OFFERING SUMMARY
Investment Highlights• Offered at $4,250,000 • $27,597 • $30.72
• 8.78% in place cap rate with upward trending income
• Stable Cash Flowing Asset
• Pitched Roofs, Individual HVAC Units and Individually Metered
• Recent $2 million Renovation
• Gated Community Across From Elementary and Middle Schools
• Large Average Unit Size (898 sf)
S PA N I S H H A C I E N D AA P A R T M E N T H O M E S
F O R T W O R T H , T E X A S
Recent Capital ImprovementsHVAC Replacements and Repairs $257,000
Electrical Upgrades $174,000
Roof Replacement and Repairs $77,000
Plumbling Fixtures and Repairs $77,000
Installation of New Sewer Lines $115,000
Installation of New Exterior Lighting $39,000
Installation of New Dumpster Walls $38,000
Exterior Paint $58,000
Installation of Cut-Off Vales for each Bldg $20,000
Hardy Installation on all siding $197,000
Replaced all exterior wood work $78,000
Individual Hot Water Boiler Replacement $115,000
Replacement of Sub Floors $193,000
Parking Lot Repair Seal Coat and Restripe $97,000
Interior Renovations and Upgrades $424,000
Offi ce Renovations $58,000
Landscape and Signage $58,000
Total $2,075,000
SITE PLANGLEN GARDEN DR.
MIS
SIS
SIP
PI A
VE
.
Laundry
LeasingOffi ce
Gazebo
Gazebo
E X E C U T I V E S U M M A RY
PROPERTY Spanish Hacienda
ADDRESS 1212 Glen Garden Drive Fort Worth, Texas 76104
PRICE $4,250,000 Per Unit $27,597 Per SF $30.72
P R O P E RT Y S U M M A RY
YEAR BUILT 1967 / 2009
UNITS 154
NET RENTABLE SF 138,340 sf
AVG UNIT SIZE 898 sf
LAND 10.2 acres
DENSITY 15 units per acre
SCHOOL Fort Worth ISD
C O N S T R U C T I O N F E AT U R E S
STYLE Garden - Two Story Residential Buildings
EXTERIOR WALLS Brick
ROOF STRUCTURES Pitched
NO. OF STORIES 2
NO. OF BUILDINGS 17 plus Welcome Center
FOUNDATION Pier & Beam
PARKING SPACES 226
SPACES PER UNIT 1.47
M E C H A N I C A L
HVAC Individual Units
ELECTRIC Individually Metered
HOT WATER Individual Units
TA X I N F O R M AT I O N
TAX ID 04703456
2010 ASSESSMENT $1,569,099
2010 TAX RATE 2.83%
2010 TAXES $44,406
U N I T M I X
NO. UNIT TYPE PCT N.R.S.F. RENT RENT
PSFGROSSRENT
16 1-1 10% 670 $600 $0.90 $9,60090 2-1 59% 890 692 0.78 62,28048 3-1 31% 990 790 0.80 37,920
154 898 138,340 $713 $0.79 $109,800
UNITS AVG SIZE N.R.S.F RENT
/UNITRENT/
SFTOTAL RENT
OPERATING PROFORMA
Total $/SF $/UnitIN
CO
ME
Monthly Revenue M O N T H L Y
Rent Schedule $109,800 $0.79 $713Concessions 7% (7,686)
Vacancy/Credit Loss 10% (10,980)
Other Income $15/Unit/Mth 2,310
Total Revenue per Month 93,444 0.68 607A N N U A L I Z E D
Total Annual Revenue 1,121,328 8.11 7,281
EX
PE
NS
ES
Less Expenses
Salaries 133,120 0.96 864
Advertising 5,000 0.04 32
Maintenance 90,000 0.65 584
Admin/Security 40,000 0.29 260
Management Fee 3.5% 39,246 0.28 255
Utilities
Electricity 175,000 1.26 1,136
Water/Sewer 85,000 0.61 552
Gas 1,500 0.01 10
Taxes (1) 2.83% 1,569,099 44,406 0.32 288
Insurance 30,000 0.22 195
Operating Expenses 643,272 4.65 4,177 Reserves $250/Unit/Yr 38,500 0.28 250
Total Expenses 681,772 4.93 4,427
VA
LU
E
Net Operating Income 439,556 3.18 2,854
Offering Price $4,250,000 30.72 27,597Cap Rate 10.34%Notes: (1) 2010 Tax Assessment and Tax Rate
RENT COMPARABLES
MORNINGSIDEAddress: 2900 South Fwy.Units: 124Occupancy: 95%Age: 1968Average Unit Size: 685 sfAverage Rent/Unit: $627Rent/SF: $0.92Utilities: All Bills Paid
PRIMAVERAAddress: 2201 E. Berry St.Units: 164Occupancy: 98%Age: 1968Average Unit Size: 716 sfAverage Rent/Unit: $633Rent/SF: $0.88Utilities: All Bills Paid
SOUTH GATE MANORAddress: 1200 E. Seminary Dr.Units: 156Occupancy: 97%Age: 1963Average Unit Size: 716 sfAverage Rent/Unit: $628Rent/SF: $0.88Utilities: All Bills Paid
TRAVIS GARDENAddress: 2901 Travis Ave.Units: 76Occupancy: 99%Age: 1962Average Unit Size: 779 sfAverage Rent/Unit: $654Rent/SF: $0.84Utilities: All Bills Paid
PROPERTY SUMMARY
Spanish Hacienda consists of 154 apartment homes. The property recently underwent a major renovation and is now stabilized. There is a signifi cant opportunity for qualifi ed investors to acquire a quality built asset in a well occupied submarket. Electric service is individually metered, however, the property is currently operated as “all bills paid” per current ownership’s management philosophy. A separate leasing offi ce, laundry facility and 2 gazebos are located on the property.
The property is in a residential neighborhood approximately 3 miles south of the Fort Worth CBD. The property is near the Berry Street interchange of I-35. Berry Street has numerous restaurants and neighborhood retail centers. The immediate area is a mix of single-family, schools and churches. The submarket has a lack of apartment product and stays well occupied. Edward Briscoe Elementary School is located diagonally across the street from the property. Plentiful employment opportunities are available along the I-35 Business Corridor.
C O N TA C T I N F O R M AT I O N
Mark Freeman, Senior Vice PresidentDirect: 972.774.2535 • [email protected]
Taylor Snoddy, Vice PresidentDirect: 972.774.2555 • [email protected]
Philip Wiegand, AssociateDirect: 214.446.4569 • [email protected]
TRANSWESTERN | Dallas5001 Spring Valley Road • Suite 600W • Dallas, Texas 75244
972.774.2500 direct • 972.361.1120 fax • www.transwestern.net
Register for the offering at: www.twdallasmultifamily.com
The information contained herein was obtained from sources believed to be reliable; however, the Seller and Transwestern make 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.
FORT WORTH ZOOFORT WORTH ZOO
LOCKHEED MARTINLOCKHEED MARTIN
TARRANT COUNTYTARRANT COUNTYHOSPITAL DISTRICTHOSPITAL DISTRICT
MORNINGSIDEMORNINGSIDEELEMENTARY SCHOOLELEMENTARY SCHOOL
DOWNTOWNDOWNTOWNFORT WORTHFORT WORTH
MORNINGSIDEMORNINGSIDEMIDDLE SCHOOLMIDDLE SCHOOL EDWARD BRISCOE EDWARD BRISCOE
ELEMENTARY SCHOOLELEMENTARY SCHOOL
HISTORY MAKERHISTORY MAKERHOMES DEVELOPMENTHOMES DEVELOPMENT
HILLSIDE PARKHILLSIDE PARK
CAROL PEAK CAROL PEAK ELEMENTARY SCHOOLELEMENTARY SCHOOL
BERRY STREET
BERRY STREET
MISSISSIPPI AVENUE
MISSISSIPPI AVENUEGLEN GARDEN DRIVE
GLEN GARDEN DRIVE
FORT WORTHFORT WORTHSTOCKYARDSSTOCKYARDS
3535w
3030
SOUTHTOWNSOUTHTOWNCENTERCENTER
TEXAS CHRISTIANTEXAS CHRISTIANUNIVERSITY (TCU)UNIVERSITY (TCU)
CONVENIENCECONVENIENCESTORESTORES P A N I S H
H A C I E N D A
NORTHRICHLAND
HILLS183
161
DALLAS/FORT WORTHINTERNATIONALAIRPORT
287
121
GRANDPRAIRIE
IRVING
BEDFORD
360
EULESS
HALTOM CITY
COLLEYVILLE
GRAPEVINE
121
35W
20
820
820
30
ARLINGTON
820
287
35W
35W
S P A N I S H H A C I E N D A
FORTFORTWORTHWORTHFORT
WORTH
0Glen Garden Dr.
35W
E. Lowden St.
E. Berry St.
Mississip
pi A
ve.
The information contained herein was obtained from sources believed to be reliable; however, the Seller and Transwestern make 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.