100-00000-6 Number of Units 152 Year Built 2000 Number of Buildings 10 Number of Stories 2 Acreage 17.32 Density 8.76 Units/Acre Exterior Brick & Wood Siding Roof Type Pitched Composition Shingle Rentable Square Footage 138,692 SF Parking Open Surface Spaces; Coverd Parking Available Laundry Connections in Units FEES Application Fee $40 PETS Deposit $100 Per Pet One-Time Fee $150 For Dogs; $50 For Cats Policies 2 Pet Limit; Weight Restrictions UTILITIES Electricity Tenant Responsible Water Billed Back to Tenants Cable/Internet Tenant Responsible Trash Included Sewer Included SCHOOLS Beaumont ISD 29 Campuses; ~18,697 Students Lamar University ~14,793 Students TAXES 2019 Assessed Value $3,817,860 2019 Total Tax Rate 2.726355% 16 PROPERTY DESCRIPTION County Jefferson FLOORPLANS // Lexington on the Lake 1 Bedroom / 1 Bathroom 2 Bedroom / 2 Bathroom 696 Sq Ft 946 Sq Ft 3 Bedroom / 2 Bathroom 1,196 Sq Ft PROPERTY DESCRIPTION 17 Common Area AMENITIES Sparkling Swimming Pool Fitness Center Fishing at the Lake Clubhouse Lots of Open Green Space Carports On-Site Management & Maintenance Pet Friendly 18 PROPERTY DESCRIPTION PROPERTY DESCRIPTION 19 Living Unit AMENITIES Spacious Open Floorplans Fully Equipped Kitchen Dining Area Wood Finish Flooring* 9 Foot Ceilings* Ceiling Fans Oversized Closets Washer/Dryer Connections Private Patio/Balcony Some Bills Paid 20 PROPERTY DESCRIPTION *In Select Units PROPERTY DESCRIPTION 21 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any