Summer Park Portfolio

Highlights:

• 3-Property Portfolio - 95 units - Package deal only
• Includes additional 1/2 acre of land adjacent to Summer Park property
• Adjacent to Ft Hood military base; Largest employer in the metro area (50,000)
• $400K cap ex since 2015; over $100K in last 12 months
• Includes parking lot, wood trim, exterior paint, trees trimmed, roof repair, all vacant units ready
• UPSIDE: Upgrade 100% of classic finish units to competitor's level
• Raise average rent by as much as $200/unit
• Add needed property amenities: picnic/grilling areas, playground, dog park, etc
• Bring two laundry facilities on-line for added income

Description:

The Summer Park portfolio of properties includes 95 total units in a three property package all in the same neighborhood. Summer Park (49 units), Villa Del Rey (36 units) and Lincoln (10 units) Occupancy is above 90% and collections on the rise. Demand for units is very high in this area. $400K in cap ex from the Seller places Summer Park in position for a new owner to update all "classic finished" units and raise rents $200/unit to competitors levels!

Location is just one hour north of Austin along I-35. Market expanding with 230K population within 10 miles. Bell County has grown 30.4% since 2010. MSA over 400K. Interstate being expanded to anticipate growth. Market average rental rates have increased by 7.4% in the last year. Facebook (META) bringing new data center and 1,250 jobs.

Upside is tremendous! With minimal deferred maintenance, a new owner can focus on updating 100% of these classically finished units to competitors’ levels and realize rental increases of as much as $200 per unit! Seller upgraded several units with new appliances and floors and immediately increased rent from $650 to $850 for two bedroom units!

The sale also includes a one-half acre lot adjacent to the Summer Park property with frontage on N College Street. Additional rental or storage units can be added, or other vital amenities such as picnic and grilling areas, playground, dog park, or even a swimming pool can add value!

Prime candidate for bridge financing. Roll cap ex into the loan and refinance or sell after full stabilization. A new owner will hit the ground running and enjoy a property already with considerable improvements and momentum moving forward.

Documents: