nicholson house - loopnet€¦ · dallas, tx 75240 table of contents property overview 4 executive...

NICHOLSON HOUSE750 Bonham Street | Paris, TX 75460

42 Units

ISGINVESTMENT SALES GROUP

TODD FRANKS

Executive Managing Director

972.916.9397

[email protected]

JEFF BURGFECHTEL

Associate Director

972.619.5007

[email protected]

OFFERING MEMORANDUM

CONTACTS

JEFF BURGFECHTEL Associate Director 972.619.5007 [email protected]

TODD FRANKS Executive Managing Director 972.916.9397 [email protected]

_______

TRIP GOING (CAPITAL MARKETS) Analyst 469.221.2944 [email protected]


GREYSTONE | INVESTMENT SALES GROUP 6320 LBJ Freeway, Suite 228Dallas, TX 75240 www.greycoadvisors.comwww.greystoneisg.com

TABLE OF CONTENTS

PROPERTY OVERVIEW 4Executive Summary 6Investment Overview 6Property Summary 6Property Details 7Investment Highlights 8Area Map 10Property Photos 12

FINANCIAL ANALYSIS 16Unit Mix 18Average Rent Comparison 19Trending Analysis 20Five Year Income Analysis 22Underwriting Notes 23

RENT COMPARABLES 24Rent Comparables by Property 26Comparables by Floor Plan 26Comparable Rental Properties Map 27

LOCATION OVERVIEW 28Regional Map 30Property Location 30Demographics 30Shopping & Dining 31Recreation and Entertainment 31Education 32Health Care 32Transportation 32Paris, TX 33

GREYSTONE INFORMATION 34Contacts 34

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.

Greystone Real Estate Advisors makes no warranty or representation about the content of this Offering Memorandum. 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.

OFFERING PROCEDURES

Prospective investors expected to make an offer are invited to submit:

• Letter of Intent• Resume and / or Business Letter indicating

recent or current assets owned or purchased• Transaction References• Banking References• Source of Equity for Acquisition

INTEREST OFFEREDOne hundred percent fee simple interest in Nicholson

House, located in Paris, Texas.

TERMSNicholson House is being sold on an all-cash basis.

PROPERTY TOURProspective investors are encouraged to visit the subject

property prior to submitting an offer. Please DO NOT

contact the on-site management or staff without prior

approval. All property showings are by appointment only.

Please contact your Greystone Investment Sales Group

agent for more details. SALES CONDITIONSInterested prospective investors should be aware that

the owner of the property is selling the property as-

is, where-is condition with all faults, if any, and without

representations or warranties of any kind of nature,

expressed or implied, written or oral.

OFFER DUE DATEThe owner has requested that all offers be submitted by

this date. The call for offers has yet to be determined.

COMMUNICATIONSAll communications, inquiries and requests, including

property tours, should be addressed to the listing agents.

Information About Brokerage Services 11-2-2015Texas law requires all real estate license holders to give the following information about

brokerage services to prospective buyers, tenants, sellers and landlords.

TYPES OF REAL ESTATE LICENSE HOLDERS:

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:

A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker.A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.

Put the interests of the client above all others, including the broker’s own interests;Inform the client of any material information about the property or transaction received by the broker;Answer the client’s questions and present any offer to or counter-offer from the client; andTreat all parties to a real estate transaction honestly and fairly.

AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner,usually in a written listing to sell or property management agreement. An owner's agent must perform the broker’s minimum dutiesabove and must inform the owner of any material information about the property or transaction known by the agent, includinginformation disclosed to the agent or subagent by the buyer or buyer’s agent.

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through awritten representation agreement. A buyer's agent must perform the broker’s minimum duties above and must inform the buyer of anymaterial information about the property or transaction known by the agent, including information disclosed to the agent by the seller orseller’s agent.

AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the writtenagreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold orunderlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary:

Must treat all parties to the transaction impartially and fairly;May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner andbuyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction.Must not, unless specifically authorized in writing to do so by the party, disclose:

that the owner will accept a price less than the written asking price;that the buyer/tenant will pay a price greater than the price submitted in a written offer; andany confidential information or any other information that a party specifically instructs the broker in writing not todisclose, unless required to do so by law.

AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent thebuyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:The broker’s duties and responsibilities to you, and your obligations under the representation agreement.Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.

LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation foryou to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.

License No. Email Phone

License No. Email

License No. Email

Phone: Fax:

Produced with zipForm® by zipLogix 18070 Fifteen Mile Road, Fraser, Michigan 48026 www.zipLogix.com

License No. Email Phone

Buyer/Tenant/Seller/Landlord Initials Date

Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov

IABS 1-0TAR 2501

••

••••

••

•

••

Licensed Broker/Broker Firm Name orPrimary Assumed Business Name

PhoneDesignated Broker of Firm

Licensed Supervisor of Sales Agent/Associate

Sales Agent/Associate's Name

Phone

TJF Investments LP, 6320 LBJ Frwy. #228 Dallas, TX 75240 (214)206-9559 (214)206-9616Todd Franks

[email protected] (214) 206 9559TJF Investments LP 9001221

Todd Franks 479935

Todd Franks 479935

mailto:[email protected]


PROPERTYOVERVIEW

EXECUTIVE SUMMARY

Greystone | Investment

Sales Group is pleased

to announce the

exclusive listing of

Nicholson House.

Nicholson House is a 42-unit, affordable apartment community located in the city of Paris in Lamar County, TX

Situated on a total area of 2 41 acres, the property consists of two two-story, garden-style buildings with a unit mix of one- and two-bedroom apartments

Newly remodeled, units feature new laminate flooring throughout and spacious, open-concept kitchens with storage space and upgraded cabinets and appliances There is a separate office building on-site, and ample open surface parking spaces are provided

Residents also enjoy the property’s prime location on Bonham Street / U S 82 BUS and daily conveniences within walking distance

PROPERTY SUMMARYSale Price $2,390,000

Number of Units 42

Price / Unit $56,905

Rentable SF 26,854

Price / SF $89.00

Average SF / Unit 639 SF

Zoning Multifamily

Market Paris

INVESTMENT OVERVIEW• Owner-managed property; pride of ownership shows in every detail

• $560,000 in remodeling Cap-Ex in 2018-19 completed

• Value Add can be accomplished by increasing rents to market rate WITHOUT the need of additional Cap-Ex expense

• Large unit count provides a new investor immediate scale and efficiencies

• Owner bills back utilities including water/sewer to tenants

• Upgraded laundry facilities provide additional income

• Large office/leasing area with secure maintenance/storage area

• Opportunity to implement professional management OR to self-manage in-place leasing agent and remote maintenance crews

• 1.5 hour drive from Dallas - Highway currently being upgraded to a 4-lane divided highway along the entire route

OVERVIEWProperty Name Nicholson House

Address 750 Bonham Street

City, State Paris, TX

County Lamar

Number of Units 42

Rentable Square Feet 26,854

Year of Construction1950s1970s

2018-2019

(Hotel)(Apt. Conversion)

(Renovated)

TAX INFORMATIONStyle Garden

Foundation Concrete Slab

Parcel Size 1.61 Acres

Density 26.04 Units / Acre

Framing Wood

Building Exterior Brick / Stucco

Roof Pitched

MECHANICALHVAC Individual HVAC

Electricity Individual Metered

Hot Water Individual Electric

Electrical Wiring Copper

PROPERTY DETAILS

UTILITIESElectricity TXU Property

Water/Sewer City of Paris Property

Gas N/A Property

Trash Sanitation Solutions Property

Cable Suddenlink Property

Internet Suddenlink Property

PERSONNELManagement Company Rick Conation Company

Property Staff 1 full-time

FEES & DEPOSITSApplication Fee $35

Security Deposit $300

Non-Refundable Pet Deposit $200

6 NICHOLSON HOUSE NICHOLSON HOUSE 7

INVESTMENT HIGHLIGHTS• The Nicholson House was originally built in the

1950’s and converted into apartments in the 1970’s. Elvis Presley stayed in unit 10 and it has hosted other Hollywood elites including Robert Mitchum, George Hamilton, and Liza Minnelli, to name a few.

• The current owners have substantially renovated the property in 2018 & 2019 including a new roof, exterior stairs, large laundry room, and interior remodeling of bathrooms, kitchens, updated appliances and living areas.

• During remodeling the owners chose to keep rents below market rate and to focus on implementing RUB income. Currently, all leases RUB back Trash, Water/Sewer, and Utilities. Additionally, units are individually metered for electric. With remodeling complete, new owners can increase rents to market rate WITHOUT the need to inject additional Cap-Ex.

• Current owners also recently added a Technology Room and wired all the units for their Technology Package. Now the property pays a flat fee for TV and Internet and charges the tenants directly for those services. Landlord currently charges tenants $50/mo for the Tech Package (which retails locally for $180/mo) and owner’s fixed cost is covered with only 18 tenants paying for the Tech Package. This will generate additional income while saving the tenants money as compared to purchasing the services individually.

• The Nicholson House is conveniently located immediately adjacent and walking distance to a Save-A-Lot grocery store and Family Dollar, as well as a Med Chest Pharmacy.

Pictured: Home From The Hill, filmed near Paris, Texas, movie poster.

Pictured: Evlis Presley, a one-time guest of unit 10 at Nicholson House

Pictured: Technology Room



BUS BUS

BUS

BUS

Nicholson Nicholson HouseHouse

CAMPBELL'S SOUP & CAMPBELL'S SOUP & SLIGAN CAN CO.SLIGAN CAN CO.

COCA-COLA COCA-COLA SOUTHWEST SOUTHWEST BEVERAGESBEVERAGES

JUSTISS ELEMENTARY JUSTISS ELEMENTARY SCHOOLSCHOOL

GIVENS ELEMENTARY GIVENS ELEMENTARY SCHOOLSCHOOL

PARIS REGIONALPARIS REGIONALMEDICAL CENTERMEDICAL CENTER

NORTH LAMAR NORTH LAMAR HIGH SCHOOLHIGH SCHOOL

NORTH TEXAS NORTH TEXAS COLLEGECOLLEGE

DOWNTOWNDOWNTOWNPARISPARIS

DOWNTOWN PARIS REVITALIZATION PROJECT

• Replace all downtown sidewalks. New sidewalks shall

include trees, benches, period lighting and trash

receptacles.

• Construct heavily landscaped Memorial Plaza along

northern edge of downtown courthouse property

including seating capstones, pavers, signage,

mesquite trees, and electric charger stations.

• Construct a park on the western edge of downtown

courthouse property including bench swings, public

art, ground lighting, etc.

• Construct public parking, to include lighting,

signage, and landscaping, consistent with master site

plan.

• Convert multiple downtown streets to two-way traffic.

• Replace all faded or damaged signs with new-design

signage.

• Incorporate Paris Metro stops into downtown’s

function and design; including signage and

construction of bus shelters that fit the historical

character of downtown.

PROPERTY PHOTOS

Technology RoomIndividual HVAC Units


INTERIOR PHOTOS INTERIOR PHOTOS


FINANCIALANALYSIS

On Site Laundry Facility $0

$100

$200

$300

$400

$500

$600

$700

$800

Two BedroomOne Bedroom

PR

O F

OR

MA

MA

RK

ET

EFF

EC

TIV

E

$494

$574

$658

$575

$725

$788

PR

O F

OR

MA

MA

RK

ET

EFF

EC

TIV

E

UNIT MIX RENT COMPARISON

UNIT TYPE # UNITS SF / UNIT TOTAL SFEFFECTIVE

RENT / UNITEFFECTIVE

$ / SFMARKET

RENT / UNITMARKET

$ / SFPRO FORMA RENT / UNIT

PRO FORMA RENT / SF

A1 32 610 19,520 $474 $0.78 $553 $0.91 $650 $1.07

A2 6 685 4,110 $604 $0.88 $683 $1.00 $700 $1.02

B1 1 740 740 $550 $0.74 $700 $0.95 $750 $1.01

B2 3 828 2,484 $583 $0.70 $733 $0.89 $800 $0.97

TOTAL: 42 639 26,854 $502 $0.79 $588 $0.92 $670 $1.05

UNIT MIX

Two Bedroom

10%

One Bedroom

90%


As of November 2019 T-12 T-6 T-3 T-1 PRO FORMA

$/UNIT ANNUALIZED ANNUALIZED ANNUALIZED ANNUALIZED PROJECTION $/UNIT

INCOME

Potential Market Rent $7,057 $296,400 $296,400 $296,400 $296,400 $337,800 $8,043

Loss-to-Lease/Gain-to-Lease 14.6% (43,346) (43,346) (43,346) (43,346) (21,673) 6.4%

Economic Vacancy 1.0% (6,639) 2,998 (7,258) (1,071) (16,890) 5.0%

Base Rental Revenue $5,954 $246,415 $256,052 $245,797 $251,983 $299,237 $7,125

RUB Income $0 0 0 0 0 $11,585 $276

Other Income $0 0 0 0 0 $8,700 $207

Total Other Income $0 $0 $0 $0 $0 $20,284 $483

Effective Gross Revenue $5,954 $246,415 $256,052 $245,797 $251,983 $319,521 $7,608

EXPENSE

Repairs & Maintenance $397 16,674 16,674 16,674 16,674 16,674 397

Contract Services $308 12,931 12,931 12,931 12,931 12,931 308

Advertising/Promotions $19 812 812 812 812 812 19

Administration/Misc. $300 12,606 12,606 12,606 12,606 12,606 300

Utilities $639 26,836 26,836 26,836 26,836 26,836 639

Real Estate Taxes $735 30,858 30,858 30,858 30,858 30,858 735

Insurance $276 11,599 11,599 11,599 11,599 11,599 276

Management Fee (8%) $476 19,713 20,484 19,664 20,159 25,562 609

Total Expenses $3,151 $132,030 $132,801 $131,980 $132,475 $137,878 $3,283

Net Operating Income $114,386 $123,252 $113,816 $119,508 $181,643

TRENDING ANALYSIS LEASING OFFICE


NOTES

IncomeGross Potential Revenue is based on rental rates shown in the unit mix table. Market rents grow at 3.0% after Year 2. Loss-to-lease is currently 14.6%.

Other IncomeOther Income is increased to be at $8,700 and grows 3.0% per year.

Bad DebtBad debt is not provided as separated line item in provided financial statement.

VacancyVacancy is currently 2.2%. Vacancy is projected to be 5.0% after Year 1 and thereafter, per submarket survey.

Repairs & MaintenanceRepair & Maintenance expense is projected (*) to be at $397 per unit, and grows 3.0% per year.

Contract ServicesContract Service expense is based on T-12 historical expenses and grows 3.0% per year.

Advertising/PromotionsAdvertising/Promotions expense is based on T-12 historical expenses and grows 3.0% per year.

Administrative ExpensesAdministrative expense is based on T-12 historical expenses and grows 3.0% per year.

UtilitiesUtilities expense is based on T-12 historical expenses and grows 3.0% per year.

InsuranceInsurance is based on the most recent premium given in the financial statement. The expense grows 3.0% per year.

Real Estate TaxesIncreased Real estate taxes to 55% of the transaction value multiplied by 2019 tax rate of 2.35% .Taxes grow 3.0% per year.

Property Management FeeProperty management fee is projected to be 8.0% of effective gross revenue due to no payroll.

Replacement ReservesReplacement reserves are projected to be $250 per unit annually.

FIVE YEAR INCOME ANALYSIS

CURRENT THRU NOV '19

TRANSITION

YEAR 1PRO FORMA

YEAR 2 YEAR 3 YEAR 4 YEAR 5

INCOME

Potential Market Rent $296,400 $317,100 $347,934 $358,372 $369,123 $380,197

(Loss to Lease) / Gain to Lease (43,346) 14.6% (21,673) 6.8% (15,417) 4.4% (5,219) 1.5% (5,376) 1.5% (5,537) 1.5%

Gross Potential Revenue $253,054 $295,427 $332,517 $353,153 $363,748 $374,660

RENTAL LOSSES

Economic Vacancy (6,639) 2.2% (11,764) 3.7% (16,890) 4.9% (17,397) 4.9% (17,919) 4.9% (18,456) 4.9%

Base Rental Revenue $246,415 $283,663 $315,627 $335,756 $345,829 $356,204

OTHER INCOME

Other Residential Income 0 $0 4,350 $104 8,961 $213 9,229 $220 9,506 $226 9,791 $233

RUB Income 0 $0 5,792 $138 11,585 $276 11,932 $284 12,290 $293 12,659 $301

Total Other Income $0 $10,142 $20,545 $21,162 $21,797 $22,451

Effective Gross Revenue $246,415 $293,805 $336,172 $356,918 $367,626 $378,654

EXPENSES

Repairs & Maintenance 21,474 $511 16,674 $397 16,674 $397 17,174 $409 17,689 $421 18,220 $434

Contract Services 12,931 $308 12,931 $308 12,931 $308 13,319 $317 13,719 $327 14,130 $336

Advertising/Promotions 812 $19 812 $19 812 $19 836 $20 861 $21 887 $21

Administration/Misc. 12,606 $300 12,606 $300 12,606 $300 12,984 $309 13,374 $318 13,775 $328

Utilities 26,836 $639 26,836 $639 26,836 $639 27,641 $658 28,471 $678 29,325 $698

Real Estate Taxes 15,680 $373 30,858 $735 30,858 $735 31,783 $757 32,737 $779 33,719 $803

Insurance 11,599 $276 11,599 $276 11,599 $276 11,947 $284 12,306 $293 12,675 $302

Management Fee (8%) 0 $0 23,504 $560 26,894 $640 28,553 $680 29,410 $700 30,292 $721

Total Operating Expenses $101,938 $2,427 $135,821 $3,234 $139,210 $3,315 $144,239 $3,434 $148,566 $3,537 $153,023 $3,643

Replacement Reserves 10,500 $250 10,500 $250 10,500 $250 10,500 $250 10,500 $250

Net Operating Income $144,477 6.0% $147,484 6.2% $186,462 7.8% $202,179 8.5% $208,559 8.7% $215,131 9.0%

ASSUMPTIONS

Rental Inflation 6.98% 9.72% 3.00% 3.00% 3.00%

Vacancy/Concession/Credit Loss 10.54% 9.29% 9.29% 9.29% 9.29%

RUB & Other Income 0.00% 102.57% 3.00% 3.00% 3.00%

Expenses Inflation 21.68% 3.23% 3.00% 3.00% 3.00%

Real Estate Tax Inflation 96.80% 0.00% 3.00% 3.00% 3.00%

(*) Projected expenses in the calculation are according to 2018 National Apartment Association survey of income and expenses for Tyler submarket.


RENTCOMPARABLES

PROPERTY NAME # UNITSAVG SF /

UNITOCC RATE YEAR BUILT

AVG RENT / UNIT

AVG RENT / SF

PRO FORMA RENT / UNIT

PRO FORMA RENT / SF

Nicholson House 42 639 98% 1970* $588 $0 92 $670 $1 05

Pavilion 24 737 100% 1984 $625 $0.00

Regency 100 902 100% 1980 $625 $0.00

Harmony 36 684 100% 1963 $875 $1.28

AVERAGE 53 828 100% $681 $0.92

PROPERTY NAME BED BATH TOTAL UNITSSQUARE

FOOTAGEAVG RENT /

UNITAVG RENT

/ SFPRO FORMA RENT / UNIT

PRO FORMA RENT / SF

Nicholson House - A1 1 1 32 610 $553 $0 91 $650 $1 07

Nicholson House - A2 1 1 6 685 $683 $1 00 $700 $1 02

Pavilion 1 1 16 $575 $0.98 $0.98

Regency 1 1 32 $557 $0.74 $0.67

Harmony 1 1 12 $695 $1.23 $1.40

AVERAGE 668 $589 $0.96

High $695 $1.23

Low $557 $0.74

PROPERTY NAME BED BATH TOTAL UNITSSQUARE

FOOTAGEAVG RENT /

UNITAVG RENT

/ SFPRO FORMA RENT / UNIT

PRO FORMA RENT / SF

Nicholson House - B1 2 2 1 740 $700 $0 95 $750 $1 01

Nicholson House - B2 2 1 3 828 $733 $0 89 $800 $0 97

Pavilion 2 1 8 855 $675 $0.79

Regency 2 2 60 943 $693 $0.73

Harmony 2 1 24 743 $795 $1.07

AVERAGE 883 $718 $0.85

High $795 $1.07

Low $675 $0.73

NICHOLSON HOUSE 750 Bonham St | Paris, TX 75460

1

3

REGENCY 2526 Lamar Ave | Paris, TX 754602

HARMONY 3215 Clarksville St | Paris, TX 75460

PAVILION 425 NE Loop 286 | Paris, TX 75460

1

3

2

*NOTE: Year built refers to when the property changed over to an apartment complex.

RENT COMPARABLES

TWO BEDROOM

ONE BEDROOM

COMPARABLE RENTAL PROPERTIES MAP


Paris, Texas Eiffel Tower Landmark

LOCATIONOVERVIEW

REGIONAL MAP

LOCATION OVERVIEW

Nicholson House Apartments is conveniently located in the downtown area of Paris on Bonham Street / U.S. 82 BUS, just west of US-271 BUS and within a five-minute drive from Loop 286. The community’s centralized location facilitates easy access to major employment, education, retail, and recreation and entertainment hubs throughout the city and region. Residents are within walking distance to amenities such as grocery and convenience stores, Heritage Park, and the Historic Union Depot. Paris – Market Square Farmers Market and Bywaters Pak are about a half-mile southeast of the property, and Paris Towne Center – home to national retailers such as Home Depot, Walmart, JCPenney and Belk, Beals, and Hobby Lobby are three miles east. Major Employer Paris Regional Medical Center is three miles north, and Paris Junior College is two miles southeast.

DEMOGRAPHICS

■ Nicholson House benefits from a population draw of 22,714 residents within a three-mile radius of the property, and 25,192 residents within a five-mile radius.

■ The average age of residents within a three-mile radius of the property is 38.

■ The median household income is $30,715 within a three-mile radius of the subject, and the average

number of persons per household is 2.4. ■ The unemployment rate for Paris was 3.2% as of

October 2019. ■ The median sale price for single-family homes in the

Paris metro area was $139,900 as of October 2019, an increase of 8.4% year-over-year, according to the Texas A&M Real Estate Center.

SHOPPING AND DINING

Paris Towne Center – Regional retail destination with more than 25 stores and restaurants. Anchored by JCPenney and ALDI grocery store. Hobby Lobby; Bealls; Bath & Body Works; Shoe Dept.; OfficeMax; Cato Fashions; rue21; Tuesday Morning.

Downtown Paris – Pedestrian-friendly downtown with local and regional boutique and specialty shops; antique stores; and services. Texas Furniture & Appliance; Artisans Attic; Paris Texas Gifts; Antique Mall; Remember When Collectibles. City of Paris has recently embarked on a multi-year, comprehensive Downtown Revitalization Plan, the Paris Main Street Project.

Dining Establishments – A sampling of eateries located about a mile from the subject include Chili's Bar & Grill, Dos Marias, Phat Phil's BBQ, Applebee's Grill & Bar, South Main Cafe, Roadhouse Family Diner, Taco Bell, Panda Express.

Daily Conveniences – A sampling of conveniences within walking distance or in close proximity to the property are: Walmart Supercenter, Brookshire's, Kroger, Save A Lot, Family Dollar, Liberty National Bank, CVS Pharmacy, and McDonald's. Hair and beauty salons; fitness centers; gas stations; auto repair shops and parts supply stores; insurance services; and medical clinics are also nearby.

RECREATION AND ENTERTAINMENT

Paris offers recreation and entertainment options for people of all ages, with 25 parks; two golf courses; a sports complex; aquatic center; and hiking trails. The city’s landmark is the Paris Eiffel Tower – a 65-foot Eiffel Tower replica

topped with a red cowboy hat located at the Love Civic Center in the town square. Historic downtown Paris is filled with historic buildings that are home to antique and specialty shops; art galleries; performance theaters; and restaurants.

Some notable attractions include:

• Valley of the Caddo Museum

• Paris Community Theater

• Lake Crook

• Lamar County Historical Museum

• Sam Bell Maxey House

• Pat Mayse Reservoir

• Gambill Goose Refuge

• Trail de Paris

Pictured: Lake Crook, Paris, Texas


NicholsonHouse

HIGHER EDUCATION

Paris Junior College – 54-acre public community college with 5,000 students enrolled. Offers associate degrees in arts, science, and applied science, as well as certificates of proficiency in technical / workforce fields.

HEALTH CARE

Christus Dubuis Hospital of Paris – 25 bed, licensed and accredited acute care facility specializing in medically-complex patient care. Emergency; cardiac; intensive care; orthopedics; wound care; and pediatric services offered.

Paris Regional Medical Center – 364-bed, general, acute care hospital. Serves the regions of Northeast Texas and Southeast Oklahoma with comprehensive care, including emergency services and a cardiac center of excellence.

AIRPORTS

Dallas / Fort Worth International Airport (DFW) – DFW is the primary international airport that serves the metroplex area and is one of the busiest airports in the world, with over 67 million passengers served in 2017. DFW facilitates service by all major carriers and is American Airlines’ largest hub.

Texarkana Regional Airport (TXK) – Also known as Webb Field. Served by American Eagle Airlines.

Sources: Greystone Research; US Census Bureau; US Bureau of Labor; Wikipedia; CoStar Analytics; Google Maps; City of Paris; Paris Economic Development Corporation; Lamar County Chamber of Commerce; Texas A&M Real Estate Center; downtowntx.org.

Pictured: Northeast Texas Classic Car Show

Paris’s largest employer –

Paris Regional Medical Center – is located 3.0 miles from the property and employs 900

area residents.

DESTINATION PARIS, TX

The city of Paris is located in the northeast corner of Texas near the Oklahoma border, approximately 100 miles northeast of Dallas and 90 miles west of Texarkana, TX. Paris has an estimated population of 26,000 residents and is the county seat and principal commercial center of Lamar County. Lamar County comprises the Paris Micropolitan Statistical Area – home to nearly 50,000 people. Paris residents enjoy the city’s historic charm; affordability; cultural and recreational options; and high quality of life amongst modernized amenities.

While agriculture; forestry; utilities; and manufacturing are the main economic staples for the region, the healthcare and social assistance industry sector plays a vital role county-wide. Paris Regional Medical Center is the largest employer in the county and generates a substantial economic impact for the city. In 2018, the Paris facility invested $7.6 million in capital improvements and expansion, supported roughly 900 area jobs with a payroll of over $56.5 million, and donated over $57 million to community services. The medical center serves the Northeast Texas and Southeast Oklahoma regions with comprehensive services including emergency and intensive care; inpatient rehabilitation; and wound care. The facility also contains a cardiac center of excellence. The medical complex has over 100 physicians on staff that represent 36 specialties of medicine.

Paris is also the home to major corporations such as Campbell Soup Company, Kimberly-Clark Corporation, and Turner Industries.

Downtown Paris, Texas

Paris ranked

among the

top 100 medium cities in

the U.S. for cost

of living by

AreaVibes in

2019.


TODD FRANKSExecutive Managing Director O | 972.916.9397 M | 469.233.3159 [email protected]

PROFESSIONAL BACKGROUNDTodd’s career in commercial real estate brokerage began in 2000 by specializing in the representation of multifamily Sellers. Over the past 19 years, Todd has facilitated the development, redevelopment, disposition, acquisition and repositioning of hundreds of A, B, and C – Class multifamily and commercial assets (totaling more than $1,400,000,000), in the Dallas/Fort Worth market as well as secondary and tertiary markets across North Texas, Arkansas and Oklahoma. When Todd left The Cantrell Company in 2014, he was acknowledged as the all-time top producer. Shortly after, Todd opened the SVN | Investment Sales Group office in Dallas, TX in 2014 and has been recognized as one of the top five advisors in the world (SVN 2015) while the office was recognized as the #1 office in the Southwest Region (SVN 2015, 2016 & 2017). Todd is currently being recognized in D-Magazine as one of DFW’s Power Brokers. His list of clients includes: Trammel Crow Residential Development, Strategic Property Investment (SPI), Highland Capital, Tricon, Fort Worth Housing Solutions (FWHS), American Homes For Rent (AHFR), CW Capital, LNR Partners, C-III, Midland Loan Services, Orix Capital Markets, Imperial Bank, City National Bank, La Jolla Bank as well as numerous institutions, family offices, partnerships and individual owners, lenders, and special servicers.

Todd is regularly interviewed and featured in local and national commercial real estate publications such as “The New York Times,” “The Dallas Morning News,” “Dallas Business Journal,” “Globe Street” and “Bisnow.” He has also served as an expert witness in trials that require multifamily and financing expertise. In 2011, Todd became the youngest founder in the acquisition of “Texas Republic Bank” which has matured from $22,000,000 to now over $240,000,000 in assets.

Related volunteer work included: Former Chairman of the Board for the Vickery Meadows Economic Development Division, former Board of Directors for the Vickery Meadows Public Improvement District and former Board of the Multifamily Property Standards Committee.

CONTACTS

JEFF BURGFECHTELAssociate Director O | 972.619.5007 [email protected]

PROFESSIONAL BACKGROUNDJeff Burgfechtel is a licensed trial attorney and owner/operator of several multifamily and light commercial real estate properties who leverages those experiences to provide his real estate clients unparalleled advice and insight so they can exceed their investment goals. He is known for his detailed analysis of financial information and current market conditions.

Jeff not only can provide the expert analysis that comes from being a part of the outstanding team of brokers, analysts, and underwriters at Greystone Investment Sales Group; but also provides detailed first-hand experience and analysis that can only be gained through multiple acquisitions and sales, and 20 years of direct management of his personal real estate portfolio.

Although legal representation can only be provided after signing a Legal Representation Agreement with the Burgfechtel Law Offices PLLC, which is a separate entity from Greystone ISG; Jeff’s 25 years of legal experience representing clients in 3 states (including Texas) is an undeniable asset to both Greystone ISG as well as all of his clients.

Jeff Burgfechtel attended the University of Notre Dame on an Air Force ROTC scholarship and then went to Law School at the University of Dayton School of Law. He is a proud father of two high school boys. He never misses them perform in the Marching Band. When asked what he feels most shaped who he is today, Jeff said without a doubt it was the Boy Scouts of America and becoming an Eagle Scout. He says he still strives to live the Boy Scout Oath and Law.



JEFF BURGFECHTEL

Associate Director

972.619.5007

[email protected]

TODD FRANKS

Executive Managing Director

972.916.9397

[email protected]

GREYSTONE | INVESTMENT SALES GROUP

6320 LBJ Freeway, Suite 228

Dallas, TX 75240

www.greycoadvisors.com

www.greystoneisg.com

Copyright ©2020 Greystone & Co., Inc. All rights Reserved. Although the information contained herein has been obtained from sources deemed reliable, Greystone | Investment Sales Group makes no express or implied guaranty, warranty, or representation that the information is complete or accurate. Further, any projections, opinions, assumptions, or estimates used or offered herein are for the purpose of example only and do not and cannot be deemed to represent the present or future performance of the subject property. Accordingly, Greystone | Investment Sales Group recommends that you conduct your own investigation of the property in order to reach your own conclusions or opinions as to value of the property. Physical condition of the property, including without limitation the potential presence of mold, asbestos, lead based paint, and hazardous materials may affect the property, its value, and may, if present, pose health risks. The property should be independently examined by experts selected by you. Any recipient of these materials from Greystone | Investment Sales Group should not and may not rely on these materials for any purpose beyond general introductory information concerning the property.

REV 011020

TOURS CALL JEFF AT

972 619 5007


http://www.greycoadvisors.com

http://www.greystoneisg.com

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