Overview

Description

Vanguard Real Estate Advisors has been exclusively retained by Ownership to offer investors and developers the opportunity to purchase an entitled 8.66+/- acre multifamily site which allows for up to 207 units out of a larger 10.88+/- acre parcel in Quitman, TX. The City of Quitman is strategically located in East Texas approximately 85 miles east of Dallas and approximately 35 miles north of Tyler. The Site is ideally located within the city center of Quitman and is zoned General Business which allows for multifamily development by right and has an executed Chapter 380 Agreement in-place providing a developer an incentive payment as well as tax reimbursements. At a price point of only $1.75 per square foot, the Site offers a unique opportunity to purchase a zoned site at a price well below market in an area primed for additional residential units. Ownership also has 2.155+/- acres adjacent to the Site, which is slated for hospitality development that they would potentially consider selling in conjunction with the 8.66+/- acre tract; call for details on this additional tract.

A 3% co-broker fee is available to a Broker that sources a Principal that VREA has not previously contacted or sent information to regarding this opportunity.

Highlights

• The 8.66+/- acre Site is ideally located within the city center of Quitman, adjacent to Brookshire’s Grocery, and walking distance to UT Health Quitman, Wood County Court House, and Quitman Junior High and High School.
• Quitman is approximately 85 miles east of Dallas, 35 miles north of Tyler, and 50 miles west of Longview.
• The future Kiwanis Hike and Bike Trail is planned adjacent to the Site which will connect to city parks and loop around the City of Quitman.
• The Site is zoned General Business which allows multifamily development by right for up to 207 units.
• Upon the issuance of the Certificate of Occupancy, the Developer shall receive a one-time Incentive Payment of $2,400 per rentable unit, for the first 140 units (no other incentives will be provided for additional units), for a maximum of $336,000 from Quitman EDC.
• During the term of the Agreement, the City shall reimburse the Developer for the following percentage of the City Ad Valorem Taxes: Year 1 & 2 – 80%; Year 3 & 4 – 50%; Year 5 – 20%.
• Purchaser to verify zoning and uses allowed on the Site, as well as details of 380 Incentive Agreement.
• Quitman is the county seat of Wood County which has a population of approximately 46,857.
• Within five miles of the Site the median home value is $194,048 and the median household income is $57,301.

Documents

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