Entitled MF Development Site | 378+/- Units | Princeton, TX

Highlights:

• The 23.34+/- acre Site is well located along North Beauchamp Boulevard just a mile north of US 380, 7 miles east of US 75, and 8 miles east of SH 121.
• The Site is zoned through PD-29 allowing for 378 multifamily units.
• Per CoStar, the average unit in the Allen/McKinney multifamily submarket $1,624 per month.
• Existing Class A multifamily deals in Princeton are achieving market rents up to $1.65 psf.
• The Site is located within Princeton ISD directly south of Southard Middle School, less than a mile east of Smith Elementary School, and less than two miles northeast of Princeton High School.
• Retailers in the immediate vicinity include Walmart, Ace Hardware, Starbucks, and 7-Eleven.
• Just south of the Site is JM Caldwell Sr. Community Park, a facility which includes a dog park, baseball fields, and walking trails.
• Seller will convey existing set of engineering and architectural plans to a Purchaser at Closing.
• Per the Seller, the Site is shovel ready with impact fees of approximately $1.57MM remaining to be paid along with permit fees. See Due Diligence Vault for estimated remaining fees to be paid.
• Per the US Census Bureau, the population of Princeton grew to 22,900 by the July of 2022, a 34.5% increase from 2020.
• According to Texas Realtors, the median price for homes in Princeton as of March 2024 was $364,950, a 4.3% increase year-over-year.

Description:

Vanguard Real Estate Advisors (“VREA”) has been exclusively retained by Ownership to offer developers and investors the opportunity to purchase a 23.34+/- acre entitled shovel-ready multifamily development Site located at 1300 North Beauchamp Blvd in Princeton, TX (the “Site”). The Site currently has plans in place for a 378 unit, 3-story, garden-style build out. The Seller will convey existing architectural plans, engineering plans, and select third party reports at closing. The Site has frontage along North Beauchamp Boulevard and Longneck Road, it is also one mile north of US 380 which is the major east-west thoroughfare of the city. Also, in immediate proximity are both Southard Middle School and JM Caldwell Sr. Community Park. This well-located Site is a great opportunity to acquire a shovel ready development parcel at an attractive price of only $24,470 per developable unit.

To gain access to the marketing brochure and full Due Diligence Vault click on the link below:

https://docsend.com/view/s/b4cixm2peqhrue5b

There is a 1 % co-broker fee available to a broker that sources a principal that VREA has not contacted or sent information to regarding this opportunity.

Documents: