uptown east dallas portfolio - loopnet · 2020-02-18 · multifamily portfolio for sale uptown east...

MULTIFAMILY PORTFOLIO FOR SALE

UPTOWN EAST DALLAS PORTFOLIODALLAS, TX 75204

MATTEO FAETH

[email protected]

Presented By

PERRY GUEST COMPANY

2517 Thomas Avenue, Dallas, TX 75201

214.528.9250 | perryguestco.com

CONFIDENTIAL OFFERING MEMORANDUM | 2

OFFERING SUMMARY

Sale Price: $17,750,000

Number Of Units: 115

NOI: $862,939

Lot Size: 2.28 Acres

Building Size: 66,379

Zoning: MF2

Price / SF: $267.40

Price / Door: $154,347.83

Perry Guest Co is pleased to exclusively offer a very rare opportunity to purchase a fully stabilized7-building multi-family portfolio, The Uptown East Portfolio. The portfolio consists of 7 buildings, siting onover 2 acres of land, and with 66,379 of net rentable square footage. All buildings, except 1, have beengutted down to the studs and replaced with all brand-new systems including new plumbing, new copperwiring, new HVAC systems, new roofs, etc. Interior renovations include hip and modern touches thatspotlight the architecture of the era; mid-century modern. These include museum finished walls, light greywide plank wood flooring, new white cabinetry, arctic white quartz in the kitchen with undermount sink,new vanities, tile, and tubs in the bathrooms, and washer/dryer in the unit. Most of the properties feature amiddle courtyard with outdoor furniture and BBQ grill. The properties line the street of San Jacinto makingmanagement very convenient and cost effective. This pocket of East Dallas has and is currently seeingtremendous development and redevelopment. There is the ability to push rents now and again in thefuture as the neighborhood matures. The properties are in close proximity to Knox Henderson, Uptown,Downtown, Lower Greenville, and Deep Ellum.

PROPERTY OVERVIEW


EXECUTIVE SUMMARY

WHY INVEST IN TEXAS??SECTION 1

MATTEO FAETH

[email protected]

Presented By

CONFIDENTIAL OFFERING MEMORANDUM WHY INVEST IN TEXAS?? | 4

REAL ESTATE

Investing in Texas real estate has pretty much been a no-brainer. Since2010, the population grew by 3.5 million, a million more than either Floridaor California. That translates into one and a half million new homes. Almost2 million of those people came from elsewhere, attracted by jobs and byreasonable home prices. Those attractions are still there – look at the rateof job growth in the three big markets this past year, close to 4%. That’stwice the national average.

And even though home prices rose steadily in recent years, they’re stillbelow $300,000 almost everywhere. Compare that with the averagehome price in Seattle – over $500,000 – or San Francisco – more than $1million.

So, the economic prospects of all Texas markets – and therefore how bestto invest in each one – aren’t the same. The way I see it, the 15 markets weshow in the table from Local Market Monitor Inc. can be divided into threecategories.

From an investor’s point of view, Houston, Dallas and Austin are much thesame. They have high economic growth and demand for housing remainsgood – home prices were up around 7% in the past year. Also, the Dallaseconomy continues to grow.


WHY INVEST IN TEXAS??

CONFIDENTIAL OFFERING MEMORANDUM WHY INVEST IN TEXAS?? | 5

DALLAS ECONOMY

The U.S. economy has realized sustained growth for over a decade, making the current expansion the longest in history. Dallas-Fort Worth is consistently addingover 100,000 new jobs each year, with annualized growth near 3%. The region led the nation in employment growth in 2019, adding over 81,800 jobs. Of those,31,000 are considered office jobs. While energy is often thought of as the region’s calling card, Dallas-Fort Worth boasts a diversified economy with global reachand closely resembles that of the United States. Abundant job opportunities have spurred significant population growth, adding 130,100 new residents in 2019. TheDallas-Fort Worth area gained more residents than any other metropolitan area in the country and was behind more than one-third of Texas’ population growthduring that period. Employment growth should remain stronger than the national benchmark over the next five years. Meanwhile, household incomes continue torise for North Texans.Due to the region’s low cost of doing business and highly skilled labor force, companies across various sectors have relocated or expanded operations, whichshould keep employment growth in the metroplex moving right along. Uber has announced that it will open an office of at least 3,000 employees in Deep Ellum,and it plans to turn Dallas into its largest hub outside of its San Francisco headquarters. In late 2019, Charles Schwab announced that it is acquiring TD Ameritradein a $26 billion transaction and moving its headquarters to Tarrant County from San Francisco. Charles Schwab recently completed the first phase of a new regionaloffice, and TD Ameritrade completed a large project nearby as well. In late 2018, McKesson Corp, the nation’s largest pharmaceutical distributor, announced that itwas relocating its headquarters to Irving in mid-2019. USAA added 150,000-SF office building adjacent to its existing Plano location to make room for an additional800 employees, bringing its North Texas headcount to 2,000.


ECONOMICS

THE LOCATIONSECTION 2

MATTEO FAETH

[email protected]

Presented By

CONFIDENTIAL OFFERING MEMORANDUM THE LOCATION | 7

ADDRESS UNITS

4919 San Jacinto 28

4916 San Jacinto 4

4927 San Jacinto 27

5005 San Jacinto 16

5010-5014 San Jacinto 18

1515 Bennett 12

1519 Bennett 10

UPTOWN EAST DALLAS PORTFOLIO1515 BENNETT, DALLAS, TX 75204

LOCATION MAPS

CONFIDENTIAL OFFERING MEMORANDUM THE LOCATION | 8

UPTOWN EAST DALLAS PORTFOLIO1515 BENNETT, DALLAS, TX 75204

AERIAL MAP

THE NUMBERSSECTION 3

MATTEO FAETH

[email protected]

Presented By

INCOME SUMMARY PER DOOR

Rental Income $1,575,660 $13,701

5% Vacancy -$78,783 -$685

Electricity Income $6,000 $52

Laundry Income $3,000 $26

Other Income $1,500 $13

Gross Income $1,507,377 $13,107

EXPENSE SUMMARY PER DOOR

Repairs and Maintenance $93,726 $815

Utilities $80,481 $699

Administrative $103,615 $901

Legal, Finance, and Administrative $65,149 $566

Taxes $301,464 $2,621

Gross Expenses $644,437 $5,603

Net Operating Income $862,939 $7,503

CONFIDENTIAL OFFERING MEMORANDUM FINANCIAL ANALYSIS | 10


COMBINED PROFORMA INCOME & EXPENSES

UNIT TYPE COUNT % TOTAL SIZE (SF) MARKET RENT MARKET RENT/SF

EFF 1 0.9 400 $995 $2.49

1-1 100 87.0 550 $1,100 $2.00

2-2 14 12.2 825 $1,451 $1.76

Totals/Averages 115 100% 66,950 $131,309 $1.96

CONFIDENTIAL OFFERING MEMORANDUM FINANCIAL ANALYSIS | 11


COMBINED PROFORMA UNIT MIX SUMMARY

THE PROPERTIESSECTION 4

MATTEO FAETH

[email protected]

Presented By


OFFERING SUMMARY

Number of Units: 28

Building Size: 12,624 SF

Land Size: 20,000 SF

Year Built: 1960

DEMOGRAPHICS 0.5 MILES 1 MILE 1.5 MILES

Total Households 3,684 12,642 26,289

Total Population 8,985 30,317 58,794

Average HH Income $44,449 $53,564 $67,355

BUILDING DETAILS

Wiring: Copper

Plumbing: PVC

HVAC: Individual

Roof: Composition

Foundation: Pier and Biem

Electric Metering: Separate

Water Metering: Master

Gas Metering: Master

Parking: 28 Spots

PROPERTY DESCRIPTION

4919 San Jacinto is a 28 unit complex located in the Uptown East district inDallas. The property has received a first class renovation with everythingbrand new but the brick. All units are 1 bedroom / 1 bath with washerdryers in the unit. The units open up to a middle courtyard with outdoorfurniture and a BBQ grill, which tenants love. The newly remodeled MicroFlats are located just minutes from Downtown, Deep Ellum and The ArtsDistrict. These trendsetting designs offer a hyper stylish opportunity tolower your eco footprint. Each smart layout offers an open floor plan withopen kitchens to with a full suite of SS appliances, grey washed laminateflooring, and beautiful designer bathrooms.

4919 SAN JACINTODALLAS, TX 75204

PROPERTY SUMMARY


Rental Income $326,160 $11,648

5% Vacancy -$16,308 -$582

Convenience Fee $360 $12

Gross Income $310,212 $11,079


Repairs and Maintenace $20,616 $736



Legal, Finance, and Insurance $15,600 $557

Taxes $75,000 $2,678





PROFORMA INCOME & EXPENSES

UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

MARKET

RENT

MARKET

RENT/SF

101 1 1 450 $895 $1,050 $2.33

102 1 1 450 $995 $1,050 $2.33

103 1 1 450 $1,050 $1,050 $2.33

104 1 1 450 $995 $1,050 $2.33

105 1 1 450 $995 $1,050 $2.33

106 1 1 450 $895 $1,050 $2.33

107 1 1 450 $895 $1,050 $2.33

108 1 1 450 $895 $1,050 $2.33

109 1 1 450 $895 $1,050 $2.33

110 1 1 450 $995 $1,050 $2.33

111 1 1 450 $995 $1,050 $2.33

112 1 1 450 $995 $1,050 $2.33

114 1 1 450 $895 $1,050 $2.33

115 1 1 450 $995 $1,050 $2.33

201 1 1 450 $995 $1,050 $2.33

202 1 1 450 $995 $1,050 $2.33

203 1 1 450 $1,050 $1,050 $2.33

204 1 1 450 $1,050 $1,050 $2.33

205 1 1 450 $995 $1,050 $2.33



RENT ROLL

UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

MARKET

RENT

MARKET

RENT/SF

206 1 1 450 $995 $1,050 $2.33

207 1 1 450 $895 $1,050 $2.33

208 1 1 450 $895 $1,050 $2.33

209 1 1 450 $995 $1,050 $2.33

210 1 1 450 $1,050 $1,050 $2.33

211 1 1 450 $995 $1,050 $2.33

212 1 1 450 $995 $1,050 $2.33

214 1 1 450 $995 $1,050 $2.33

215 1 1 450 $895 $1,050 $2.33

Totals/Averages 12,600 $27,180 $29,400 $2.33



RENT ROLL



ADDITIONAL PHOTOS


OFFERING SUMMARY

Number of Units: 12


Land Size: 10,500

Year Built: 1972





BUILDING DETAILS

Wiring: Copper

Plumbing: PVC

HVAC: Individual

Roof: Mansard

Foundation: Slab




Parking Spots: 10


1515 Bennett features 12 fully gutted micro Flats located just minutes fromDowntown, Deep Ellum and The Arts District. All units are 1 bedrooms andthese trendsetting designs offer a hyper stylish opportunity to lower youreco footprint. At 515 Sq. Ft., each smart layout offers an open floor planwith barn doors to create 2 separate areas, Complete kitchen with a fullsuite of SS appliances, Hardwoods, beautiful designer bathrooms and awasher dryer is included with each space.

1515 BENNETTDALLAS, TX 75204

PROPERTY SUMMARY



5% Vacancy -$7,884 -$657

Convenience $300 $25

Gross Income $150,096 $12,508






Taxes $11,752 $979






UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

101 1 1 475 $995 $2.09 $1,095 $2.31

102 1 1 475 $995 $2.09 $1,095 $2.31

103 1 1 475 $995 $2.09 $1,095 $2.31

104 1 1 475 $995 $2.09 $1,095 $2.31

105 1 1 475 $995 $2.09 $1,095 $2.31

106 1 1 500 $995 $1.99 $1,095 $2.19

201 1 1 475 $975 $2.05 $1,095 $2.31

202 1 1 475 $995 $2.09 $1,095 $2.31

203 1 1 475 $995 $2.09 $1,095 $2.31

204 1 1 475 $995 $2.09 $1,095 $2.31

205 1 1 475 $995 $2.09 $1,095 $2.31

206 1 1 500 $995 $1.99 $1,095 $2.19

Totals/Averages 5,750 $11,920 $2.07 $13,140 $2.29



RENT ROLL



ADDITIONAL PHOTOS


OFFERING SUMMARY

Number of Units: 10


Land Size: 8250

Year Built: 1930





BUILDING DETAILS

Wiring: Copper

Plumbing: PVC

HVAC: Individual

Roof: Ceramic Tile

Foundation: Pier and Beam




Parking Spots: 14


1519 Bennett is a 10-unit Spanish tile roof landmark Building located in thevibrant Uptown East corridor. Built in 1930, there are 1 and 2 bedroom floorplans. This classic structure has been reinvented for 21st century modernliving. Updates include ¾ inch solid Oak Hardwoods, new electrical andplumbing, large kitchen with quartz counter tops and SS appliances, newdouble pane wood-set windows, Huge walk-in closet, washer dryer,designer bath, 12' ceilings in the living area, high efficiency AC and gatedoff-street parking. Enjoy the best Night Life and Dining that Dallas has tooffer in Deep Ellum, The Henderson Corridor, Downtown and LowerGreenville. Quick access to Downtown I75 and I30


PROPERTY SUMMARY



5% Vacancy -$7,536 -$753

Additional Income $150 $15

Gross Income $143,334 $14,333




Administrative $10,385 $1,038


Taxes $25,000 $2,500






UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

4926A 1 1 700 $1,150 $1.64 $1,395 $1.99

4926B 2 2 850 $1,350 $1.59 $1,595 $1.88

4926C 1 1 700 $1,195 $1.71 $1,595 $2.28

4926D 2 2 850 $1,395 $1.64 $1,695 $1.99

4928A 1 1 700 $1,095 $1.56 $1,250 $1.79

4928B 1 1 700 $1,095 $1.56 $1,395 $1.99

4928C 2 2 850 $1,300 $1.53 $1,695 $1.99

4928D 1 1 700 $1,050 $1.50 $1,595 $2.28

1519 1 1 650 $1,100 $1.69 $1,295 $1.99

1519 1/2 1 1 650 $1,095 $1.68 $1,295 $1.99

Totals/Averages 7,350 $11,825 $1.61 $14,805 $2.02



RENT ROLL



ADDITIONAL PHOTOS


OFFERING SUMMARY

Number of Units: 4


Land Size: $25,544.70

Year Built:: 5.0%





BUILDING DETAILS

Wiring: Copper

Plumbing: PVC

HVAC: Individual

Roof: Composition



Gas Metering: Separate

Water Metering Separate

Parking Spots: 8


4916 San Jacinto is a completely re-imagined four-unit cottage nowavailable in the gentrifying Uptown East district of Dallas. The property hasbeen completely gutted and replaced with all new systems. The units arehuge with 1000 square feet apiece and features everything brand new.Unit features unfinished hard wood floors running through out with brandnew kitchen including arctic white quartz counter tops, new stainlessappliances, and new light fixtures. Units also have stack able washer dryerin the unit. Property is in close proximity to Knox Henderson and LowerGreenville.


PROPERTY SUMMARY



5% Vacancy -$3,240 -$810


Gross Income $61,650 $15,412


Repairs and Maintenance $6,984 $1,746




Taxes $17,000 $4,250






UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

4914 1 1 1,050 $1,250 $1.19 $1,350 $1.29

4914 1/2 1 1 1,050 $1,250 $1.19 $1,350 $1.29

4916 1 1 1,050 $1,250 $1.19 $1,350 $1.29

4916 1/2 1 1 1,050 $1,250 $1.19 $1,350 $1.29

Totals/Averages 4,200 $5,000 $1.19 $5,400 $1.29



RENT ROLL



ADDITIONAL PHOTOS


OFFERING SUMMARY

Number of Units: 27



Year Built: 1965





BUILDING DETAILS

Wiring: Aluminum

Plumbing: Cast Iron

HVAC: 2 Pipe Chiller

Roof: Mansard


Electric Metering: Master



Parking Spots: 28


4927 San Jacinto is a 27 unit with a hip urban remodel in the rapidlyredeveloping Uptown East part of Dallas. Interiors feature wide plank greywash floors throughout, a new kitchen with white shaker cabinets andCarrera quartz countertops, a complete suite of stainless appliancesincluding microwave, deep under mount stainless sink, new bathroomwith designer tile floors and surround, new double pane windows, newceiling fans, hardware and fixtures, new high efficiency central air, gatedoff street parking, controlled access gates, communal laundry facility andfresh professional landscaping. Conveniently located within minutes ofKnox Henderson, Lower Greenville, Deep Ellum, and Downtown.


PROPERTY SUMMARY



5% Vacancy -$17,010 -$630


Laundry Income $3,000 $111

Electricity Reimbursement $6,000 $222

Gross Income $332,400 $12,311






Taxes $75,000 $2,777






UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

101 1 1 600 $950 $1.58 $1,050 $1.75

102 1 1 525 $995 $1.90 $1,050 $2.00

103 1 1 525 $925 $1.76 $1,050 $2.00

104 1 1 525 $1,050 $2.00 $1,050 $2.00

105 1 1 525 $995 $1.90 $1,050 $2.00

106 1 1 525 $1,050 $2.00 $1,050 $2.00

107 1 1 600 $1,050 $1.75 $1,050 $1.75

109 1 1 525 $995 $1.90 $1,050 $2.00

110 1 1 525 $1,050 $2.00 $1,050 $2.00

111 1 1 525 $1,050 $2.00 $1,050 $2.00

112 1 1 525 $1,050 $2.00 $1,050 $2.00

113 1 1 525 $995 $1.90 $1,050 $2.00

114 1 1 600 $995 $1.66 $1,050 $1.75

201 1 1 600 $995 $1.66 $1,050 $1.75

202 1 1 525 $995 $1.90 $1,050 $2.00

203 1 1 525 $995 $1.90 $1,050 $2.00

204 1 1 525 $1,050 $2.00 $1,050 $2.00

205 1 1 525 $995 $1.90 $1,050 $2.00

206 1 1 525 $995 $1.90 $1,050 $2.00



RENT ROLL

UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

207 1 1 600 $1,050 $1.75 $1,050 $1.75

208 1 1 600 $995 $1.66 $1,050 $1.75

209 1 1 525 $1,050 $2.00 $1,050 $2.00

210 1 1 525 $995 $1.90 $1,050 $2.00

211 1 1 525 $995 $1.90 $1,050 $2.00

212 1 1 525 $995 $1.90 $1,050 $2.00

213 1 1 525 $995 $1.90 $1,050 $2.00

214 1 1 600 $1,015 $1.69 $1,050 $1.75

Totals/Averages 14,700 $27,265 $1.85 $28,350 $1.94



RENT ROLL



ADDITIONAL PHOTOS


OFFERING SUMMARY

Number of Units: 16



Year Built: 1961





BUILDING DETAILS

Wiring: Copper

Plumbing: PVC

HVAC: Individual

Roof: Composition





Parking Spots: 20 Spots


5005 San Jacinto is a Masterfully updated Mid Century Modern 16 unitBuilding in the vibrant Uptown East district of Dallas. The property offersstudio, 1 and 2 bedroom floor plans with an open middle courtyard.Polished Stainless-steel accents define the exterior updates and interiorfinishes feature wide plank grey wash floors, quartz countertops, premiumstainless appliances, ice-maker, recessed lighting, modern ceiling fansand fixtures, designer baths and in-unit washer dryer. Located just minutesfrom the night-life of Henderson, Lower Greenville and Deep Ellum. You’llalso enjoy a short commute to Downtown and The Baylor Medical Centerand quick access to Central Expressway.


PROPERTY SUMMARY



5% Vacancy -$11,334 -$708


Gross Income $215,556 $13,472






Taxes $47,712 $2,982






UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

101 1 1 625 $1,050 $1.68

102 1 1 625 $1,095 $1.75

103 1 1 625 $1,150 $1.84

104 0 1 400 $850 $2.13

105 1 1 625 $1,095 $1.75

106 1 1 625 $1,095 $1.75

107 1 1 625 $1,050 $1.68

108 1 1 625 $1,095 $1.75

201 1 1 625 $1,150 $1.84

202 1 1 625 $1,150 $1.84

203 2 2 775 $1,350 $1.74

204 2 2 775 $1,350 $1.74

205 1 1 625 $1,100 $1.76

206 1 1 625 $1,150 $1.84

207 1 1 625 $1,050 $1.68

208 1 1 625 $1,150 $1.84

Totals/Averages 10,075 $17,930 $1.78 $0



RENT ROLL



ADDITIONAL PHOTOS


OFFERING SUMMARY

Number of Units: 18



Year Built: 1959





BUILDING DETAILS

Wiring: Copper

Plumbing: PVC

HVAC: Individual

Roof: Composition





Parking Spots: 24


5010 is an 18-unit complex that has undergone a masterful mid-centurymodern rehab. With a mixture of one- and two-bedrooms floor plans, theinterior finishes feature wide plank grey wash floors, new cabinetry, arcticwhite quartz countertops, premium stainless appliances, ice-maker,recessed lighting, modern ceiling fans and fixtures, designer baths andin-unit washer dryer. Located just minutes from the night-life ofHenderson, Lower Greenville and Deep Ellum. You’ll also enjoy a shortcommute to Downtown and The Baylor Medical Center and quick accessto Central Expressway.

5010-5014 SAN JACINTODALLAS, TX 75204

PROPERTY SUMMARY



5% Vacancy -$13,866 -$770


Gross Income $263,634 $14,646






Taxes $50,000 $2,777






UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

5010-101 1 1 575 $1,095 $1.90 $1,195 $2.08

5010-102 1 1 575 $1,095 $1.90 $1,195 $2.08

5010-103 1 1 575 $1,095 $1.90 $1,195 $2.08

5010-104 1 1 575 $1,095 $1.90 $1,195 $2.08

5010-105 1 1 575 $1,095 $1.90 $1,195 $2.08

5010-201 1 1 575 $1,095 $1.90 $1,195 $2.08

5010-202 1 1 575 $1,095 $1.90 $1,195 $2.08

5010-203 1 1 575 $1,095 $1.90 $1,195 $2.08

5010-204 1 1 575 $1,095 $1.90 $1,195 $2.08

5010-205 1 1 575 $1,095 $1.90 $1,195 $2.08

5014-101 2 2 900 $1,295 $1.44 $1,395 $1.55

5014-102 2 2 900 $1,295 $1.44 $1,395 $1.55

5014-103 2 2 900 $1,295 $1.44 $1,395 $1.55

5014-104 2 2 900 $1,295 $1.44 $1,395 $1.55

5014-201 2 2 900 $1,295 $1.44 $1,395 $1.55

5014-202 2 2 900 $1,295 $1.44 $1,395 $1.55

5014-203 2 2 900 $1,295 $1.44 $1,395 $1.55

5014-204 2 2 900 $1,295 $1.44 $1,395 $1.55



RENT ROLL

UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

Totals/Averages 12,950 $21,310 $1.65 $23,110 $1.84



RENT ROLL



ADDITIONAL PHOTOS

THE SALE COMPARABLESSECTION 5

MATTEO FAETH

[email protected]

Presented By

CONFIDENTIAL OFFERING MEMORANDUM SALE COMPARABLES | 14

SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP # OF UNITS

Uptown East Dallas Portfolio

1515 Bennett

Dallas, TX 75204

$17,750,000 66,379 SF $267.40 $154,348 4.86% 115

SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP # OF UNITS CLOSE

1809 BennettDallas, TX75206

$6,875,000 23,572 SF $291.66 $143,229 4.5% 48 08/02/2018

5520 GastonDallas, TX75214

$3,916,000 15,207 SF $257.51 $170,260 5.0% 23 05/13/2019

6304 ProspectDallas, TX75214

$3,840,000 14,878 SF $258.10 $192,000 4.85% 20 02/20/2019

PRICE BLDG SF PRICE/SF PRICE/UNIT CAP # OF UNITS CLOSE

Totals/Averages $4,877,000 17,886 SF $272.67 $160,797 4.78% 30.33

1

2

3


SALE COMPS SUMMARY

CONFIDENTIAL OFFERING MEMORANDUM SALE COMPARABLES | 15

1515 Bennett | Dallas, TX 75204SUBJECT PROPERTY

1 Dallas, TX75206

1809 BENNETT2 Dallas, TX

75214

5520 GASTON3 Dallas, TX

75214

6304 PROSPECT


SALE COMPS MAP

THE RENT COMPARABLESSECTION 6

MATTEO FAETH

[email protected]

Presented By

CONFIDENTIAL OFFERING MEMORANDUM RENT COMPARABLES | 17

RENT COMPS UNIT TYPE RENT/SF AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %

1809 BennetDallas, TX75206

1-1 $2.11 425 SF 23,572 SF - -

4611 MungerDallas, TX75204

1-1 $1.82 570 SF 5,684 SF 16 100%

2106 BennettDallas, TX75204

1-1 $1.77 650 SF 13,485 SF - -

5609 RossDallas, TX75206

Studio $2.50 400 SF 4,483 SF 12 100%

4931 GastonDallas, TX75214

2-1 $1.73 750 SF 17,732 SF 24 100%

Totals/Averages $1.99 $1.99 559 SF 12,991 SF 17.33 100%

1

2

3

4

5


RENT COMPS SUMMARY


1 Dallas, TX75206

1809 BENNET2 Dallas, TX

75204

4611 MUNGER3 Dallas, TX

75204

2106 BENNETT4 Dallas, TX

75206

5609 ROSS

5 Dallas, TX75214

4931 GASTON

1515 Bennett | Dallas, TX 75204SUBJECT PROPERTY


RENT COMPS MAP


Uptown East Dallas Portfolio


REGIONAL MAP

THE DEMOGRAPHICSSECTION 7

MATTEO FAETH

[email protected]

Presented By

0.5 MILES 1 MILE 1.5 MILES

Total population 8,822 30,173 58,162

Median age 32.9 31.3 31.4

Median age (male) 33.7 32.1 31.9

Median age (female) 31.3 30.0 30.5

Total households 3,683 12,652 25,735

Total persons per HH 2.4 2.4 2.3

Average HH income $45,726 $54,015 $65,740

Average house value $215,387 $229,496 $251,041

* Demographic data derived from 2010 US Census

CONFIDENTIAL OFFERING MEMORANDUM DEMOGRAPHICS | 21


DEMOGRAPHICS REPORT

POPULATION 0.5 MILES 1 MILE 1.5 MILES

Total population 8,822 30,173 58,162

Median age 32.9 31.3 31.4

Median age (male) 33.7 32.1 31.9

Median age (Female) 31.3 30.0 30.5

HOUSEHOLDS & INCOME 0.5 MILES 1 MILE 1.5 MILES

Total households 3,683 12,652 25,735

# of persons per HH 2.4 2.4 2.3

Average HH income $45,726 $54,015 $65,740

Average house value $215,387 $229,496 $251,041

* Demographic data derived from 2010 US Census


DEMOGRAPHICS MAP



CONFIDENTIALITY & DISCLAIMER

All materials and information received or derived from Perry Guest Company its directors, officers,agents, advisors, affiliates and/or any third party sources are provided without representation orwarranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack ofcompliance with applicable governmental requirements, developability or suitability, financialperformance of the property, projected financial performance of the property for any party’s intendeduse or any and all other matters.

Neither Perry Guest Company its directors, officers, agents, advisors, or affiliates makes anyrepresentation or warranty, express or implied, as to accuracy or completeness of the any materialsor information provided, derived, or received. Materials and information from any source, whetherwritten or verbal, that may be furnished for review are not a substitute for a party’s active conduct ofits own due diligence to determine these and other matters of significance to such party. Perry GuestCompany will not investigate or verify any such matters or conduct due diligence for a party unlessotherwise 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 allinformation and to conduct their own inspections and investigations including through appropriatethird party independent professionals selected by such party. All financial data should be verified bythe party including by obtaining and reading applicable documents and reports and consultingappropriate independent professionals. Perry Guest Company makes no warranties and/orrepresentations regarding the veracity, completeness, or relevance of any financial data orassumptions. Perry Guest Company does not serve as a financial advisor to any party regarding anyproposed transaction. All data and assumptions regarding financial performance, including that usedfor financial modeling purposes, may differ from actual data or performance. Any estimates of marketrents and/or projected rents that may be provided to a party do not necessarily mean that rents canbe established at or increased to that level. Parties must evaluate any applicable contractual andgovernmental limitations as well as market conditions,vacancy factors and other issues in order todetermine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should bediscussed by the party with a certified public accountant or tax attorney. Title questions should bediscussed by the party with a title officer or attorney. Questions regarding the condition of theproperty and whether the property complies with applicable governmental requirements should bediscussed by the party with appropriate engineers, architects, contractors, other consultants andgovernmental agencies. All properties and services are marketed by Perry Guest Company incompliance with all applicable fair housing and equal opportunity laws.


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