Mineola Garden Apartments & East Texas Townhomes

Highlights:

• Comparable properties currently support market rental rates of up to $1.58 per square foot, providing an opportunity to raise the current rental rates on-site of $1.10 per square foot.
• Potential for a new owner to increase value and rental rates by adding community amenities such as sport courts, playgrounds, picnic areas, or covered parking.
• Located less than 30 minutes from Tyler and just over 10 minutes from Lindale.
• Convenient access to economic drivers, schools, and major employers such as Mineola ISD, Walmart, and East Texas Architectural Sheetmetal.
• Mineola Garden contains 24 garden style units built in 1984, and East Texas Townhomes contains 35 single-story units built in 1976.
• In-unit amenities include hardwood style floors, black kitchen appliances, walk-in closets, and full size washer/dryer connections.

Description:

Vanguard Real Estate Advisors (“VREA”) is pleased to present the exclusive opportunity to purchase Mineola Garden Apartments (24 units located at 1810 N Pacific Street, Mineola, TX) and East Texas Townhomes (35 units located at 1702 N Newsom Street, Mineola, TX) (the “Portfolio”) located in the city of Mineola, TX. The Properties are operated out of one leasing center and are just one block apart. Ownership has also indicated that all units have washer and dryer connections. The 97% occupied Portfolio has an average unit size of 843 square feet. The Portfolio is currently self-managed by Ownership, which has focused on maintaining high occupancy and not maximizing rents, providing significant upside for a new investor. There is also the ability to add value by constructing amenities such as covered parking, a playground, dog park, etc.

Mineola, which is approximately 30 miles northwest of Tyler and approximately 1.5 hours east of Dallas, has a population of 5,283 per Texas Demographic Center. Mineola's population is currently growing at a rate of 1.6% annually and has increased by 6.75% since the most recent census. Mineola ISD received an “A-“ rating per Niche.com.

To gain access to the full Offering Memorandum and Due Diligence Vault click on the link below:
https://docsend.com/view/s/y2eixdy5g6rwjc38

Call us to schedule a tour, they are offered on the following dates: Wednesday June 25th, Tuesday July 1st, Thursday July 10th, and Tuesday July 15th

The Call For Offers date is Thursday July 17th on or before 4:00pm CST.

Documents: