ALLEN PLACE APArtmENts

ALLEN PLACE
apartments
INVESTMENT
HIGHLIGHTS
REO Asset
3 Blocks from Baylor
University Campus
Developed in 2000
a boutique sized 18-unit, student housing project located 3 blocks from Baylor University
Spacious Floorplans
Low Maintenance
Property
Contemporary Design
INTRODUCTION
Transwestern has been exclusively retained by Midland Loan Services
to offer for purchase the ALLEN PLACE APARTMENTS, a REO
multifamily asset located at 512 Daughtrey Avenue in Waco, Texas.
Allen Place is a boutique sized complex developed with a contemporary
flair. Located just 3 blocks from the Baylor Campus, Allen Place offers
students a unique living experience.
THE PROPERTY
The Allen Place Apartments were developed as an 18-unit residential
community focused on student living. Allen Place’s contemporary and
modern architectural design makes it unique among its peers. The
building’s exterior mixture of stucco, decorative concrete blocks and
galvanized metal allow it to brilliantly stand out in the student rental
market.
The property contains 47 bedrooms in a combination of one, three and
four-bedrooms units. Developed in 2000, Allen Place offers students all
the comforts found in today’s larger complexes such as stained concrete
floors, a full sized washer and dryer in each unit, high-speed internet,
digital cable, 9-foot ceilings and electronically controlled access gates.
Exceptional LOCATION
Allen Place is located a short three-block walk away from the Baylor
University campus. The project’s 0.84-acre site is situated near the
intersection of South 5th Street and Daughtrey Avenue. The property’s
location places it equidistant from Baylor’s main academic buildings
and the numerous athletic facilities on campus.
STRONG MARKET
The city of Waco is situated on I-35 about equal distance between
Dallas / Ft. Worth and Austin placing it in the state’s education and
consumer center. Over 80% of the state’s 23 million people and more
than 500,000 college students are located within a 200-mile radius of
the city. Waco’s population has steadily increased to reach 228,000+
residents equating to a 20.6% growth rate dating back to 1990.
Waco’s employment market remains one of the bright spots for the
state. With a workforce of 111,000+, the area’s unemployment rate
continues to remain lower than both the state and nation.
Waco’s quality of life is an aspect of the city which tends to be
overlooked. Highlights include very little traffic, a central location in
the state, a low cost of living, numerous recreational areas and a vibrant
arts and entertainment community all contribute to Waco’s continued
population growth.
BAYLOR UNIVERSITY
Baylor University was founded in 1845 by the Republic of Texas and today stands as the oldest university in
the state. The university is also the largest Baptist orientated university in the nation and one of the most
respected private institutions of higher learning. Baylor offers its 14,500+ students 146 undergraduate
degree programs, 76 master’s programs and 25 doctoral programs. With it’s 735-acre campus, Baylor
offers over 275 academic and social clubs and organizations to its students. Baylor’s enrollment has steadily
increased and is now home to students from all 50 states and over 70 countries. The university is currently
striving towards the goals set forth in the Baylor 2012 plan which include reducing the student-faculty
ratio to 13 to 1, recruit and retain world-class faculty, continue to recruit top-tier students and initiate
new academic programs to name a few. Through these initiatives, Baylor University will continue to be
regarded as a top-tier, private institution of higher learning.
OFFERING SUMMARY
Offering Price
$1,590,000
Price / Unit
$88,333
Price / Bed
$33,830
Price / SF
$78.20
Terms
All Cash Sale
Units
18
Beds
Square Feet
Average Unit Size
Developed
Average Pre-Leasing Rent / Unit
Average Pre-Leasing Rent / SF
47
20,332 ±
1,130 ±
2000
$1,146
$1.01
PROPERTY OVERVIEW
Units
•
18
Bedrooms
•
47
Net Rentable SF
•
20,225 ±
Average Unit Size
•
1,124 ±
Developed
•
2000
Buildings & Stories
•
Parking
•
SITE OVERVIEW
Gross Land Area
(Acres)
•
0.8440 ± :: as per
McLennan CAD
Gross Land Area
(Square Feet)
•
36,765 ± :: as per
McLennan CAD
Zoning
•
O-2 - High Density
Residential
2 residential :: 3 story
Density
•
21.33 ± Units / Acre
45 Open Surface Spaces
Street Frontage
•
Daughtrey Avenue &
South 5th Street
Ingress & Egress
•
Daughtrey Avenue &
South 5th Street
UTILITY OVERVIEW
Electricity
•
Individually Metered
Paid by Resident
Water / Wastewater
•
Sub-Metered
(RUBS Program)
Reimbursed by Resident
Gas
•
Trash
CONSTRUCTION OVERVIEW
Developed
•
2000
Foundations
•
None Located
on Property
Poured Concrete Slab
on Grade
Building Exterior
•
•
Master Metered
Paid by Property
Stucco, Galvanized Metal
& Concrete Blocks
Roofs
•
Telephone
•
Individually Metered
Paid by Resident
Pitched Composition
Shingle
Stairways
•
Digital Cable
•
Master Metered
Paid by Property
Metal Stingers, Risers
& Railings with Metal
Treads
High-Speed
Internet
•
Master Metered
Paid by Property
Balconies
•
Poured Concrete
Windows
•
HVAC
•
Individual Air-Forced
Units
(Electric AC & Heat)
Double-Pane Glass in
Metal Frames
Interior Parking &
Drives
•
Poured & Striped Asphalt
Hot Water
•
Individual Electric Hot
Water Heaters
Interior Curbs &
Sidewalks
•
Poured Concrete
Cooking
•
Electric
Allen Place Apartments
512 Daughtrey Avenue
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OFFERING SUMMARY
35
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Offering Price
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$1,590,000
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Price / Unit
$88,333
Price / Bed
$33,830
Price / SF
$78.20
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Allen Place Apartments
512 Daughtrey Avenue
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All Cash Sale
DR
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35
Terms
T
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IV
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COMMUNITY AMENITIES
UNIT MIX & RENTAL RATES
Unit
Type
No.
Units
1x1
1x1
3 x 2 - TH
4x2
PreLeasing
Rents
%
No.
Beds
Unit
SF
Total
SF
4
22.2%
4
643 ±
2,572 ±
$695
1
5.5%
1
750 ±
750 ±
$695
10
55.6%
30
1,272 ±
12,720 ±
$1,250
3
16.7%
12
1,430 ±
4,290 ±
18
100%
47
1,130 ±
20,332 ±
Rent /
Bed
Rent /
SF
Monthly
Rent
$695
$1.08
$2,780
$695
$0.93
$695
$417
$0.98
$12,500
$1,550
$388
$1.08
$4,650
$1,146
$439
$1.01
$20,625
NOTES: [1] Individual unit square footage is an approximation. Neither Owner nor Broker warrant actual
square footage size listed above and strongly encourage any potential investor to conduct their own
measurement during property tour and/or feasibility studies. McLennan County Appraisal District lists gross
building square footage as 20,928.
CONTACTS:
Chris Stutzman
Managing Director
512.314.5203 | direct
[email protected]
Jeff Rogers
Managing Director
512.314.5207 | direct
[email protected]
Controlled Access Gated Community
3 Blocks From Campus
6 Foot Walkway Balconies
UNIT AMENITIES
Full Size Washer / Dryers
9 Foot Ceilings
Scored & Stained Concrete Floors
Large Spacious Units
Digital Cable &
Highspeed Internet Provided
Kenmore Kitchen Appliance Package
Built In Microwave Oven
Walk-In Closets
Ceiling Fans
ASHLEY WILBANKS
Marketing Coordinator
512.314-3561 | direct
[email protected]
TRANSWESTERN
Central Texas
Multifamily Group
901 South MoPac Expressway
Building 4, Suite 250
Austin, TX 78746
512.328.5600 | telephone
512.328.9309 | facsimile
transwestern.net
© TRANSWESTERN • MARCH 2009
TRANSWESTERN PROPERTY COMPANY SW GP, L.L.C., d/b/a Transwestern Commercial Services, a Delaware limited liability company REPRESENTS THE SELLER ON ANY TRANSACTION TO
PURCHASE the ALLEN PLACE APARTMENTS.
The information contained herein was obtained from sources believed to be reliable; however, Transwestern (“Broker”) makes no guarantees, warranties or representations as to the accuracy thereof. The presentation
of this property is submitted subject to errors, omissions, change in price, prior sales or lease, or withdrawal without prior notice. Broker further has not made and shall not make any warranty or representation as to
the condition of this property nor the presence of any hazardous substances or any environmental or other conditions that may affect the value or suitability of this property including any proforma income or expenses
to be derived from this property. Interested parties are encouraged to retain legal and technical consultants to advise them of any and all aspects of this property.
REGISTRATION AGREEMENT
RETURN VIA FACSIMILE (512) 328-9309
ATTN: CHRIS STUTZMAN / JEFF ROGERS
ALLEN PLACE APARTMENTS (“Property”)
512 DAUGHTREY AVENUE
WACO, TEXAS
The undersigned Principal and/or Broker understand(s) that TRANSWESTERN PROPERTY COMPANY SW GP, L.L.C., (“Broker”) has been retained
as the exclusive agent of WACO ALLEN LLC (“Owner”) in connection with the possible sale of the above referenced property (the “Property”).
In its capacity as exclusive agent for Owner, Transwestern has available a Offering Memorandum concerning the Property solely for Principal’s use in
determining whether it has an interest in acquiring the Property. To induce Transwestern to provide said Offering Memorandum, Principal (and, if
applicable) Broker represent(s) and agree(s) as follows:
1. The Offering Memorandum and any other written materials or oral communications relating to the Property (collectively, the “Offering
Memorandum”) that are or may in the future be furnished to Principal or Broker by Transwestern or Owner, or any agent or representative
thereof, will be kept strictly confidential as set forth herein.
2. The Offering Memorandum was prepared by Transwestern. Principal and Broker understand that the Offering Memorandum contains selected
information pertaining to the Property and does not purport to contain all of the information that a prospective purchaser may desire. Principal
and Broker agree to conduct their own independent investigation of the Property and to verify the accuracy and completeness of any and all
information obtained from the Offering Memorandum. Principal and Broker hereby acknowledge that neither Owner nor Transwestern, nor any
person acting on their behalf, have made any representations or warranties, expressed or implied, as to the accuracy or completeness of the
Offering Memorandum or its contents, or the suitability of the information contained therein for any purpose. The Offering Memorandum is
subject to, among other things, correction of errors and omissions, addition or deletion of terms, change of price or terms, withdrawal from
market without notice, and prior sale.
3. Principal and Broker agree that they will not contact the tenants or property management staff of the Property in connection with Principal’s
review of the Property and/or Offering Memorandum. Any and all questions relating to the Property or the Offering Memorandum and its
contents shall be directed solely to Transwestern, as exclusive agent and listing broker for Owner.
4. If applicable, Broker represents that it is duly licensed as a licensed real estate agent or broker in the State of Texas. In the event that a sale of
the Property to Principal is consummated during the term of Transwestern's listing agreement, and Principal has been both initially
procured and is still working through Broker at the time of such sale, Broker shall be paid, and agrees to accept as its full and only
compensation for services rendered in connection with a sale of the Property to Principal, a commission equal to TWO PERCENT (2.0%) of
the net sales price of the Property. Such commission shall be paid by Transwestern, only at the closing of the Property, as and when received
from Owner, and Broker agrees that in no event will Transwestern have any liability to Broker for payment of the foregoing commission or any part
thereof unless, until and to the extent Transwestern has received such commission from Owner. Notwithstanding the above, parties acting in
the capacity of both a Principal and a Broker will not be recognized as a cooperating Broker and will not be eligible to receive the
commission as discussed above. All parties involved in any transaction must be either registered as a Principal or a Broker.
PRINCIPAL
CO-BROKER
_____________________________________________________________
By (signature)
Date
_____________________________________________________________
By (signature)
Date
Name _______________________________________________________
Name _______________________________________________________
Company ____________________________________________________
Company ____________________________________________________
Address _____________________________________________________
Address _____________________________________________________
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City _____________________ State _______ Zip Code ______________
City _____________________ State _______ Zip Code ______________
Telephone ___________________________________________________
Telephone ___________________________________________________
Facsimile _____________________________________________________
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Email Address ________________________________________________
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