lubbock 30 Units YOC 2002

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Ronald Watkins
5 years ago
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1 30 Units YOC 2002 lubbock 27 ma rsh all for mb ym em ori al hw y LOCATED ON INTERSTATE 27, THE MAIN NORTH-SOUTH THOROUGHFARE IN LUBBOCK 20 MINUTES FROM TEXAS TECH UNIVERSITY, HOME TO 37,000 STUDENTS ORIGINAL INTERIORS POTENTIAL TO INCREASE RENTS $50-$100 PER MONTH THROUGH AN INTERIOR UPGRADE PROGRAM

West Wind Apartments ( the Property ) is located on Interstate 27, the main North-South thoroughfare between Lubbock and Amarillo.

The Property is the only conventional multifamily property in Abernathy, TX and provides a much-needed housing option to renters in the

PRICE TBD # OF UNITS 30 YEAR BUILT 2002 TOTAL ACREAGE 2.

2 West Wind Apartments ( the Property ) is located on Interstate 27, the main North-South thoroughfare between Lubbock and Amarillo. It is less than 20 minutes from Lubbock, which is home to Texas Tech University and over 37,000 students. The Property is the only conventional multifamily property in Abernathy, TX and provides a much-needed housing option to renters in the immediate area. With steady cash flow and limited direct competition, the Property presents an attractive opportunity to investors. PRICE TBD # OF UNITS 30 YEAR BUILT 2002 TOTAL ACREAGE 2.46 ac AVERAGE UNIT SIZE 750 sf OCCUPANCY (LEASED) 90% NET RENTABLE AREA 22,500 sf AVG MARKET RENT PER MONTH $588 AVG MARKET RENT PER SF $0.78 AMENITIES Interior corridors with room call system Large furnished lobby Small meeting room with adjacent kitchenette Laundry facility

3 HIGHLIGHTS AT A GLANCE The Property was built in 2002 and all interiors are still original A new owner could implement an interior value-add program and potentially increase rents $50-$100 per month Possible upgrades include black appliances, faux wood flooring in common areas, new cabinet fronts and hardware, resurfaced countertops, and lighting and plumbing fixture upgrades Rents at comparable properties are $119 higher than West Wind on average, supporting the ability to increase rents through a comprehensive value-add program There is additional value-add potential in renovating the community room and fitness center AREA HIGHLIGHTS Golden Spread Antelope Station $200M power plant one mile north of the Property Began operations in June 2011 Generates up to 168 megawatts of natural gas-fired electricity Wolf Pump Manufacturer of high quality pumps for irrigation, municipal water supplies, dairy production, mining, oil & gas extraction, and more Abernathy location is the headquarters for the Western US Gicon Pumps & Equipment Wholesale supplier of pumps and related equipment with nine locations across Texas Abernathy site is a manufacturing and testing facility Helena Chemical Distributor and wholesaler of agricultural inputs Located along I-27 one mile south of the Property US Cropping Systems Research Laboratory Conducts research projects for the United States Department of Agriculture Research focuses of this location include water stress on plants, effects of wind-induced soil erosion, and improvements to cotton cultivation Located on the far north side of Lubbock, adjacent to Texas A&M AgriLife Center Johnson Controls Diversified technology company with over 120,000 employees worldwide Lubbock site manufactures fire sprinklers and employs over 300 Located on I-27 north of Lubbock Preston Smith International Airport Over 500,000 passengers annually, making it the 8th busiest airport in Texas Covers 3,000 acres on the north side of Lubbock Major airlines include American, Southwest, and United Eco-Drip Provides design, installation, and support of subsurface drip irrigation solutions Founded in 1984; currently has 7 offices in West Texas Abernathy site additionally manufactures specialty fertilizers Frontier Hybrids Family-owned wholesaler of regionally adapted seed Located 2 miles north of the Property on I-27 Hi Plains Drilling Industry leader in water well drilling and pumps Locally owned and operated since 1953 Abernathy Independent School District Consists of Abernathy Elementary, Middle, and High Schools TEA Accountability rating of 88 out of 100 in District schools have undergone $26 million in renovations since 2010 Monsanto Brand new, $140 million cotton seed processing facility Monsanto s primary US hub for all commercial cotton seed processing Located in neighboring New Deal, TX, ten minutes south on I-27 Interstate 27 Initiative Created by the Ports-to-Plains Alliance to push expansion of Interstate 27 Current efforts are aimed at extending the interstate from Lubbock to Laredo 60% of US-Mexico trade crosses at Texas land ports, with Laredo being the largest TxDOT has approved plans to conduct a feasibility study on the expansion The 5-mile Lubbock-Laredo expansion is estimated to cost $5.2 billion Ultimately, the Ports-to-Plain Alliance hopes to connect Laredo to Denver via I-27 Texas Tech University Opened in 1925, Texas Tech is the largest institution of higher education in the western two-thirds of the state Only campus in Texas that is home to a major university, law school and medical school Enrollment of over 37,000 in fall 2017 Employs a faculty of over 1,760 Offers 150 undergraduate, 100 graduate, and 50 doctoral degrees Currently undergoing several large expansions, including a College of Visual and Performing Arts ($23M), Experimental Sciences Building II ($77M), and a new football practice fields ($2.4M) Texas A&M AgriLife Research & Extension Center at Lubbock An extension of the Texas A&M University system focused on addressing key issues for agriculture producers in the region Located on the far north side of Lubbock, ten miles south of the Property

pro forma PRO FORMA FINANCIAL ANALYSIS INCOME Gross Scheduled Rent Less: Vacancy Less: Collection Loss Total Rental Income Plus: Other Income Effective Gross Income EXPENSES Repairs and Maintenance

100.00% $225,311 $7,510 $10.01 6.50% 14,645 488 0.65 1.00% 2,253 75 0.10 92.50% $208,413 $6,947 $9.26 0.81% 1,836 61 0.08 93.31% $210,249 $7,008 $9.34 % of EGI Totals Per Unit Per SF 2.

4 pro forma PRO FORMA FINANCIAL ANALYSIS INCOME Gross Scheduled Rent Less: Vacancy Less: Collection Loss Total Rental Income Plus: Other Income Effective Gross Income EXPENSES Repairs and Maintenance Payroll Administrative Utilities Total Variable Expenses Taxes Insurance Management Fee Total Operating Expenses Capital Reserves Total Expenses Net Operating Income % of GSR Totals Per Unit Per SF % $225,311 $7,510 $ % 14, % 2, % $208,413 $6,947 $ % 1, % $210,249 $7,008 $9.34 % of EGI Totals Per Unit Per SF 2.85% 6, % 24, % 1, % 11, % $43,156 $1,439 $ % 20, % 10, % 6, % $80,783 $2,693 $ % 6, % $86,783 $2,893 $3.86 $123,466 $4,116 $5.49

school OVERVIEW SCHOOL DISTRICT Abernathy Independent School District ELEMENTARY SCHOOL Abernathy MIDDLE

OF BUILDINGS 1 FOUNDATION Slab EXTERIOR WALLS Brick veneer ROOF TYPE Pitched with composition shingles

PVC MECHANICAL SYSTEMS ELECTRICITY Individually metered, Resident pays WATER/SEWER Master-metered, Owner

5 school OVERVIEW SCHOOL DISTRICT Abernathy Independent School District ELEMENTARY SCHOOL Abernathy MIDDLE SCHOOL Abernathy HIGH SCHOOL Abernathy CONSTRUCTION DETAILS STYLE 1-story with interior corridors NUMBER OF BUILDINGS 1 FOUNDATION Slab EXTERIOR WALLS Brick veneer ROOF TYPE Pitched with composition shingles FLOOR COVERING Carpet and laminate tile PAVING Concrete and asphalt paved with curbs WIRING Copper PIPING PVC MECHANICAL SYSTEMS ELECTRICITY Individually metered, Resident pays WATER/SEWER Master-metered, Owner pays HOT WATER Individual HVAC Central PARKING INFORMATION OPEN, UNRESERVED SPACES 24 PARKING SPACES PER UNIT 0.8

INVESTMENT SALES Brad Shaffer bshaffer@aranewmark.com T 713-337-5806 M 713-775-6888 Brandon Miller bmiller@aranewmark.

com T 713-337-5805 M 979-709-8554 capital markets Adam Allen aallen@ngkf.

6 INVESTMENT SALES Brad Shaffer T M Brandon Miller bmiller@aranewmark.com T M Taylor Gaspard tgaspard@aranewmark.com T M capital markets Adam Allen aallen@ngkf.com T M Tip Strickland tstrickland@ngkf.com T M David Schwarz dschwarz@ngkf.com T M Purvesh Gosalia pgosalia@ngkf.com T M

AMENDED MEMORANDUM of UNDERSTANDING BETWEEN THE CITY OF WILLIAMSBURG AND THE WILLIAMSBURG ECONOMIC DEVELOPMENT AUTHORITY

AMENDED MEMORANDUM of UNDERSTANDING BETWEEN THE CITY OF WILLIAMSBURG AND THE WILLIAMSBURG ECONOMIC DEVELOPMENT AUTHORITY SUBJECT: City of Williamsburg Funding for EDA Demolition Program and Small Business