BROKER'S OPINION OF VALUE...Located in the Alamo Heights submarket of San Antonio, TX Market For More Information Please Contact: Tom Wilkinson [email protected] 713-355-4646 ext 102

BROKER'S OPINION OF VALUE

www.ketent.com4295 San Felipe ● Suite 355 ● Houston, TX 77027

A 80 Unit ● Class C ● Multi-Family Asset

67 BREES BLVD, SAN ANTONIO, TX 78209

ASHFORD TANGLEWOOD, 67 BREES BLVD, SAN ANTONIO, TX 78209

APARTMENTS FOR SALE

PRICE/UNIT:

PRICE/SF:

Units: 98 TERMS: ALL CASH

Avg Size: 1107 PRO-FORMA CAP RATE:

Date Built: 1972Rentable Sq. Ft.: 108,526Acreage: 4.85Occupancy: 95%Class: B-

Asking Price MarketSALIENT FACTS:

♦ Available on an All Cash or New Loan Basis ♦ Potential condo conversion

♦ Great land location ♦ Located in Alamo Heights District, best in San Antonio

♦ Close proximity to The University of Incarnate Word

♦ Strong rental area

♦ Located in the Alamo Heights submarket of San Antonio, TX

Market

For More Information Please Contact:

Tom Wilkinson [email protected]

713-355-4646 ext 102

Jim Hurd, Broker 713-783-6262

[email protected]


Asking Price Est Mkt Rent (Apr-19)

Price Per Unit Amortization (months) 6 Mo Avg

Price Per Sq. Ft. Debt Service

Stabilized NOI Monthly P & I

Interest Rate

Date Due

Water Meter / Master RUBS Est Res for Repl/Unit/Yr

Yield Maintenance

Pitched

PRO-FORMA INCOMECurrent Street Rent with a 6% Increase $117,133 / Mo

Estimated Gross Scheduled Income $117,133 / Mo

Estimated Loss to Lease (1% of Total Street Rent) 1%

Estimated Vacancy (4% of Total Street Rent)Estimated Concessions and Other Rental Losses (2% of Total Street Rent) 2%

Estimated Utilities IncomeEstimated Other Income $485 / Unit / Yr

Estimated Total Rental Income

ESTIMATED TOTAL PRO-FORMA INCOME $119,657 / Mo

Trailing 6 Mo Income

Fixed Expenses2019 Tax Rate & 2019 Assessment

Estimated

$2,878 per Unit $3,223 per Unit

Telephone & Internet

Total Utilities $1,329 per Unit $1,329 per Unit

Other ExpensesGeneral & Admin & MarketingRepairs & MaintenanceLabor CostsContract ServicesManagement Fees 0.00% $ per Unit 3.00% $440 per Unit

Total Other Expense $1,976 per Unit $2,275 per Unit

Total Operating Expense $6,183 per Unit $6,827 per Unit

Reserve for Replacement $300 per Unit $300 per Unit

Total Expense $6,483 per Unit $7,127 per Unit

Net Operating Income (Actual Underwriting)

Asking Price

Cap RateProposed DebtEquityEstimated Debt ServiceCash Flow

Cash on Cash

47,492

(28,112)

81,188 $828 / Unit / Yr

Estimated Fixed Expenses

Estimated Expenses

(56,224)

$302,508

PRO-FORMA

1,405,599

1,435,887

Est Future Tax Assessment

Proposed Loan Parameters

A/C Type: HVAC-Indiv

Physical Information

Number of Units New Loan @ 75% of Asking

20.211

Avg Unit Size

Financial Information

98

1107

Market

Physical Occ (Apr-19)108,526

4.85Land Area (Acres) $737,457

1972

Indiv/Master Metered

Units per Acre

Elec Meter

Roof Style

DISCLAIMER: The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt the accuracy of the information, but we have not verified it and make no guaranty, warranty or representation about it. It is your resonsibility to independently

confirm its accuracy and completeness. We have not determined whether the property complies with deed restrictions or any city licensing or ordinances including life safety compliance or if the property lies within a flood plain. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY

EACH ITEM OF INCOME OR EXPENSE AND PERFORM OR HAVE PERFORMED ANY INSPECTIONS TO VERIFY POSSIBLE CONTAMINATION BY ASBESTOS, LEAD PAINT, MOLD OR ANY OTHER HAZARDOUS SUBSTANCES. The owner reserves the right to withdraw this listing or

change the price at anytime without notice during the marketing period.

$26,929

$103,914

$0

$62,817

$26,929

$641 per Unit

MarketMarket

669,030

737,457

698,430

222,920

29,400

737,457

Operating Information

NOTES: ACTUALS: Taxes are from owner's 3/19 operating statement. Income and Expenses are from owner's 3/19 operating statement. PRO FORMA: Income is Pro Forma as

Noted. Taxes were calculated using 2019 Tax Rate & 2019 Assessment. Insurance is estimated. Management Fees calculated as 3.% of Gross Income, Other expenses are

Estimated for the Pro Forma.

635,287

130,212

$48,936

95%

4%

$114

360

$300

4.25%

2019 Tax Assessment

$302,508

1,405,599

Est Ins per Unit per Yr

$110,503

$108,924

10 Yrs

Yes

Property Tax Information

Net Rentable Area

2.55833Tax Rate (2019)

Est Future Taxes

1,435,887

$11,824,430

$11,824,430

2019 Taxes

$275 per Unit

605,887

$ per Unit

Other Expenses

$500 per Unit

$275 per Unit

$49,000

$499 per Unit

$87 per Unit$8,572

Estimated Other Expenses

MODIFIED ACTUALS

$103,914$1,060 per Unit

193,660

315,898

(14,056)

$87 per Unit

Date Built

$4,228 $43 per Unit

Utilities

Total Fixed Expense

Utilities

Electricity $699 per Unit$68,476

282,015

$48,936

INCOME

$2,741 per Unit

EXPENSE

$1,307,093

Fixed Expenses

Insurance 3/19 operating statement

Franchise Taxes $2,208 $23 per Unit

671,806

671,806

29,400

Estimated Utilities

$4,228 $43 per Unit

$68,476 $699 per Unit

$ per Unit$0

$1,060 per Unit

$43,077

130,212

$302,508

April '2018 thru March 2019 Expenses

$11,182$114 per Unit$11,182

$268,625 2018 Tax Billing

$499 per Unit

$8,572

$3,087 per Unit

$114 per Unit

Property Taxes

Trash

Water & Sewer

$2,208 $23 per Unit

4/26/2019 AshfordTanglewood

PROPERTY OVERVIEW

ASHFORD TANGLEWOOD, 67 BREES BLVD, SAN ANTONIO, TX 78209 Keymap: 583D6

Construction Quality: B-

Age: 1972 Access Gates Park & Ride Nearby Mortgage Balance

Elec Meter: Indiv/Master Metered Cable Ready Walk-In Closets Amortization Bexas CO RD & Flood $0.023668

A/C Type: HVAC-Indiv Club House School Bus Pick-up P & I SA River Authority $0.018580

Water: RUBS Laundry Rooms Shuttle Route Type Alamo Community College $0.149150

Wiring: Copper Mini Blinds Patios/Balconies Assumable University Health System $0.276235

Roof: Pitched Pool Monthly Escrow Bexar County $0.277429

Paving: Asphalt Bookshelves Origination Date City of San Antonio $0.558270

Materials: Brick/Wood Outside Storage Due Date Alamo Height ISD $1.255000

# of Stories: 2 Ceiling Fans Interest Rate

Parking: Covered

Buildings: 19 Yield Maintenance 2019 Tax Rate/$100 $2.558332

Units/Acre: 20.21 Transfer Fee 2019 Tax Assessment

*In Select Units

Total 1,269,100$

Apr 2018 94,919$ 12 Mo Avg 105,758$

May 2018 102,498$ June 2018 101,016$ July 2018 102,020$ 9 Mo Avg 107,852$

Aug 2018 105,867$ Sept 2018 109,233$ Oct 2018 112,607$ 6 Mo Avg 108,924$

Nov 2018 109,239$ Dec 2018 111,352$ Jan 2019 104,969$ 3 Mo Avg 106,783$

Feb 2019 103,578$ Mar 2019 111,801$

$11,824,430

COLLECTIONS

PLEASE DO NOT VISIT THE SITE WITHOUT AN APPOINTMENT MADE THROUGH THE BROKER.

PROPERTY HIGHLIGHTS

Owner is protesting the tax assessment

PROPERTY INFORMATION TAXING AUTHORITY - BEXAR COUNTYEXISTING MORTGAGE ACCT NO: 511318

AMENITIES

$85,000

$90,000

$95,000

$100,000

$105,000

$110,000

$115,000

The Ashford Tanglewood Apartments, is a two story, garden-style, apartment community located in the Alamo Heights submarket of San Antonio, Texas. The asset was built

in 1972 and per owner, was renovated in 2017. Residents enjoy ample amenities which include: 2" wood blinds, kitchen pantries, upgraded ceiling fans and fixtures, laundry

facilities, patios and balconies and walk-in closets. There are stainless steel appliances and/or granite counter tops in some units. Owner reports spending approximately

$464,425 in CapEx.

The property is located in a Class A location. Alamo Heights is one of the best school districts in San Antonio. The units are 1,107 sq.ft., much larger than normal. Owner is

currently protesting the 2019 tax assessment.

The property is ideal for long term hold and is a candidate for possible condo conversion. The Broker feels that additional upgrades could produce additional revenue.

Per owner, the property is half master metered and half individually metered, half boilers and half individual water heaters. It is all HVAC with no window units. There is copper

wiring, confirmed per owner and all out door lights are LED. The leasing office has been completely remodeled and expanded and a new AC unit was installed. There are

washer/dryer connections in 50% of the units. Offering washer/dryers in the units could generate additional revenue. Disclaimer: The information contained in this Memorandum reflects material from sources deemed to be reliable, including data such as operating statements, rent roll, etc. provided by the Owner. Notwithstanding, KET Enterprises Incorporated does not make any warranties about the information contained in this marketing package. Every prospective purchaser should verify the information and rely on his accountants or attorneys for legal and tax advice. This offer is “As-Is, Where-Is”. Answers to specific inquiries will have to be supplied by the Owner and are available upon request. Rates of return vary daily. No representations are made concerning environmental issues, if any.

ASHFORD TANGLEWOOD, 67 BREES BLVD, SAN ANTONIO, TX 78209 Unit Mix

Type No. Units Sq Ft Total SqFtMarket

RentTotal Rent Rent/SF

1 Bed/1 Bath 6 663 3,978 $805 $4,828 $1.211 Bed/1 Bath 2 663 1,326 $967 $1,933 $1.461 Bed/1 Bath 7 777 5,439 $835 $5,842 $1.071 Bed/1 Bath 1 777 777 $1,009 $1,009 $1.301 Bed/1 Bath 6 804 4,824 $905 $5,427 $1.131 Bed/1 Bath 2 804 1,608 $1,037 $2,074 $1.292 Bed/1 Bath 6 998 5,988 $1,011 $6,067 $1.012 Bed/1 Bath 2 998 1,996 $1,305 $2,609 $1.312 Bed/1 Bath 10 1,044 10,440 $1,038 $10,379 $0.992 Bed/1 Bath 3 1,044 3,132 $1,041 $3,123 $1.002 Bed/2 Bath 14 1,114 15,596 $1,096 $15,345 $0.982 Bed/2 Bath 6 1,114 6,684 $1,352 $8,109 $1.212 Bed/2 Bath 11 1,285 14,135 $1,136 $12,496 $0.882 Bed/2 Bath 1 1,285 1,285 $1,409 $1,409 $1.103 Bed/2 Bath 2 1,449 2,898 $1,315 $2,630 $0.913 Bed/2 Bath 2 1,449 2,898 $1,615 $3,230 $1.11

3 Bed/2 Bath 6 1,452 8,712 $1,363 $8,176 $0.94

3 Bed/2 Bath 2 1,452 2,904 $1,675 $3,350 $1.15

3 Bed/2 Bath 7 1,676 11,732 $1,404 $9,827 $0.84

3 Bed/2 Bath 1 1,676 1,676 $1,765 $1,765 $1.05

Efficiency 1 498 498 $875 $875 $1.76

Owner's 4/1/19 Rent Roll

98 1107 108,526 $1,128 $110,503 $1.02

*In select units

UNIT MIX

TOTALS AND AVERAGESTotal

Units

Average

Sq. Ft.

Total Sq.

Feet

Average

Rent/UnitTotal Rent Average Rent/ SF

25%

21% 33%

20%

1%

1 Bed/1 Bath 2 Bed/1 Bath 2 Bed/2 Bath

3 Bed/2 Bath Efficiency

UNITS BY TYPE

High-Speed Internet

Reserved Parking

24hr Emergency Maintenance

Carports

Park & Ride Nearby

Laundry Rooms

Swimming Pools

Bookshelves

Outside Storage

9ft Ceilings

Upgraded Ceiling Fans & Fixtures

Dishwasher

Patios/Balconies

Walk-In Closets

2 Inch Wood Blinds

Disposals

Stainless Steel Appliances*

Granite Countertops*

Washer/Dryer Connections*

AMENITIES

PROPERTY LOCATION




1 Sunset Ridge

116 Vanderheck

2 The Beverly

123 Brackenridge Ave

3 Keystone at Alamo Heights

384 Treeline Park

4 Chelsea

151 Treasure Way

5 The Crescent

340 Treeline Park

Totals/Averages Comps 1975 88% 216 995 $1,184 $1.190

Ashford Tanglewood

67 Brees Blvd

Sub-Market Averages(Alamo Heights) 88% 4,543 921 $1,082 $1.191

San Antonio Market Avgs 90% 153,935 830 $856 $1.057

N/A

2017

P/SF

1949 88% 324 861 $1,085 1.260

0.800

1.310

1.2701994 82% 224 943 $1,198

1968 96% 137 856 $1,1211997

N/A

Occ #Units Avg SF Avg RentRehabbed

2004

89 1323 $1,058N/A

1972 95% 98 1,107 $1,128

RENT COMPARABLES (2019) Sorted by Avg Rent/Unit

1993 87% 306 990 $1,297 1.310

1969

$1.018

85%

Property Name Yr Blt

3

2

1

4

5


DEMOGRAPHICS

1 Mile Radius

3 Mile Radius 5 Mile Radius

2018 Estimated Population 14,460 49,746 102,6652023 Projected Population 15,656 53,635 110,4312010 Census Population 12,422 42,924 90,5572000 Census Population 12,750 43,292 90,321

Projected Annual Growth 2018 to 2023 1.7% 1.6% 1.5%Historical Annual Growth 2000 to 2018 0.7% 0.8% 0.8%

2018 Median Age 39.1 39.9 36.8

2018 Estimated Households 6,299 21,038 40,2962023 Projected Households 6,581 22,003 42,2192010 Census Households 5,678 18,907 36,9092000 Census Households 5,868 19,102 37,825

Projected Annual Growth 2018 to 2023 0.9% 0.9% 1.0%Historical Annual Growth 2000 to 2018 0.4% 0.6% 0.4%

2018 Estimated White 86.6% 81.2% 75.2%2018 Estimated Black or African American 3.4% 5.6% 7.8%2018 Estimated Asian or Pacific Islander 2.8% 3.1% 3.1%2018 Estimated American Indian or Native Alaskan 0.4% 0.6% 0.7%2018 Estimated Other Races 6.7% 9.5% 13.2%

2018 Estimated Hispanic 28.0% 34.7% 43.4%

2018 Estimated Average Household Income $145,271 $134,671 $105,6362018 Estimated Median Household Income $101,908 $90,977 $73,4822018 Estimated Per Capita Income $63,307 $57,282 $42,369

2018 Estimated Elementary (Grade Level 0 to 8) 1.0% 2.4% 4.0%2018 Estimated Some High School (Grade Level 9 to 11) 2.4% 3.7% 5.9%2018 Estimated High School Graduate 9.4% 13.5% 18.7%2018 Estimated Some College 15.2% 19.2% 20.9%2018 Estimated Associates Degree Only 5.2% 5.5% 6.5%2018 Estimated Bachelors Degree Only 35.7% 30.7% 25.2%2018 Estimated Graduate Degree 31.1% 25.0% 18.8%

2018 Estimated Total Businesses 802 3,365 6,9792018 Estimated Total Employees 9,962 36,729 76,9642018 Estimated Employee Population per Business 12.4 10.9 11.02018 Estimated Residential Population per Business 18.0 14.8 14.7

PO

PU

LA

TIO

NIN

CO

ME

ED

UC

AT

ION

(AG

E 2

5+

)B

US

INE

SS

HO

US

EH

OL

DS

RA

CE

AN

D E

TH

NIC

ITY

64%

2%

2%

5%

27%

White Black Asian Other Hispanic

$145,271

$72,073

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

Subject Houston

72.0%

26.0% Non-Hispanic

Hispanic

SAN ANTONIO Thriving Economy

San Antonio is building the economy of the future. The area is already home to a thriving business

community, including the headquarters for 2 Fortune Global 500 firms and 7 Fortune 1000

companies. Through the City’s SA2020 initiative, it is focused on aggressively growing its unique

business assets that attract talent, and foster innovation in key industries. These industries include:

Aerospace

Biosciences/Healthcare

Defense

Energy

Information Technology & Cybersecurity

Manufacturing

These industries compliment the region’s strengths, one of which is a labor force that's experienced,

professional, diverse and growing. San Antonio’s long history of military service and geographic

location have produced a workforce that is adept at problem solving and naturally inclined to

working across cultures. The city is also home to more 130,000 students studying at colleges and

universities rapidly growing in both size and stature. San Antonio's excellent workforce pipeline is

complemented by the region’s cost of living, which is among the lowest among America’s large

cities. This allows companies to save costs doing business and allow its employees to enjoy an

incredible quality of life.

Add a central geographic location, a versatile transportation infrastructure that connects you to the

entire continent, and the Alamo City is one of the best places to live, work, and enjoy the good life in

the Americas.

2,332,345

$45,210

80.2

34.4

$210,000

32.3 inches

Source: http://www.sanantonioedf.com June 2018

Once known for its commitment to tradition, San Antonio has emerged as a renaissance city that is

said to be the poster child of what booming American cities will look like in the future. The

regeneration of urban space has created a culture that is not only unique to Texas, but the entire

United States. Iconic areas such as The Pearl and Southtown are prime examples of how the City is

resparking its appeal and repurposing historic areas to offer contemporary value. Young

professionals, established businesses and fresh start ups that crave an environment in which to thrive

and catapult their ideas and aspirations will all find their niche and contribute to the movement of

boundless possibilities.

Located in the central southwest United States, San Antonio has the culture for business. Located

at the confluence of several important logistical routes, as well as a crossroads of cultures, the city is uniquely

positioned as central hub for North America.

San Antonio sits along the historic Camino Real which linked modern day Mexico with the United States, and

has nurtured its important two way business relationships for centuries. As a result, the local workforce is unique

in its ability to understand business south of the border and help get your business setup faster and cheaper

than anywhere else.

The city’s culture is also one of collaboration. Whether it is between the public and private sector or between

government agencies, trust in San Antonians to come together and get the job done quickly. Business leaders

across multiple industries have praised the city’s effective and open communication style along with its

attitude toward partnering with businesses.

METRO POPULATION

2,332,345

MEDIAN ANNUAL SALARY

$45,210

AVG HIGH/LOW TEMPS

80.2º / 58.6º

MEDIAN AGE

34.4

MEDIAN HOME PRICE

$210,000

AVG ANNUAL RAINFALL

32.3 inches

SAN ANTONIO, TEXAS



SAN ANTONIO, TEXAS

H-E-B SuperMarket Chain 20,000

USAA Financial Services & Insurance 17,000

Cullen / Frost Bankers Financial Services 3,982

Bill Miller Bar-B-Q Fast Foop Chain 3,540

Rackspace IT Managed Hosting Solutions 3,300

CPS Energy Utilities 3,022

Toyota Motor Manufacturing Auto Manufacturing 2,900

Clear Channel Communications, Inc. TV & Radio Stations, Outdoor Ads 2,800

Southwest Research Institute Applied Research 2,715

Valero Energy Oil Refiner & Gasoline Manufacturing 1,653

Harland Clarke Check Printing 1,500

KCI Medical Supplies 1,400

Tesoro Oil Refiner & Petroleum Products 1,300

HVHC Optical Manufacturing 1,200

Security Service Federal Credit Union Financial Institution 1,200

SWBC Insurance 1,200

NuStar Energy Energy 550

Employer Sector Number of Local Employees

The 2017 Book of Lists, The San Antonio Business Journal and by contact with company representatives.

CORPORATE

HEADQUARTERS


Lackland Air Force Base Military 37,000 Fort Sam Houston-U.S. Army Military 32,000

H-E-B Super Market Chain 20,000

USAA Financial Services and Insurance 18,305

Randolph Air Force Base Military 11,000

Methodist Healthcare System Health Care Services 9,620

City of San Antonio San Antonio 9,145

Baptist Health System Health Care Services 6,383

Wells Fargo Financial Services 5,703

Harland Clarke Managed Services 5,000

JP Morgan Chase Financial Services 5,000

Andeavor Oil Refiner 5,000

Bill Miller BBQ Restaurant Chain 4,500

AT&T Phone, Wireless and Internet Services 4,300

Valero Energy Corp. Oil Refiner and Gasoline Mktg 4,000

Rackspace IT Managed Hosting Solutions 3,540

CPS Energy Utilities 3,125

Six Flags Fiesta Texas Entertainment 3,000

Toyota Motor Manufacturing Manufacturing 2,834

CitiBank Financial 2,600

Southwest Research Institute Applied Research 2,574

Frost Bank Financial 2,242

Employer Sector Number of Local Employees

MAJOR REGIONAL

EMPLOYERS

The 2017 Book of Lists, The San Antonio Business Journal and by contact with company representatives.

SAN ANTONIO, TEXAS



A 268 UNIT CLASS "B-/C+" GARDEN APARTMENT COMMUNITY

N/A

Documents

BROKER'S OPINION OF VALUE...Located in the Alamo Heights submarket of San Antonio, TX Market For More Information Please Contact: Tom Wilkinson [email protected] 713-355-4646 ext 102