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OFFERING MEMORANDUM CAMELOT APARTMENTS 3345 West Park Ave | Orange, TX 77630 68 Units | Built 1971/ Renovated 2018 Price: $4,250,000 In-place Cap Rate: 8%

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Page 1: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

OFFERING MEMORANDUMCAMELOT APARTMENTS 3345 West Park Ave | Orange, TX 7763068 Units | Built 1971/ Renovated 2018Price: $4,250,000In-place Cap Rate: 8%

Page 2: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

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TABLE OF CONTENTS

3 EXECUTIVE SUMMARYInvestment HighlightsExclusive Listing

6 PROPERTY ANALYSISProperty SummaryConstructionAmenitiesProperty DescriptionSchoolsUtilities Aerial View

12 FINANCIAL ANALYSISValuationUnit Mix and Rent SummaryIncome and ExpensesFloor Plans

15 COMPARABLE PROPERTIESRent Comparables Summary Rent Comparables MapRent Comparables Detail

20 LOCATION OVERVIEWLocation OverviewCity Apartments

GREYSTONE NATIONAL APARTMENT ADVISORS makes no warranty or representation about the content of this Broker’s Price

Opinion. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future

performance of the property. This Valuation does not constitute an appraisal of the subject property and has not been prepared in

accordance with the Uniform Standards of Professional Appraisal Practice.

Page 3: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

EXECUTIVE SUMMARY

Page 4: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

INVESTMENT HIGHLIGHTS

Greystone National Apartment Advisors is pleased to offer Camelot Apartments, a 68-unit multifamily opportunity in desirable Orange, Texas.

• Extensively remodeled with approximately $1 million in Capital Improvements in 2018/ 19 (list available upon request) which included both exterior and interior updates. Interior upgrades included new shaker cabinets, stainless steel appliances, faux wood flooring, granite counter tops in 93% of the units. Renovation of this magnitude should allow for ease of ownership and lower than average maintenance cost compared to other apartment investments in the area.

• Value-add opportunity through improved management and completed upgrades to the remaining 7% the units.

• Rental rates for assets of this class in Orange, TX are $0.92, while Camelot’s in-place rents are just $0.75/ SF (Market Rent is $0.84), allowing for new ownership to increase rental collections in the short term.

• Attractive unit mix with Studio, 1, 2 and 3-Bedroom floor plans. Washer/ Dryer connections in all Townhome units.

• Growing submarket in the Golden Triangle according to CoStar Analytics should allow for rate increases for many years to come.

• Available “All Cash”

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Page 5: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

EXCLUSIVE LISTING

Greystone National Apartment Advisors has been exclusively retained to represent the Seller of Camelot Apartments and its disposition. All inquiries about the Property should be made to Charles Emmott ([email protected]) or Jordon Emmott ([email protected]) directly.

TOURS

All prospective purchasers should email Lindsay Steszewski at [email protected] to schedule a tour. DO NOT contact the Property Management directly.

OFFER REQUIREMENTS

All Offers should be presented in the form of a non-binding Letter of Intent, and must include at a minimum:

1. Pricing2. Earnest Money Deposit (Refundable/Non-Refundable)3. Due Diligence Period4. Closing Period5. Financing Contingency (if any)6. Qualifications (Other properties owned, letters of recommendation, verification of

funds, etc.)

SITE VISITS

All site visits and requests for additional information are to be made through Greystone National Apartment Advisors by emailing Lindsay Steszewski at [email protected].

Page 6: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

PROPERTY ANALYSIS

Page 7: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

PROPERTY SUMMARY

Address:3345 West Park Avenue St

Orange, TX 77630

Number of Units: 68

Total Rentable SF: 70,412

Year Built: 1971

Yesar Renovated: 2018

Stories: 2

Avg Unit SF: 1,035

Lot Size: 3.29 AC

Density: 20.67 / Units/AC

Market Rent/Unit: $867

Market Rent/SF: $0.84

CONSTRUCTION

Style: Garden-Style

Foundation: Concrete Slab

Framing: Wood

Exterior: LP SmartSide and Brick

Roof: Flat

Paving: Concrete with Rebar

HVAC: Ground and Roof Mounted Units

Hot Water: Electric - Individual

CAMELOT APARTMENTS

Orange

West Orange

Pinehurst Shangri La Botanical Gardens and Nature Center

DuPont Sabine River Works

Sabine River

CAMELOT APARTMENTS 7

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AMENITIES

INTERIOR AMENITIES

■ Neutral Paint & Carpeting

■ Ceiling Fans* ■ Patio/ Balcony* ■ Crown Molding ■ Wood Vinyl Floors ■ Six Panel Doors* ■ Walk-in Closets* ■ Tile Bath Surround ■ Stainless Steel

Appliance Package* ■ White Shaker

Cabinets* ■ Stainless Steel/

Brushed Nickel Fixtures*

■ Granite Counters ■ W/D Connections in

all Townhome Units

COMMUNITY AMENITIES

■ Covered Parking ■ Swimming Pool ■ Clothes Care Facility

■ 52 Carports and 32 Surface Spaces Available

*In Select Units

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Page 9: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

PROPERTY DESCRIPTION

Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port Arthur Metropolitan Statistical Area (MSA), or otherwise known as The Golden Triangle. Built in 1971, the property consists of 4, two-story apartment buildings, constructed of masonry brick and LP SmartSide with flat roofs that are situated on a total area of 3.29 acres. The property flooded during Hurricane Harvey and underwent major renovations in 2018/ 19, which included exterior enhancements and interior updates including, but not limited to, new shaker cabinets, stainless steel appliances, faux wood flooring and granite countertops in 93% of the units (only 5 second floor units remain).

The grounds are well-manicured featuring grass areas, shrubs, and mature trees, as well as a central courtyard with swimming pool. Currently, the property management office is located on-site in a one-bedroom unit (which could ultimately be leased for additional revenue) . There are 32 on-site open surface parking spaces available for residents and guests, as well as 52 covered parking spaces. Additional on-street parking is also available.

Camelot of Orange offers six floor plans with a unit mix consisting of 1 studio unit of 400 square feet, 24 one-bedroom / one-bathroom units ranging from 750 to 777 square feet each, 11 two-bedroom / one-bathroom units measuring 979 square feet each, 29 two-bedroom / one- and one-half bathroom townhouse units measuring 1,249 square feet each, and 3 three-bedroom / one- and one-half bathroom townhouse units measuring 1,530 square feet each, for a total community average of 1,035 square feet per unit. Electricity is individually metered while water is centrally metered. The resident pays for electricity, and the property pays for water and sewer utilities, as well as trash removal services.

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SCHOOLS

School District: West Orange-Cove Consolidated

Elementary: West Orange-Stark

Intermediate: West Orange-Stark

Senior High: West Orange-Stark

UTILITIES

Electric: Paid By Resident

Water & Sewer: Paid By Property

Trash: Paid By Property

Cable: Paid by Resident ($75/ mo)

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AERIAL VIEW

West Park Avenue

Camelot St

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FINANCIAL ANALYSIS

Page 13: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

Source: All unit measurements are approximate and should be checked and verified independently. Market Rents are as of 5/22/2019.

LEGEND

UNIT MIX AND RENT SCHEDULEUNIT TYPE # OF UNITS AVG SF MARKET RENT/UNIT MARKET RENT/SF % OF UNITS

Studio 1 400 $350 $0.88 1.47%

1 Bedroom/ 1 Bath 8 750 $690 $0.92 11.76%

1 Bedroom/ 1 Bath 16 777 $715 $0.92 23.53%

2 Bedrooms/ 1 Bath 11 979 $875 $0.89 16.18%

2 Bedrooms/ 1.5 Baths TH 29 1,249 $975 $0.78 42.65%

3 Bedrooms/ 1.5 Baths TH 3 1,530 $1,250 $0.82 4.41%

TOTALS 68 1,035 $867 $0.84 100%

37.78%62.22% STUDIO 1.47%

1 BEDROOM 35.29%

2 BEDROOMS 58.82%

3 BEDROOMS 4.41%

CAMELOT APARTMENTS 13

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INCOME & EXPENSES

T4 ACTUALS PRO FORMA

INCOME ANNUAL MONTHLY ANNUAL MONTHLY

GROSS POTENTIAL RENT $707,520 $58,960 $707,520 $58,960

Projected Increase in Market Rents N/A N/A $69,360 9.80% $5,780

Loss/Gain to Lease N/A N/A (15,538) 2.00% (1,295)

ADJ. GROSS POTENTIAL RENT $631,308 $52,609 $761,342 $63,445

Vacancy Loss N/A N/A (22,840) 3.00% (1,903)

Concessions N/A N/A (15,227) 2.00% (1,269)

Bad Debt N/A N/A (7,613) 1.00% (634)

TOTAL RENTAL INCOME $631,308 $52,609 $715,662 $59,638

EFFECTIVE GROSS INCOME $631,308 $52,609 $715,662 $59,638

OPERATING EXPENSES PER UNIT PER UNIT

Payroll & Benefits 52,847 777 68,000 1,000

General & Administrative 13,667 201 10,200 150

Repairs & Maintenance 2,372 35 27,200 400

Contract Services 11,192 165 20,400 300

Advertising & Promotion 5,665 83 3,400 50

CONTROLLABLE EXPENSES $85,744 $1,261 $129,200 $1,900

Utilities 60,311 $887 60,311 887

Insurance 51,000 $750 51,000 750

Management Fee 30,009 $441 21,470 316

Property Taxes* 48,831 $718 48,831 718

OPERATING EXPENSES ($275,895) ($4,057) ($310,812) ($4,571)

Replacement Reserves 17,000 250 17,000 250

TOTAL OPERATING EXPENSES ($292,895) ($4,307) ($327,812) ($4,821)

NET OPERATING INCOME/MONTH $338,413 $27,604 $387,850 $32,321

TAX INFORMATION

APPRAISAL DISTRICT ORANGE COUNTY

2018 TAX RATE 2.83363%

Account #R15372, R15378, R15875

2019 Tax Value

Land $72,416

Improvements $1,650,837

TOTAL VALUE $1,723,253

PRO FORMA NOTES1. Gross Potential Rent is per the May 20, 2019

Rent Roll. We have included a $85/ increase

in Market Rents, to get the Property’s rent in

line with comparables.

2. *Property Taxes shown are the 2019 Tax

Assessment at the 2018 Tax Rate of 2.83363%.

3. Management Fee is 3.00% of Effective Gross

Income.

4. Replacement reserves are estimated to be

$250 per unit and do not reflect actual capital

expenditures.

Disclaimer: The Pro Forma is delivered only as an accommodation and neither Seller, Greystone National Apartment Advisors nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such proforma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the Pro Forma.

(Economic occupancy: 89.23%) (Economic occupancy: 92.12%)

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COMPARABLE PROPERTIES

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RENT COMPARABLES SUMMARY

PROPERTY ADDRESS YEAR BUILT # OF UNITS AVG SF/ UNIT

AVG RENT/ UNIT

AVG RENT/ SF

CAMELOT APARTMENTS 3345 West Park AveOrange, TX 77630

1971 68 1,040 SF $867 $0.84

FOX RUN2600 Allie Payne RdOrange, TX 77632

1983 70 848 SF $771 $0.91

INTERNATIONAL VILLAGE4750 Meeks DrOrange ,TX 77632

1975/

Renovated 2019237 896 SF $842 $0.94

SUNSET GROVE2801 W Sunset DrOrange, TX 77630

1972/

Renovated 2016149 967 SF $815 $0.84

TERRACE VINE3819 Meeks DrOrange, TX 77632

1975/

Renovated 2018104 888 SF $881 $0.99

COMPS TOTALS/AVERAGES 1976 140 900 SF $827 $0.92

1

2

3

4

Source: CoStar (May 2019)

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RENT COMPARABLES MAP

CAMELOT APARTMENTS

TERRACE VINE

SUNSET GROVE

3

FOX RUN

1

INTERNATIONAL VILLAGE

2

4

CAMELOT APARTMENTS 17

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RENT COMPARABLES DETAIL

1

Year Built: 1983Occupancy: 78.6%

2

Year Built: 1979Renovated: 2019 Occupancy: 59.9%

FOX RUN2600 Allie Payne RdOrange, TX 77632

UNIT TYPE NO. OF UNITS

% OF UNITS

UNIT SF

MARKET RENT

MARKET RENT/SF

1 Bedroom 104 43.9% 718 $720 $1.00

2 Bedrooms 108 45.6% 971 $900 $0.93

3 Bedrooms 25 10.5% 1,312 $1,100 $0.84

TOTAL/ AVG 237 100.0% 896 $842 $0.94

UNIT TYPE NO. OF UNITS

% OF UNITS

UNIT SF

MARKET RENT

MARKET RENT/SF

1 Bedroom 22 31.4% 655 $634 $0.97

2 Bedrooms 28 40.0% 859 $784 $0.91

3 Bedrooms 16 22.9% 998 $887 $0.89

4 Bedrooms 4 5.7% 1,224 $973 $0.79

TOTAL/ AVG 70 100.0% 848 $771 $0.91

INTERNATIONALVILLAGE4750 Meeks DrOrange, TX 77632

Source: CoStar (May 2019)

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Page 19: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

INTERNATIONALVILLAGE4750 Meeks DrOrange, TX 77632

RENT COMPARABLES DETAIL (CONT’D)

3

Year Built: 1972Renovated: 2016Occupancy: 73.8%

4

Year Built: 1975Renovated: 2018 Occupancy: 90.4%

SUNSET GROVE2801 W Sunset DrOrange, TX 77630

UNIT TYPE NO. OF UNITS

% OF UNITS

UNIT SF

MARKET RENT

MARKET RENT/SF

1 Bedroom 50 48.1% 769 $776 $1.01

2 Bedrooms 39 37.5% 990 $950 $0.96

3 Bedrooms 15 14.4% 1,020 $1,050 $1.03

TOTAL/ AVG 104 100.0% 888 $881 $0.99

UNIT TYPE NO. OF UNITS

% OF UNITS

UNIT SF

MARKET RENT

MARKET RENT/SF

Efficiency 83 55.7% 777 $735 $0.95

1 Bedroom 59 39.6% 1,175 $894 $0.76

2 Bedrooms 7 4.7% 1,456 $1,101 $0.76

TOTAL/ AVG 149 100.0% 967 $815 $0.84

TERRACE VINE3819 Meeks RdOrange, TX 77632

Source: CoStar (May 2019)

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20 CAMELOT APARTMENTS

LOCATION OVERVIEW

Page 21: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

■ The median list price per square foot in Orange County was $102 over the same period, which is higher than the Beaumont-Port Arthur MSA average of $97. The median list price of homes listed for sale in Orange County was $167,250 as of May 2019.

SHOPPING AND DINING

Daily Conveniences – State Highway 87 serves as a major commercial corridor for area residents, including Camelot Apartments tenants, at 1.6 miles away. Some of the conveniences along the highway and along nearby thoroughfares of MacArthur Drive and Strickland Drive are Kroger, Market Basket, and H-E-B grocers, Family Dollar, Dollar General, Big Lots, CVS Pharmacy, O’Reilly Auto Parts, Superior Tire & Service, Auto Zone, Chase Bank, First Financial Bank, Sabine FCU, The Home Depot, Burkes Outlet, and an Affordable Home Furnishings store.

Also in the vicinity, 1.9 miles from the Property, is Walmart Supercenter, offering grocery, pharmacy and household items.

Central Mall – With access along Highway 87, this traditional indoor mall located in Port Arthur is less than a 30-minute drive from the subject. Central Mall is anchored by Dillard’s, JCPenney, Target, and B&B Port Arthur Central Mall 10 movie theater. Other occupants are T.J. Maxx, Spencer Gifts, Stage, Journeys, and Shoe Dept. Encore. A wide variety of dining options surround the mall, such as Tokyo Japanese Steakhouse & Sushi Bar, Luby’s, and Tequila’s Mexican Bar and Grill.

The Shoppes at Port Arthur – Best Buy, Ross Dress for Less, Dollar Tree, and Petco are the major tenants at this retail popular retail center, which is also located off Highway 287. Hobby Lobby, Walmart Supercenter, Office Depot and Lowe’s Home improvement are situated adjacent to The Shoppes at Port Arthur, just south of Central Mall. Restaurant choices are Saltgrass Steak House, Cheddar’s Scratch Kitchen, Texas Roadhouse, Chipotle Mexican Grill, IHOP, Wingstop and McDonald’s.

Dining Establishments –A sampling of restaurant establishments located in close proximity (2.0 miles or less) from the subject are Robert’s Meat Market and Steakhouse, Chili’s Grill & Bar, J. B’s Barbecue, Waffle House, and fast-food establishments including Whataburger, McDonald’s, Jack in the Box, and Little Caesars Pizza. .

LOCATION OVERVIEW

Camelot Apartments is conveniently located on West Park Avenue, less than 1 mile south from Interstate-10 and 1 mile west of Texas State Highway 87, facilitating easy commutes to educational, employment, retail and entertainment throughout the metro area. The Property is located 4.9 miles from the Port of Orange, 27 miles east of Beaumont, 35 miles west of Lake Charles, Louisiana and 110 miles east of Houston. West Park is within walking distance at 0.2 miles from the subject, and the larger Memorial Field Park, with ball fields, tennis courts, and picnic areas, is 3.2 miles north. The city’s largest employer, Dupont, is located 5.7 miles south of the property.

DEMOGRAPHICS

■ Camelot Apartments benefits from a population draw of 22,615 residents within a three-mile radius of the property and 32,752 people within a five-mile radius.

■ The average age of residents within a three-mile radius of the property is 39.

■ The median household income is $46,890 within a three-mile radius of the subject, and the average number of persons per household is 2.4.

■ The unemployment rate for Orange County was 4.9% as of March 2019 (down from 6.2% one year prior), while the Beaumont – Port Arthur metro area registered an unemployment rate of 5.3% as of March 2019, down 120 basis points year-over-year.

■ According to Texas A&M Real Estate Center, the median sale price for single-family homes in the Beaumont – Port Arthur MSA was $160,000 as of April 2019, up 6.7% year-over-year. Active listings were up by 18.9% year-over-year, to 1,195 active listings in April.

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ENTERTAINMENT

The city of Orange offers several points of interest including Stark Museum of Art, Stark Park, Lutcher Theatre of Performing Arts, Heritage History Museum, Adams Bayou, and the Shangri La Botanical Gardens and Nature Center.

Sunset Grove Country Club – Located 0.6 miles from Camelot Apartments, Sunset Grove is an 18- hole championship golf course designed by Donald Ross. The club offers several membership levels that provide various access to its golf, tennis, pool and clubhouse facilities.

The Beaumont – Port Arthur area is renowned for its scenic wildlife refuge areas, water-sporting lakes, and recreational sites and activities along the Gulf of Mexico. The community of Groves, south of Orange, is home to the annual Texas Pecan Festival, drawing visitors from across the southeast Texas region. The area also offers a variety of cultural and art performances, historical sites, and family-centric entertainment venues. Some points of interest in the area are the Shangri La Botanical Gardens and Nature Center, Beaumont Botanical Gardens, Beaumont

Ballet Theatre, the historic Jefferson Theatre, Symphony of Southeast Texas, and the Art Museum of Southeast Texas.

Sabine Lake – Sabine Lake is a saltwater estuary formed by the merger of the Neches and Sabine Rivers situated on the Texas – Louisiana border in Port Arthur, just 9.5 miles from Camelot of Orange. Fishing, sailing, boating, and wildlife observing are popular activities.

Pleasure Island – Also located in Port Arthur, Pleasure Island spans more than 18.5 miles - from the mouth of the Neches River on the northwest to the Sabine Causeway on the southeast. The man-made island is surrounded by Sabine Lake and the Sabine Neches Intracoastal Waterway and is a popular water sports, boating, and relaxation destination.

Gator Country –As the largest alligator adventure park in Southeast Texas, the 15-acre alligator sanctuary offers educational tours, exhibits, and interactive shows.

First Presbyterian Church of Orange

Shangri La Botanical Gardens and Nature Center

Port of Orange

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CAMELOT APARTMENTS 23

Christus Health Southeast Texas - St. Mary – The Christus Health Southeast Texas network provides comprehensive health care with a broad range medical services using state-of-the-art technology in the Beaumont - Port Arthur area. The facility provides short-stay surgical, outpatient, and emergency services, as well as outpatient diagnos-tics, endoscopy, imaging, outpatient chemotherapy, and laboratory Services.

EDUCATION

Lamar State College (LSC) – Located in Orange, LSC is a community college offering associate degrees and professional certifications in over 30 academic and techni-cal programs and servings more than 2,300 students. Associate degrees are designed to transfer to four-year institutions, and the college’s 34 technical programs are designed to provide students with the knowledge and skills necessary for employment in business and industry.

Other institutions of higher education in the metro area are Sabine Aviation located in Orange, and Lamar Univer-sity, Vista College, McFaddin Ward Health Sciences, and Grace School of Theology – all located in Beaumont.

AIRPORT

Jack Brooks Regional Airport (BPT) – Located in Beaumont, BPT is served by American Eagle Airlines, which operates daily flights to Dallas / Fort Worth. Passengers can then connect to major cities and airport hubs throughout the nation and world.

Orange County Court House

Shangri La Botanical Gardens and Nature Center – 1/2 mile from the Property,Shangri La Botanical Gardens and Nature Center is 252 acres in the heart of Orange, Texas. An ecological wonderland and living museum for all ages to explore, admission is free. Visitors become acquainted with the rich history of Shangri La, from H.J. Lutcher Stark’s original vision to the new Botanical Gardens and Nature Center. The Nature Center includes an Exhibit Hall, Discovery Theater, Exhibition Greenhouses, historic Epiphyte Greenhouse, the Here We Grow! Children’s Garden, the Wetland Demonstration Garden, Edibles Garden, a Café, and the Garden Store.

HEALTH CARE

Serving the community of Orange as well as nearby towns are primary and specialized health facilities including the Golf Coast Health Center (comprehensive medical, dental, mental health, and vision), TAN Healthcare (primary medical care), and the UTMB Regional Maternal Child Health Program, dedicated to improving the lives of women and their families by providing health care, counseling, and education.

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CAMELOT APARTMENTS 25

ORANGE, TX

The city of Orange is located in the southeastern corner of Texas in the area known as the “Golden Triangle”. The Golden Triangle is formed by the cities of Beaumont, Port Arthur, and Orange, and derives its name from the wealth created from the Spindletop oil strike in Beaumont in the early 1900s that today has given rise to a vast oil and petrochemical economy. The city is in the eastern section of the Beaumont-Orange-Port Arthur metropolitan statistical area (MSA). The MSA is primarily situated on the Intracoastal Waterway and is home to more than 255,000 residents. The city is the county seat of Orange County and currently occupies a land area of 21.4 square miles and serves a population of 18,595.

The top 20 largest employers alone within the city employ more than 6,600 area residents and include DuPont, Beacon Maritime, Texas Polymer Services, Orange Shipbuilding & Dry Dock, International Paper, Lanxess, and Kellogg Brown & Root, Inc., among others. The regional economy is heavily industrial-based with prominent industries in petroleum refining, the production and processing of petrochemicals, bio-fuels, synthetic rubber, and other chemicals, and the fabrication of steel and steel-related products. Manufacturing goods entail wood, pulp, and food and feed products.

The area is served by deep-water ports located at Beaumont, Port Arthur, Orange, and Sabine Pass. The Sabine Neches Waterway provides deep-water access to ocean-going vessels, which are served by public ports within the county. The waterway contains over 60% of the nation’s strategic petroleum reserves. Jefferson County is also home to the Port of Beaumont – the fourth-busiest port in the nation and the largest military off-load port in the world. The port serves as headquarters to the U.S. Army’s 842nd Transportation Battalion, which specializes in port logistics.

Petrochemical expansions at the Motiva, Total, and Valero facilities represent approximately $15 billion in project improvements, and hundreds of millions of dollars are being spent on terminal and pipeline facilities to support the projects. Construction of the Trans - Canada Keystone XL pipeline, which will deliver Canadian tar sands crude to the county, is awaiting federal permit approval, and recent rail terminal facility new construction and expansions have significantly increased the transportation of Canadian tar sands oil and bitumen to the region for processing by area refineries.

CITY OF ORANGE’S LARGEST EMPLOYERS

EMPLOYER EMPLOYEES

DuPont 920

Invista 732

Little Cypress – Mauriceville ISD 584

Orange County 500

West Orange-Cove Consolidated ISD 450

International Paper 412

Kellogg – Brown & Root 420

Lanxess, Inc. 390

Lamar State College - Orange 274

Cloeren Company, Inc. 250

The resurgence in U.S. oil and gas exploration and produc-tion, combined with excellent water-bound, rail, highway, and pipeline infrastructure, and the readily availability of water resources has made the Golden Triangle the place of choice for those industrial sectors seeking to benefit from historically low priced energy commodities, which has drawn global energy and manufacturing companies to the region. Port Arthur contains the largest oil refinery in the nation – the Saudi Aramco – Motiva Enterprises refinery. Motiva Enter-prises is the one of the area’s largest employers, supporting 1,540 positions. In addition, Lucite, Air Products, Vitol, Gold-en Pass Products, Exxon Mobil, Golden Pass LNG, Sempra Energy, Valero, and Total / BASF are some companies that are either in the development stages or have recently com-pleted projects in the Golden Triangle.

Sources: , U.S. Census Bureau, U.S. Bureau of Labor, Wikipedia, CoStar, Google Maps, City of Port Arthur, Orange County, Lamar State College, Christus Health Southeast Texas,

Beaumont Enterprise, Orange Chamber of Commerce, City of Orange, Texas A&M Real Estate center, Zillow.

Page 26: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

26 CAMELOT APARTMENTS

CONFIDENTIALITY & CONDITIONS

All materials and information received or derived from Greystone Real Estate Advisors its directors, officers, agents, advisors, affiliates and /or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither Greystone Real Estate Advisors its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Greystone Real Estate Advisors will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by

the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Greystone Real Estate Advisors makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Greystone Real Estate Advisors does not service as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and /or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies.

All properties and services are marketed by Greystone Real Estate Advisors in compliance with all applicable fair housing and equal opportunity laws.

CONTACTS

JORDON EMMOTTExecutive Managing Partner 713.595.9584 [email protected]

SHAYAN HASNAIN Executive Managing Partner 713.595.9580 [email protected]

JAMIE HARRINGTON Director 713.595.9581 [email protected]

STERLING CURRY Director 713.595.9585 [email protected]

CHARLES EMMOTT Associate (Dallas Office) 713.595.9583 [email protected]

ABRAHAM GARZA Executive Managing Partner 713.595.9582 [email protected]

RYAN ARMSTRONGDirector 713.595.9586 [email protected]

RYAN MENDEZDirector [email protected]

PETER KESH Associate (Dallas Office) 713.269.4380 [email protected]

CADE [email protected]

GREYSTONE NAA 5689 W Loop S, Suite 650Bellaire, TX 77401 www.greycoadvisors.com

Page 27: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

11-2

-201

5

TYPE

S O

F RE

AL E

STAT

E LI

CEN

SE H

OLD

ERS:

A BR

OKE

R is

resp

onsi

ble

for a

ll br

oker

age

activ

ities

, inc

ludi

ng a

cts p

erfo

rmed

by

sale

s age

nts s

pons

ored

by

the

brok

er.

A

SALE

S AG

ENT

mus

t be

spon

sore

d by

a b

roke

r and

wor

ks w

ith c

lient

s on

beha

lf of

the

brok

er.

A BR

OKE

R’S

MIN

IMU

M D

UTI

ES R

EQU

IRED

BY

LAW

(A c

lient

is th

e pe

rson

or p

arty

that

the

brok

er re

pres

ents

):

Put t

he in

tere

sts o

f the

clie

nt a

bove

all

othe

rs, i

nclu

ding

the

brok

er’s

ow

n in

tere

sts;

In

form

the

clie

nt o

f any

mat

eria

l inf

orm

ation

abo

ut th

e pr

oper

ty o

r tra

nsac

tion

rece

ived

by

the

brok

er;

An

swer

the

clie

nt’s

que

stion

s and

pre

sent

any

offe

r to

or c

ount

er-o

ffer f

rom

the

clie

nt; a

nd

Trea

t all

parti

es to

a re

al e

stat

e tr

ansa

ction

hon

estly

and

fairl

y.

A LI

CEN

SE H

OLD

ER C

AN R

EPRE

SEN

T A

PART

Y IN

A R

EAL

ESTA

TE T

RAN

SACT

ION

:

AS A

GEN

T FO

R O

WN

ER (

SELL

ER/L

ANDL

ORD

): T

he b

roke

r be

com

es t

he p

rope

rty

owne

r's a

gent

thr

ough

an

agre

emen

t w

ith t

he

owne

r, us

ually

in a

writt

en li

sting

to

sell

or p

rope

rty

man

agem

ent

agre

emen

t. An

ow

ner's

age

nt m

ust

perf

orm

the

bro

ker’s

min

imum

du

ties

abov

e an

d m

ust i

nfor

m th

e ow

ner

of a

ny m

ater

ial i

nfor

mati

on a

bout

the

prop

erty

or

tran

sacti

on k

now

n by

the

agen

t, in

clud

ing

info

rmati

on d

isclo

sed

to th

e ag

ent o

r sub

agen

t by

the

buye

r or b

uyer

’s a

gent

.

AS A

GEN

T FO

R BU

YER/

TEN

ANT:

The

bro

ker b

ecom

es th

e bu

yer/

tena

nt's

agen

t by

agre

eing

to re

pres

ent t

he b

uyer

, usu

ally

thro

ugh

a w

ritten

repr

esen

tatio

n ag

reem

ent.

A bu

yer's

age

nt m

ust p

erfo

rm th

e br

oker

’s m

inim

um d

uties

abo

ve a

nd m

ust i

nfor

m th

e bu

yer o

f any

m

ater

ial i

nfor

mati

on a

bout

the

prop

erty

or t

rans

actio

n kn

own

by th

e ag

ent,

incl

udin

g in

form

ation

disc

lose

d to

the

agen

t by

the

selle

r or

selle

r’s a

gent

.

AS A

GEN

T FO

R BO

TH -

IN

TERM

EDIA

RY:

To

act

as a

n in

term

edia

ry b

etw

een

the

parti

es t

he b

roke

r m

ust

first

obt

ain

the

writt

en

agre

emen

t of

eac

h pa

rty

to t

he t

rans

actio

n. T

he w

ritten

agr

eem

ent

mus

t st

ate

who

will

pay

the

bro

ker

and,

in c

onsp

icuo

us b

old

or

unde

rline

d pr

int,

set f

orth

the

brok

er's

oblig

ation

s as a

n in

term

edia

ry. A

bro

ker w

ho a

cts a

s an

inte

rmed

iary

:

M

ust t

reat

all

parti

es to

the

tran

sacti

on im

parti

ally

and

fairl

y;

May

, with

the

par

ties'

writt

en c

onse

nt, a

ppoi

nt a

diff

eren

t lic

ense

hol

der

asso

ciat

ed w

ith t

he b

roke

r to

eac

h pa

rty

(ow

ner

and

buye

r) to

com

mun

icat

e w

ith, p

rovi

de o

pini

ons a

nd a

dvic

e to

, and

car

ry o

ut th

e in

stru

ction

s of e

ach

part

y to

the

tran

sacti

on.

M

ust n

ot, u

nles

s spe

cific

ally

aut

horiz

ed in

writi

ng to

do

so b

y th

e pa

rty,

disc

lose

: ᴑ

that

the

owne

r will

acc

ept a

pric

e le

ss th

an th

e w

ritten

ask

ing

pric

e;ᴑ

that

the

buye

r/te

nant

will

pay

a p

rice

grea

ter t

han

the

pric

e su

bmitt

ed in

a w

ritten

offe

r; a

ndᴑ

any

confi

denti

al i

nfor

mati

on o

r an

y ot

her

info

rmati

on t

hat

a pa

rty

spec

ifica

lly i

nstr

ucts

the

bro

ker

in w

riting

not

to

disc

lose

, unl

ess r

equi

red

to d

o so

by

law

.

AS S

UBA

GEN

T: A

lice

nse

hold

er a

cts

as a

sub

agen

t whe

n ai

ding

a b

uyer

in a

tran

sacti

on w

ithou

t an

agre

emen

t to

repr

esen

t the

bu

yer.

A su

bage

nt c

an a

ssist

the

buye

r but

doe

s not

repr

esen

t the

buy

er a

nd m

ust p

lace

the

inte

rest

s of t

he o

wne

r firs

t.

TO A

VOID

DIS

PUTE

S, A

LL A

GRE

EMEN

TS B

ETW

EEN

YO

U A

ND

A BR

OKE

R SH

OU

LD B

E IN

WRI

TIN

G AN

D CL

EARL

Y ES

TABL

ISH:

The

brok

er’s

duti

es a

nd re

spon

sibili

ties t

o yo

u, a

nd y

our o

blig

ation

s und

er th

e re

pres

enta

tion

agre

emen

t.

Who

will

pay

the

brok

er fo

r ser

vice

s pro

vide

d to

you

, whe

n pa

ymen

t will

be

mad

e an

d ho

w th

e pa

ymen

t will

be

calc

ulat

ed.

LICE

NSE

HO

LDER

CO

NTA

CT IN

FORM

ATIO

N: T

his n

otice

is b

eing

pro

vide

d fo

r inf

orm

ation

pur

pose

s. It

doe

s not

cre

ate

an o

blig

ation

for

you

to u

se th

e br

oker

’s se

rvic

es. P

leas

e ac

know

ledg

e re

ceip

t of t

his n

otice

bel

ow a

nd re

tain

a c

opy

for y

our r

ecor

ds.

Info

rmat

ion

Abou

t Bro

kera

ge S

ervi

ces

Texa

s law

requ

ires a

ll re

al e

stat

e lic

ense

hol

ders

to g

ive

the

follo

win

g in

form

ation

abo

ut

brok

erag

e se

rvice

s to

pros

pecti

ve b

uyer

s, te

nant

s, se

llers

and

land

lord

s.

.

Desig

nate

d Br

oker

of F

irm

Lice

nse

No.

Em

ail

Phon

e

Lice

nsed

Sup

ervi

sor o

f Sal

es A

gent

/As

soci

ate

Li

cens

e N

o.

Emai

l Ph

one

Lice

nsed

Bro

ker /

Brok

er F

irm N

ame

or

Prim

ary

Assu

med

Bus

ines

s Nam

e

Lice

nse

No.

Em

ail

Phon

e

Regu

late

d by

the

Texa

s Rea

l Est

ate

Com

miss

ion

Inf

orm

ation

ava

ilabl

e at

ww

w.tr

ec.te

xas.g

ov

I

ABS

1-0

Dat

e Bu

yer/T

enan

t/Sel

ler/L

andl

ord

Initi

als

Sale

s Age

nt/A

ssoc

iate

’s N

ame

Lice

nse

No.

Em

ail

Phon

e

Nat

iona

l Apa

rtmen

t Adv

isor

s LL

C90

0387

1je

@na

a-us

a.co

m71

3.58

7.96

06

Jord

on E

mm

ott

5932

14je

@na

a-us

a.co

m71

3.58

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Jord

on E

mm

ott

5932

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@na

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a.co

m71

3.58

7.96

06

Page 28: CAMELOT APARTMENTS - LoopNet...Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port

CAMELOT APARTMENTS3345 West Park Avenue | Orange, TX 7763068 Units | Built 1971/ Renovated 2018 OFFERING MEMORANDUM

GREYSTONE NAA 5689 W Loop S, Suite 650Bellaire, TX 77401 www.greycoadvisors.comwww.naa-usa.com

Copyright ©2019 Greystone Real Estate Advisors. All rights Reserved. This information was obtained from sources deemed reliable. Greystone Real Estate Advisors makes no guarantee, warranty or representation regarding this information. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. It is your responsibility to conduct an independent investigation of the property to confirm its accuracy and completeness to your satisfaction. The presence of molds may adversely affect the property and pose serious health risks. If you have questions or concerns regarding this issue, conduct further inspections by a qualified professional. References to the term “Greystone,” “we,” “us,” and “our” refer to Greystone & Co., Inc. and/or its affiliated companies, as applicable. Loan products are offered through Greystone Funding Corporation, Greystone Servicing Corporation, Inc. and/or Greystone affiliated companies. For more information please visit our website www.greyco.com or contact [email protected]