village creek apartments - loopnet › d2 › m3lktzex6rzza3a4jh5d7hdqpe1… · svn | first...

The information herein is compiled as of 7/1/2017, has not been verified, and is being provided without warranty unless otherwise agreed in writing. Readers are advised to investigate and verify same prior to entering into a transaction. This office is independently owned andoperated. All SVN® Offices are independently owned and operated.

Village Creek Apartments

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VILLAGE CREEK APARTMENTS

Commerce, TexasOffering MemorandumAugust 2017



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Table of Contents

For additional information please contact:

Todd Franks(972) 916-9397

[email protected]

▪ Disclosure▪ Investment Summary

➢ Offering Terms➢ Executive Summary➢ Investment Opportunity➢ Loan Assumption Info

▪ Property Information➢ Property Overview➢ Property Floor Plans➢ Property Aerial/Maps➢ Property Site Plan

▪ Property Photos➢ Clubhouse➢ Exterior➢ Interior

▪ Rental Competition➢ Competition Aerial➢ Competition Summary➢ Rent Comparables

▪ Property Demographics➢ Commerce Snapshot

▪ Financials➢ Financial Summary➢ 10 Year Forecast➢ 10 year Assumption Matrix

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Erik Carlson(408) 392-8822 x [email protected]

Amit Urban(408) 392-8822

[email protected]

Angel Flores(972) 916-9397

[email protected]

mailto:[email protected]






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Disclosure

The material contained in this Investment Offering Brochure is furnished solely for the purpose of considering the purchase of theproperty within and is not to be used for any other purpose. This information should not, under any circumstances, be photocopied ordisclosed to any third party without the written consent of SVN® or Owner, or used for any purpose whatsoever other than toevaluate the possible purchase of the Property. The only party authorized to represent the Property Owner (“Owner”) in connectionwith the sale of the Property is the SVN Advisor listed in this document, and no other person is authorized by the Owner to provideany information or to make any representations other than contained in this Investment Offering Brochure. If the person receivingthese materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to SVN. Neither theSVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of theinformation contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the futureperformance of the Property. This Offering Brochure may include certain statements and estimates by SVN Advisor with respect to theprojected future performance of the Property. These Assumptions may or may not be proven to be correct, and there can be noassurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all liability forrepresentations or warranties, expressed or implied, contained in or omitted from this Investment Offering Brochure, or any otherwritten or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on thoserepresentations All SVN Offices are Independently Owned & Operated. The information listed above has been obtained from sourceswe believe to be reliable, however, we accept no responsibility for its correctness and warranties that may be made to it in any final,fully executed and delivered Real Estate Purchase Agreement between it and Owner. The information contained herein is subject tochange without notice and the recipient of these materials shall not look to Owner or the SVN Advisor, or any of their officers,employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of thisInvestment Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.This Investment Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expresslyreserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves theright, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Ownershall have no legal commitment or obligation to any entity reviewing the Investment Offering Brochure or making an offer to purchasethe Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable toOwner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged theforegoing and agreed to release the Owner and the SVN Advisor from any liability with respect thereto. To the extent Owner or anyagent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondenceor statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospectivepurchaser proceeds at its own risk.



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Investment Summary



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Offering Terms

OFFERING TERMSVillage Creek Apartments, located at 2231 Live Oak Street,Commerce, Texas 75428, is being offered to qualified investors onan “as-is” basis. This asset is being marketed with prospectivebuyers assuming the current in-place CMBS loan.

PROPERTY WEBSITEwww.livevillagecreek.com

PROPERTY TOURSTours are welcome however prospective buyers shall notify andreceive approval from listing agents prior to any tour of theProperty.

OFFER PROCESSOffers shall be due September 17, 2017 by 5pm CT. Offers shall be submitted to the listing agent listed below.

Contact Information:

Erik Carlson408.392.8822 x 126

[email protected]

SVN | First Guardian Group777 North First Street, #720

San Jose, CA 95112

Todd Franks972.916.9397

[email protected]

SVN | Investment Sales Group6320 LBJ Frwy, Suite 228

Dallas, TX 75240

http://www.livevillagecreek.com/



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Executive Summary

SVN | First Guardian Group and SVN | Investment Sales Group, as exclusive advisor, are

pleased to offer for sale Village Creek Apartments which is a Class “B+” garden-style

apartment located in Commerce, Texas. Village Creek is a 100-unit apartment community

built in 1973. It is comprised of 83,200 square feet and situated on approximately 7.06 acres

and consists of 12 buildings (10 residential, 1 leasing office, and 1 maintenance). All units are

unfurnished and offer amenities such as full appliance packages. Village Creek offers its

residents amenities that include a swimming pool (with lounge deck), new fitness center, BBQ

grills, pet park, sand volleyball court, and resident clubhouse.

In 2014 Village Creek received $3.75 million in capital improvements. Interior improvements

consisted of flooring, electrical fixtures, plumbing fixtures, water heaters, appliance packages,

paint, cabinets, hardware, and window coverings. On the exterior improvements, the

property received new roofs, HVACs, electric metering, paint, and exterior repairs. In

addition, community amenities were added to the property, including a new pool, basketball

court, dog park, parking lot, signage, and landscaping.

All units are individually metered for electricity with water, sewer, and trash paid by Landlord.

Each unit contains an individual electric water heater, and an individual electric HVAC unit.

Unit flooring was renovated with faux wood flooring throughout the common areas and

carpet in the bedrooms.

Village Creek is located in the city of Commerce in Hunt County which is in the northeast

portion of Texas just north of Dallas by around 65 miles. Commerce has a population of

approximately 9,000 people of which Village Creek is ideally situated near the main economic

driver, Texas A&M – Commerce.

Asking Price Market

# of Units 100

Building Square Feet 83,200

Lot Size 7.06 AC

Proforma NOI $547,476

Year Built 1973/2014

Zoning Multifamily

Market Dallas

Submarket Commerce

Cross-StreetsLive Oak St

& FM 24



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Investment Opportunity

Strong Sub-MarketThe Commerce market, comprising of 6 comparable assets totaling around500 units, still boasts an average occupancy around 95% and an average rentalrate of $694. Village Creek has been able to achieve annual rent increases onits units due to the quality and location of the property. New owners will beable to continue to push rental rates as occupancy remains near 100%. Thoughthe property is nearly all students, current management still leases by the unitwhich may provide a new operator potential upside by leasing by the bed.

Significant RenovationsVillage Creek recently received extensive renovations of more than $3.75million which has placed Village Creek at the top of the competition. No otherapartment complexes can match the amenities offered at Village Creek.Exterior improvements of $1.65 million included all new roofs, HVACs, electricmetering, paint, and misc. exterior repairs. Interior improvements of $1.73million included flooring, electrical fixtures, plumbing fixtures, water heaters,appliance packages, paint, cabinets, hardware, and window coverings. Also,$370,000 was spent on community amenities and included adding a new pool,basketball court, dog park, parking lot, signage, and landscaping.

Ideal LocationVillage Creek is ideally located within walking distance to Texas A&M –Commerce and Commerce’s largest employer Ben E. Keith Distribution Facility.

By the Bed Conversion OpportunityGiven Village Creek is located so close to the Texas A&M – Commerce campus,investors could improve value by converting leases from per the unit to perbed. Currently, the property is leased to approximately 85% of students. PerUS News, at Texas A&M - Commerce, 30 percent of the students live incollege-owned, - operated or - affiliated housing and 70 percent of studentslive off campus.



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Loan Assumption Details

LOAN OVERVIEW

Lender: Bank of America

Servicer: Wells Fargo (checks are made payable to Wells Fargo)

Original Loan Amount: $4,350,000

Original Date of Loan: 11/1/2015

Maturity Date: 11/1/2025

Loan Term: 10 Years

Amortization: 30-Year Amortization

Interest Rate: 4.750%

Monthly Debt Service: $22,691.66 (principal and interest)

Monthly Reserves: $6,984.86 Taxes, $2,058.35 Insurance, and $2,083.33 Replacement (as of 7/7/2017)

Current Reserve Balances: $66,109.21 Taxes, $13,181.50 Insurance, and $66,752.52 Replacement (as of 7/7/2017)

Current Loan Balance: $4,241,060.60 (as of 7/7/2017)

Prepayment Penalty: Defeasance

Assumption Fee: .5%

Mezzanine Loan: Current loan allows for mezzanine debt subject to a max 75% LTV and a DCR of 1.53 : 1.0 (further

details in the loan documents)



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Property Information



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Property Overview

PROPERTY DESCRIPTIONProperty Address: City/County/State:Number of Units:Building Class:Year Built:Total Parking Spaces:Net Rentable Square Feet:Total Acres:Property ID Number:Number of Buildings:Number of Stories:

BUILDING CHARACTERISTICSRoof Type:Foundation Type:Construction Type:HVAC:Ceiling Height:Water Heaters:

UTILITIESInternet/Cable:Electric:Gas:Water:Trash:

PERSONNEL3 Employees: Property Manager, 1 Leasing Agent, and 1 Maintenance Supervisor

2231 Live Oak StreetCommerce/Hunt/Texas

100B+

1973/2014224 (all surface)

Approximately 83,200Approximately 7.06 acres

112080 and 3138112

One and Two Story

Pitched RoofConcrete Slab

Wood Frame with Brick VeneerIndividual Electric HVAC Units

8’Individual Electric

Paid by LandlordPaid by Tenant

N/APaid by LandlordPaid by Landlord



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Property Information

• Metal Door with Viewer• Dead-bolt Lock• Digital Thermostat• Faux Wood Flooring in Entry, Kitchen, and Bathroom(s) • Miniblinds• Ceiling Fan in Living Area • New Black Appliance Package (100% of units)• New Laminate Counter and Bar Top (100% of units)• Eat in Kitchen Area *• Microwave• Dishwasher• Frost-free Refrigerator• Stainless Steel Double Sink with Disposal• Kitchen Pantry *• Stove / Oven with Vent Hood• Carpeted Bedroom(s)

* Select units

UNIT HIGHLIGHTS (All units received interior renovations of flooring, paint, fixtures, hardware, cabinets, countertops, and appliances.)

UNIT MIX # OF UNITS AVG UNIT SIZE % OF MIX UNITCURRENT AVG

MONTHLY RENT

CURRENT ASKING

MONTHLY RENT

ASKING PER SQUARE FOOT

1 BR / 1 BA 28 650 28% Standard $725 $725 $1.32

2 BR / 1.5 BA 52 900 52% Townhome $925 $925 $1.03

3 BR / 1.5 BA 20 1050 20% Townhome $995 $995 $0.95



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Select Floor Plans



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Select Floor Plans



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Property Aerial



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Property Maps



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Property Site Plan



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Property Photos



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Leasing and Club House Property Photos



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Exterior Property Photos



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Exterior Property Photos



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Interior Property Photos



22

Rental Competition



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Competition Aerial

Village Creek

A. Creekside ManorB. Estates at CommerceC. Corners at CommerceD. Bradford Place

A

C

B

D



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Comparable Property Summary

Village Creek Apartments2231 Live Oak Street

Creekside Manor Apartments801 Culver Street

Unit Type# of

Units SF Rent Rent/SF

1/1 28 650 $725 $1.12

2/1.5 52 900 $925 $1.03

3/1.5 20 1,050 $995 $0.95

Resident pays electricity

Tot./Avg. 100 832 $883 $1.06

Year Built: 1973/2014

Current Occupancy: 100%

Concessions: None

Amenities: volleyball court, swimming pool, laundry facilities, private entry, individual HVAC, leasing office, pet park

Unit Type# of


0/1 12 400 $489 $1.22

1/1 45 500 $500 $1.00

2/1 25 850 $625 $0.74

2/2 4 850 $625 $0.74

3/1 2 1,100 $725 $0.66

Utilities Included

Tot./Avg. 88 615 $545 $0.89

Year Built: 1997


Concessions: None

Amenities: laundry facilities, leasing office, w/d connections in select units, microwave ovens



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Estates at Commerce Apartments Corners at Commerce Apartments1912 Caddo Street

Unit Type# of


0/1 15 450 $475 $1.06

1/1 72 700 $490 $0.70

2/1 30 800 $575 $0.72

2/1.5 TH 3 825 $590 $0.72

Resident pays elect/water

Tot./Avg. 120 697 512 $ 0.73

Year Built: 1976

Current Occupancy: n/a

Concessions: n/a

Amenities: laundry facilities, leasing office, microwave ovens

Unit Type# of


1/1 21 500 $550 $1.10

2/1 33 700 $725 $1.04

Resident pays electricity

Tot./Avg. 54 622 $657 $1.06

Year Built: 1965

Current Occupancy: n/a

Concessions: n/a

Amenities: on-site laundry facilities, leasing office, microwave ovens



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Bradford Place Apartments3301 FM 3218

Unit Type# of


1/1 32 688 $801 $1.16

2/2 32 917 $923 $1.01

2/2 48 978 $933 $0.95

3/2 16 1,195 $1,135 $0.95

Resident pays all utilities

Tot./Avg. 128 917 $922 $1.01

Year Built: 2005


Concessions: n/a

Amenities: Fitness center, business center, club house, basketball court, playground, swimming pool, covered parking, private entry, individual HVAC, full size washer/dryer in units, microwave ovens

Property NameUnit

CountCurrent

OccupancyAvg Unit

Size

Avg Actual Rent

Avg Rent Per

SF

Village Creek 100 98% 832 $883 $1.06

Bradford Place 128 98% 917 $922 $1.01

Creekside Manor 88 98% 615 $545 $0.89

Corners at Commerce 54 n/a 622 $657 $1.06

Estates at Commerce 120 n/a 697 $512 $0.73

Totals/Averages 490 737 $694 $0.94



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1 BR Rent Comparables

Property Name Unit Total Unit Size Actual Rent Per SF

Village Creek 28 650 $725 $1.12

Bradford Place 32 688 $801 $1.16

Corners at Commerce 21 500 $555 $1.11

Estates at Commerce 72 700 $490 $0.70

Creekside Manor 45 500 $503 $1.01


0

100

200

300

400

500

600

700

800

900

Village Creek Bradford Place Corners at Commerce Estates at Commerce Creekside Manor



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Property Name Unit Type Count Unit Size Actual Rent Actual Rent Per SF

Corners at Commerce (2/1) 33 700 $731 $1.04

Creekside Manor (2/1) 25 850 $630 $0.74

Estates at Commerce (2/1) 30 800 $575 $0.72

Estates at Commerce (2/1.5 TH) 3 825 $590 $0.72

Village Creek (2/1.5 TH) 51 1,008 $925 $0.92

Bradford Place (2/2) 48 978 $933 $0.95

Bradford Place (2/2) 32 917 $923 $1.01

Creekside Manor (2/2) 4 850 $630 $0.74


500

550

600

650

700

750

800

850

900

950

1000

Corners atCommerce (2/1)

Creekside Manor(2/1)

Estates at Commerce(2/1)

Estates at Commerce(2/1.5 TH)

Village Creek (2/1.5TH)

Bradford Place (2/2) Bradford Place (2/2) Creekside Manor(2/2)



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Property Name Unit Type Count Unit Size Actual Rent Actual Rent Per SF

Creekside Manor (3/1) 2 1,100 $731 $0.66

Village Creek (3/1.5 TH) 21 1,050 $995 $0.95

Bradford Place (3/2) 16 1,195 $1,135 $0.95

Totals/Averages 39 1,115 $954 $0.85

500

600

700

800

900

1000

1100

1200

Creekside Manor (3/1) Village Creek (3/1.5 TH) Bradford Place (3/2)



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Property Demographics



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Commerce Snapshot

Commerce, Texas is located just northeast of Dallas, Texas by

approximately 65 miles and is home to Texas A&M – Commerce as

well as over 400 business establishments and industries including a

recent expansion by California based Polara Enterprises.

Commerce is conveniently located adjacent to Cooper Lake which

spans 3,000 acres and is a major draw to the area. The Bois D’Arc

Bash draws approximately 10,000 visitors annually to downtown

Commerce.

Population: Per the 2016 figures, Commerce’s total population was approximately 9,091 which was an increase from the prior census from

2010 of about 12%.

Housing: Per the latest census, there were approximately 3,613 housing units. The median value of a home in Commerce is $67,000 with

the 2011-2015 median gross rent of $760.

Households: There were 2,712 households with an average of 2.53 persons per household. The average American household in 2015

consisted of 2.54 people.

Income: The median household income (in 2015 dollars) was $21,836.

Ethnicity: Per latest census, Caucasians represent approximately 59% of the population followed by Black or African American of 21%,

Asian of 5%, Latino of 11%, and multiple other groups representing 4%.

Major Employers (City of Commerce)Ben E. Keith Foods .……….…….…….………….. DistributionCommerce ISD …..……………………………..……… EducationHunt Regional Medical Center …….……..…… HealthcareMohawk Industries ……………….………..… ManufacturingTexas A&M- Commerce ……………………………. EducationParis Jr College ……….………………………………... Education

USEFUL LINKSwww.commercetx.org/ - City of Commercewww.huntcounty.net/ - Hunt County

https://commercetx.org/

http://www.huntcounty.net/



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Area Highlights

Located off of the Live Oak Exit on State Highway 24 which

sees an average daily traffic count of 10,600 cars per day,

making the property highly visible.

Within 1-mile of retailers and restaurants including AnytimeFitness, Braum’s Ice Cream and Burger Restaurant, Brookshire’sFood & Pharmacy, Chicken Express, CVS Pharmacy, Dickey’sBarbecue Pit, SONIC, Subway, Walmart Supercenter, and moreConveniently located across State Highway 11 from the TexasA&M University-Commerce Campus which has a currentenrollment that exceeds 12,000 students, and it is also thecity’s largest employer with 850 employees.

Commerce’s cost of living is 12% lower than the state averageand 21% lower than the national average, providingaffordable living to its residents.

Close proximity to schools – Located less than 1-mile fromCommerce High School and less than 2-miles from A.C.Williams Elementary School, Commerce Elementary Schooland Commerce Middle School.

Strategically located just west of State Highway 11 and lessthan 8-miles north of I-30, providing quick commuter access tothe Dallas CBD, Rockwall, Garland, Plano, Richardson,Mesquite, and more.

Less than 15-miles from Cooper Lake State Park which offers avariety of amenities including boat docks, fishing piers, canoerentals, camping, cabin rentals, and a 10.5 mile equestrian trail.

Numerous cultural focal points including the American CottonMuseum, Northeast Texas Children’s Museum, the Texas A&MUniversity-Commerce Planetarium, and the Southwest DairyMuseum.

The property is situated less than 1-mile from downtownCommerce which is the hub of the town’s festivities with dining,bars, boutiques, and loft-style living.

Known as the Bois d’Arc Capital of Texas, the city holds an annualbash to pay homage to bois d’arc trees which played a vital part inthe frontier days with arts & crafts vendors, food, a parade,pageant, musical entertainment, 5K run, and a car & truck show.

Abundant outdoor recreation options including 3 city parks withsports fields, walking paths, and play areas; 5 area lakes; a countryclub; recreation center; public swimming pool, and more.

Hunt Regional Emergency Medical Center at Commerce is a full-service Level IV ER with a multidisciplinary trauma team, helicopterlanding pad, ambulance and EMS housing, and it offers rapidadmission to the main hospital in Greenville.



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Financials



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Financial Summary

INCOMEJune 2017

T-12Proforma Proforma per Unit Financial Notes

Gross Scheduled Rent 1,059,600 1,091,388 10,914 Per T-12 + 3% rent growth

Gain/(Loss) to Lease (2,112) 0 0

Gross Potential Income 1,057,488 1,091,388 10,914

Less: Economic Vacancy (49,776) (54,569) (546) 5%

Plus: Other Income 23,346 23,346 233 Per T-12

EFFECTIVE GROSS INCOME 1,031,058 1,060,165 10,602

OPERATING EXPENSES

General Administrative 33,939 26,500 265 T-12

Payroll 159,673 102,000 1,020 T-12

Repairs & Maintenance 45,678 44,000 440 T-12

Contract Services 94,344 22,064 221T-12 less cable/internet

contract

Marketing 8,036 5,000 50 T-12

Utilities 87,814 87,814 878 T-12

TOTAL CONTROLLABLE EXPENSES

429,484 287,378 2,874

Management Fees 31,956 31,805 318 3% Mgt Fee

Property Taxes 85,218 140,506 1,405

Insurance 27,495 28,000 280 T-12

TOTAL OPERATING EXPENSES

574,153 487,689 4,877

CAPITAL RESERVE 25,000 25,000 250 $250/unit

TOTAL EXPENSES 599,153 512,689 5,127

NET OPERATING INCOME 431,905 547,476 5,475



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10 Year Forecast

INCOME Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Gross Scheduled Rent 1,091,388 1,124,130 1,157,854 1,192,589 1,228,367 1,265,218 1,303,174 1,342,270 1,382,538 1,424,014

Gain/(Loss) to Lease 0 0 0 0 0 0 0 0 0 0

Gross Potential Income 1,091,388 1,124,130 1,157,854 1,192,589 1,228,367 1,265,218 1,303,174 1,342,270 1,382,538 1,424,014

Less: Economic Vacancy (54,569) (56,206) (57,893) (59,629) (61,418) (63,261) (65,159) (67,113) (69,127) (71,201)

Plus: Other Income 23,346 24,046 24,768 25,511 26,276 27,064 27,876 28,713 29,574 30,461

EFFECTIVE GROSS INCOME 1,060,165 1,091,970 1,124,729 1,158,470 1,193,225 1,229,021 1,265,892 1,303,869 1,342,985 1,383,274

OPERATING EXPENSES

General Administrative 26,500 27,295 28,114 28,957 29,826 30,721 31,642 32,592 33,569 34,576

Payroll 102,000 105,060 108,212 111,458 114,802 118,246 121,793 125,447 129,211 133,087

Repairs & Maintenance 44,000 45,320 46,680 48,080 49,522 51,008 52,538 54,114 55,738 57,410

Marketing 5,000 5,150 5,305 5,464 5,628 5,796 5,970 6,149 6,334 6,524

Utilities 87,814 90,448 93,162 95,957 98,835 101,800 104,855 108,000 111,240 114,577

TOTAL CONTROLLABLE EXPENSES

287,378 295,999 304,879 314,026 323,446 333,150 343,144 353,439 364,042 374,963

Management Fees 31,805 32,759 33,742 34,754 35,797 36,871 37,977 39,116 40,290 41,498

Property Taxes 140,506 144,721 149,063 153,535 158,141 162,885 167,772 172,805 177,989 183,328

Insurance 28,000 28,560 29,131 29,714 30,308 30,914 31,533 32,163 32,806 33,463

TOTAL OPERATING EXPENSES 487,689 502,040 516,815 532,028 547,692 563,820 580,425 597,523 615,127 633,252

CAPITAL RESERVE 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000

TOTAL EXPENSES 512,689 527,040 541,815 557,028 572,692 588,820 605,425 622,523 640,127 658,252

NET OPERATING INCOME 547,476 564,930 582,913 601,442 620,533 640,202 660,467 681,346 702,858 725,022



36

Financial Notes

PROFORMA FINANCIAL ASSUMPTIONS

Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Base Rent Growth 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Economic Vacancy Factor 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

Expense Growth 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Property Taxes 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Management Fee 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

V I L L A G E C R E E K A PA R T M E N T S2 2 3 1 L i v e O a k S t r e e t , C o m m e r c e , T e x a s 7 5 4 2 8

F o r M o r e I n f o r m a t i o n a n d t o S c h e d u l e a T o u r C o n t a c t :

E r i k C a r l s o n

( 4 0 8 ) 3 9 2 - 8 8 2 2 x 1 2 6

e r i k . c a r l s o n @ s v n . c o m

T o d d F r a n k s

( 9 7 2 ) 9 1 6 - 9 3 9 7

t o d d . f r a n k s @ s v n . c o m



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