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El Paso on the Park2009 El Paso StreetGrand Prairie, TX 75051
Paul YazbeckManaging PartnerPhone: 972.379.9844
E-mail: [email protected]
Chris SiemaskoSenior AdvisorPhone: 224.364.4058
E-mail: [email protected]
Jon KrebbsManaging PartnerPhone: 972.379.9843
E-mail: [email protected]
Will ClarkeVice President Phone: 469.250.9714
E-mail: [email protected]
Chibuzor Nnaji Jr.Senior Advisor Phone: 469.426.1602
E-mail: [email protected]
Chase DavisVice PresidentPhone: 972.465.9533
E-mail: [email protected]
Bryce SmithSenior AdvisorPhone: 469.607.3837
E-mail: [email protected]
Please do not disturb management or visit the office without an appointment.
Garrett KinneySenior AdvisorPhone: 972.379.9843
E-mail: [email protected]
Jay KannaiyanSenior AdvisorPhone: 972.465.9533
E-mail: [email protected]
CONFIDENTIALOffering Memorandum
The BlueprintLocation Overview ........................... 4
Property Overview ...........................6
Rent Comparables......................... 20
Financial Overview ........................ 26
Dallas
North
30
635
820
30
20
35
3545
Fort Worth360
Arlington Grand Prairie
Irving
Bedford
Farmers Branch
Keller
Garland
Richardson
Mesquite
DeSoto
Duncanville
Cedar Hill
Lancaster
Benbrook
Southlake
Mansfield
Balch Springs
Highland Park
Everman
Saginaw
Hutchins
183
121
30
35W
20
35E
183
114
820
30
Location
El Paso on the Park
54
75
Property Overview
76
Value-Add Opportunities
• Renovate Remaining Unit - Renovated units are attaining a $200/unit rent increase
• Acquire Additional 4 Contiguous Units
• Install Covered Parking and Charge a Premium for Spaces
Summary
Terms Free and Clear
Units 16
Year Built 1960
Occupancy 100%
Average Unit Size 1064 SF
Average In Place Rent $1,085
Electricity Tenant Pays
HVAC Individual
Hot Water Individual - Gas
The Multifamily Group is pleased to announce the opportu-
nity to acquire El Paso on the Park, a 16 unit property locat-
ed in Grand Prairie, Texas. Constructed in 1960, El Paso on
the Park consists of 16 individually deeded townhome units
that average 1,064 square feet.
Over the past year, ownership has spent approximately
$350,000 on the interior and exterior renovations. Fifteen
out of the 16 units have been renovated with interior up-
grades consisting of stainless-steel appliances, brushed
nickel fixtures, and vinyl plank flooring. Exterior renovations
include patio fences, exterior LED lighting in the front and
back of property as well as the parking lot, fresh paint on
all buildings, solar screens placed on front windows, house
metering on building 2, replaced all A/C disconnects on
condensers on the roof, and other various deferred main-
tenance repairs. Additionally, ownership has replaced the
roofs on two buildings and their side of the third building
within the last twelve months.
New ownership is presented with the opportunity to reno-
vate remaining unit to achieve an upside in rent $200/unit.
New owners could also acquire the additional four townho-
mes in building 3 that have not been rehabbed and achieve
rent growth through interior renovations. There is currently
no HOA in place at the property, tenants pay all utilities, and
taxes are historically low due to the property being ap-
praised as single-family dwellings.
El Paso on the Park sits across the street from Nance-James
Park, a public park maintained by the City of Grand Prairie
equipped with a playground, basketball court, and picnic
area. The property is conveniently located 2.5 miles from
the I-30 and President George Bush Turnpike (132,833 VPD),
both major traffic arteries serving the DFW Metroplex. The
asset is also situated 16 miles from Downtown Dallas and 20
miles from Downtown Fort Worth, and is within ten minutes
of popular local attractions such as Grand Prairie Premium
Outlet Mall, Lone Star Park, Epic Waters Indoor Waterpark,
and Ripley’s Believe It or Not exhibit. El Paso on the Park is
also less than five miles from Rangers Ballpark, AT&T Stadi-
um, and Six Flags Over Texas. The property sits just twelve
miles from DFW International Airport as well as nineteen
miles from Dallas Love Field Airport.
Highlights
• Stable – 100% Occupied
• Ownership has Spent ~$350,000 on property renovations over the past year
• Opportunity to invest in the heart of the metroplex close to major thoroughfares in DFW
• Across the street from Nance-James Park, a public park maintained by the City of Grand
Prairie equipped with a grilling area, playground, and basketball court
• Offered free and clear of debt
98
Property Details
General
Terms Free and Clear
Address 2009 El Paso Street
Grand Prairie
Year Built 1960
Units 16
Net Rentable SF 17,024
Average Unit Size 1064 SF
Site Size 1.19 Acres
Density 13.4 Units/Acre
Occupancy 100.0%
Construction
Foundation Slab
Exterior Brick
Roof TPO
Number of Buildings 3
Mechanical
HVAC Individual
Hot Water Individual - Gas
Wiring Aluminum Wiring w/ GFCIs - 70% New Copper Feed Panels
Plumbing Cast Iron and PVC
Utilities
Electricity Tenant Pays
Water/Sewer Tenant Pays
Gas Tenant Pays - Gas stoves
Cable/Internet Tenant Pays
Laundry / Washer and Dryers
Laundry Washer & Dryer Connections In Each Unit
Tax Information
County Dallas
CAD Account No. Each Unit Is Its Own Parcel
Tax Rate 2.92%
School Information
School District Grand Prairie
Elementary David Daniels
Middle School John Adams
High School Grand Prairie
Parking
Paving Concrete
Total Spaces 32
Leasing Fees
Application Fee $50 - Anyone Over 18; $90 - Couples
Administration Fee $300
Security Deposit $0
Pet Deposit $300
Pet Rent $20
Reserved Parking N/A
Trash Fee $0
Pest Control Fee $0
Month-to-Month Fee $100
Tax Detail
Assessed Value $425,600
City 0.669998
ISD 1.595000
County 0.253100
College 0.124000
Hospital 0.279400
Total 2.921498%
Area Demographics
• The property is located in one of the best performing submarkets in the DFW area
(26th out of 114 submarkets) with an average year-over-year rental growth rate of 3.7%
• Population in a 1 mile radius is expected to increase 7.6% over the next 5 years,
creating a consistent demand
• El Paso on the Park sits across the street from Nance-James Park, a public park
maintained by the City of Grand Prairie equipped with a grilling area, playground, and
basketball court
• Median household income for a 1 mile radius around the property is ~40K/year,
creating a strong renter by necessity market
• The property sits just 2.5 miles from President George Bush Turnpike (Hwy 161) and
I-30, a major artery in the DFW metroplex that provides quick and convenient access
to Dallas, Irving, Carrollton, and Fort Worth
• El Paso on the Park is conveniently located within 15 minutes of some of the area’s
largest employers, including UT Arlington, American Airlines, Texas Health Resources,
General Motors, and D.R. Horton
Unit Amenities
• Stainless Steel Appliances
• Brushed Nickel Finishes
• Solar Screens
• Vinyl Plank Flooring
• Large Backyard for Each Unit
• Large Closets
• Gooseneck Faucet
• Washer and Dryer Connections in Each Unit
• Gas Stoves
• 2" Faux Blinds
• Individual Storage Units
• Two Rear Parking Spots per Unit
Amenities
1110
3
1
2
4
5
Economic Drivers
1. University of Texas at ArlingtonThe second largest employer in the area and the fourth largest public university in Texas with a Fall 2018 enrollment of 42,496. UT Arlington has a 13.6 billion economic impact on the State of Texas.
2. GM Assembly PlantPays $1 million in wages daily and produces about 1,200 vehicles every day. In 2015, GM announced it was investing $1.4 billion in updating and retooling the plant.
3. AT&T Stadium (Dallas Cowboys)The fourth largest NFL stadium with a maximum capacity of 105,000. AT&T stadium is a multipurpose venue constructed in 2009 for $1.3 billion, and brings $12 million in special events and $7 million in tour revenue to the area.
4. Texas Live! (Texas Rangers)$250 million entertainment complex recently opened in 2018 includes: Live! By Loews, a $150 million hotel, 200,000 SF of restaurants and retail, and 35,000 SF of office space, will bring 3,000 new jobs and 3 million more annual tourists.
5. Great Southwest Industrial DistrictHome to 1,600 companies and 60,000 employees.
El Paso on the Park
North
30
20
303
360
Arlington
1312
1514
Additional Photos
1716
Unit Mix
Average: 1,064 $1,085 $1,117 $1,174 $1.02 $1.05 $1.10
Total: 16 100% 17,024 $17,363 $17,868 $18,786
Annual: $208,356 $214,416 $225,428
Type # Units % of Total Square Feet Effective Rent Market Rent Comp Supported Rent Effective $/SF Market $/SF Pro Forma $/SF
2X1.5 7 44% 952 $1,015 $1,025 $1,050 $1.07 $1.08 $1.10
2X1.5 2 13% 1,120 $1,160 $1,185 $1,198 $1.04 $1.06 $1.07
3X1.5 7 44% 1,160 $1,134 $1,189 $1,291 $0.98 $1.03 $1.11
Notes
1918
Rent ComparablesRent Comparables
Location
Arlington
2120
360
North
208 Christina Pl
El Paso on the Park
W Jefferson St
208 Christina Pl
2938 Brushcreek St
1110 Indian Hills Drive
303303
Rent Comparable Summary
Property Name Address City State Zip Year Built # of Units Occupancy Avg. Size Avg. Rent/Unit Avg. Rent PSF
Townhome 208 Christina Pl Grand Prairie TX 75051 1983 1 100% 1,054 $1,125 $1.07
Townhome 2640 Santiago Cir Grand Prairie TX 75052 1973 1 100% 1,210 $1,250 $1.03
Singlefamily Home 2938 Brushcreek St Grand Prairie TX 75052 1972 1 100% 1,184 $1,395 $1.18
Singlefamily Home 1110 Indian Hills Drive Grand Prairie TX 75051 1952 1 100% 1,058 $1,195 $1.13
Averages 1970 1 100% 1,127 $1,241 $1.10
El Paso on the Park 2009 El Paso Street Grand Prairie TX 75051 1960 16 100% 1064 $1,085 $1.02
Variance (63) ($156) ($0.08)
Rent ComparisonThis study compares market rents
from nearby properties to El Paso on
the Park effective rents.
Two Bedroom
PROPERTY SIZE RENT R/SF
208 Christina Pl 1054 $1,125 $1.07
AVERAGE 1054 $1,125 $1.07
El Paso on the Park* 952 $1,015 $1.07 Variance ($110) ($0.00)
El Paso on the Park* 1120 $1,160 $1.04 Variance $35 ($0.03)
PROPERTY SIZE RENT R/SF
2640 Santiago Cir 1210 $1,250 $1.03
2938 Brushcreek St 1184 $1,395 $1.18
1110 Indian Hills Drive 1058 $1,195 $1.13
AVERAGE 1151 $1,280 $1.11
El Paso on the Park* 1160 $1,134 $0.98 Variance ($146) ($0.14)
Three Bedroom
2322
2524
Financial Overview
Notes
2726
T-12 INCOME Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 T-12 TOTALMarket Rent 16,688 16,123 17,055 17,345 17,345 17,345 17,345 17,345 17,345 17,345 17,345 17,345 $205,971
Less: Loss to Lease/Gain to Lease (1,449) (379) (456) (126) (40) (39) 860 (76) (3) 16 344 7 ($1,341)
Gross Potential Rent 15,239 15,744 16,599 17,219 17,305 17,306 18,205 17,269 17,342 17,361 17,689 17,352 $204,629
Less: Vacancy (7,945) (7,997) (9,030) (8,950) (6,765) (5,834) (4,899) (1,241) 0 0 (337) 0 ($52,997)
Less: Bad Debt/Concessions (413) (2,874) (2,257) (2,251) (1,028) (620) (1,198) (257) 0 0 (1,160) 0 ($12,058)
NET RENTAL INCOME 6,881 4,873 5,312 6,018 9,512 10,852 12,108 15,771 17,342 17,361 16,192 17,352 $139,574 Plus: Other Income 120 2,285 710 2,520 4,510 3,190 2,045 1,756 430 360 580 1,020 $19,526
TOTAL INCOME 7,001 7,158 6,022 8,538 14,022 14,042 14,153 17,527 17,772 17,721 16,772 18,372 $159,100
T-12 EXPENSESRepairs & Maintenance 3,333 (1,289) 719 1,973 2,230 1,625 1,210 2,051 794 1,529 1,571 1,133 $16,879
Administrative 276 826 383 1,096 5,411 1,553 327 600 487 317 274 1,178 $12,727
Total Utilities 163 568 234 285 562 166 152 186 65 105 46 99 $2,632
Water/Sewer 0 0 0 0 379 52 93 125 47 67 71 74 $910
Electric 163 568 234 75 148 0 59 61 18 12 0 25 $1,365
Gas/Other 0 0 0 210 35 113 0 0 0 25 (25) 0 $357
Management Fees 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 $18,000
Insurance 0 569 569 569 0 0 569 569 569 0 0 569 $3,982
Real Estate Taxes 1,078 1,078 1,078 579 1,036 1,036 341 1,036 1,036 1,036 1,036 1,036 $12,434
TOTAL EXPENSES 6,750 3,652 4,883 6,401 11,140 6,280 4,499 6,343 4,851 4,886 4,827 5,915 $65,626
Recurring Capital Expenditures 400 400 400 400 400 400 400 400 400 400 400 400 $4,800
NOI (WITH RESERVES) 251 3,507 1,139 2,137 2,882 7,762 9,654 11,184 12,921 12,834 11,945 12,457 $88,675
2928
TRENDING ANALYSISTRAILING 12
MONTHST-3 ANNUALIZED
INCOME T-1 ANNUALIZED
INCOMEYEAR 1 UNDER-
WRITING NOTES
Market Rent 205,971 12,873 208,140 13,009 208,140 13,009 225,137 14,071 Year 1 Rents have been grown at 5% based on comparable properties
Less: Loss to Lease (1,341) 0.7% 1,466 -0.7% 84 -0.0% (2,251) 1.0% Loss to Lease has been estimated at 1% of Total Market Rent
Gross Potential Rent 204,629 12,789 209,606 13,100 208,224 13,014 222,885 13,930
Less: Vacancy (52,997) 25.9% (1,347) 0.6% 0 -0.0% (8,915) 4.0% Vacancy has been normalized at 4.0% based on historical operations and current market conditions
Less: Non-Revenue 0 0.0% 0 0.0% 0 0.0% 0 0.0% Non Revenue is projected at 0.0% of Gross Potential Rent based on historical operations
Less: Collection Loss (12,058) 5.9% (4,640) 2.2% 0 0.0% 0 0.0% Bad Debt/Other Rent Loss is projected at 0.0% of Gross Potential Rent based on historical operations
NET RENTAL INCOME 139,574 8,723 203,619 12,726 208,224 13,014 213,970 13,373
Plus: Other Income 19,526 1,220 7,840 490 12,240 765 10,000 625 Other Income is projected at $10,000 based on historical operations
TOTAL INCOME 159,100 9,944 211,459 13,216 220,464 13,779 223,970 13,998
EXPENSES
Contract Services 0 0 0 0 0 0 3,500 219 Contract Services are projected at $219 per unit based on current operations
Repairs & Maintenance 16,879 1055 16,879 1,055 16,879 1,055 6,000 375 R&M is projected at $375 per unit based on current operations
Administration 12,727 795 12,727 795 12,727 795 0 0 Administrative Costs are projected at $0 per unit based on current operations
Marketing 0 0 0 0 0 0 288 18 Marketing is projected at $18 per unit based on current operations
Payroll 0 0 0 0 0 0 0 0 Payroll is projected at $0 per unit based on current operations
Total Utilities 2,632 164 2,632 164 2,632 164 0 0 Utilities are projected at $0 per unit
Management Fee 18,000 1125 18,000 1,125 18,000 1,125 17,918 1,120 Management Fees are projected at 8.0% of Gross Revenue
Insurance 3,982 249 3,982 249 3,982 249 4,128 258 Insurance is based on an comparable property policy costs of $258 per unit
Taxes 12,434 777 12,434 777 12,434 777 44,451 2,778 Taxes are $47,182 based on the 2019 assessed value and tax rate of 2.921%
TOTAL EXPENSES 65,626 4402 65,626 4102 65,626 4102 76,284 4768
Recurring Capital 4,800 300 4,800 300 4,800 300 4,800 300 Recurring capital expenditures have been estimated at $300 per unit
NOI (WITH RESERVES) 88,675 5,542 141,033 8,815 150,038 9,377 142,886 8,930
Cap Rate 4.95% 7.88% 8.38% 7.98%
UW NOI/Cap Rate 78,016 4.36% 130,375 7.28% 139,380 7.79% 142,886 7.98%
3130
5 YEAR CASHFLOW ASSUMPTIONS Current YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
Gross Potential Rent Growth 5.00% 3.00% 3.00% 3.00% 3.00%
Total Economic Loss 32.59% 4.96% 5.00% 5.00% 5.00% 5.00%
Other/RUBS Income Growth 0.00% 2.00% 2.00% 2.00% 2.00%
Operating Expense Growth 0.00% 2.00% 2.00% 2.00% 2.00%
Real Estate Tax Growth 0.00% 2.00% 2.00% 2.00% 2.00%
INCOME Current YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
Gross Potential Rent 204,629 225,137 231,891 238,848 246,013 253,393
Less: Total Economic Loss (65,055) (11,167) (11,595) (11,942) (12,301) (12,670)
Economic Occupancy 67% 95% 95% 95% 95% 95%
Net Rent Per Unit 727 1,173 1,208 1,244 1,281 1,320
Net Rental Income 139,574 213,970 220,296 226,905 233,712 240,724
Plus: RUBS Income 0 0 0 0 0 0
Pllus: Other Income 19,526 10,000 10,200 10,404 10,612 10,824
Total Income 159,100 223,970 230,496 237,309 244,324 251,548
Monthly Revenue 13,258 18,664 19,208 19,776 20,360 20,962
% Increase over previous year 0.00% 40.77% 2.91% 2.96% 2.96% 2.96%
EXPENSES Current YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
Contract Services 0 3,500 3,570 3,641 3,714 3,789
Repairs & Maintenance 16,879 6,000 6,120 6,242 6,367 6,495
Administrative 12,727 0 0 0 0 0
Marketing 0 288 294 300 306 312
Payroll 0 0 0 0 0 0
Utilities 2,632 0 0 0 0 0
Management Fees 18,000 17,918 18,276 18,641 19,014 19,395
Insurance 3,982 4,128 4,211 4,295 4,381 4,468
Taxes 12,434 44,451 45,340 46,246 47,171 48,115
Recurring Capital Expenditures 4,800 4,800 4,800 4,800 4,800 4,800
Total Expenses with Reserves (71,454) (81,084) (82,706) (84,360) (86,047) (87,768)
NET OPERATING INCOME 87,646 142,886 147,790 152,949 158,277 163,780
3332
Jon KrebbsManaging PartnerThe Multifamily Group
Prior to forming The Multifamily Group, Jon was an Executive Direc-tor of Investment Sales with Sperry Van Ness (SVN) and finished as the company’s 22nd highest performing broker out of over 1,100 brokers world-wide in 2016. Prior to that he was a top producer at the Henry S. Miller Company in Dallas.
Jon specializes in asset valuation, coordination of the marketing pro-cess, property tours and contract negotiations for sellers of multifamily
properties. Jon analyzes each assign-ment carefully and finds creative ways to add value to his clients. When he is not working, Jon enjoys playing sports, playing his guitar and spend-ing time with his wife Stacie and their children Libby, Jackson and Finley.
Jon earned a B.B.A. in Finance and an MBA from Texas Tech University.
E-mail: [email protected]
4228 North Central Expy, Suite #110
Dallas, Texas 75206
Phone: 972.379.9843
Cell: 806.786.9515
Fax: 972.957.7662
Bryce SmithSenior AdvisorThe Multifamily Group
E-mail: [email protected]
4228 North Central Expy, Suite #110
Dallas, Texas 75206
Phone: 469.607.3837
Cell: 806.368.1250
Fax: 972.957.7662
Bryce began his career in 2015 leasing out luxury Class A apartment complexes and has personally toured 1,500+ individual units. He grew up in a small town West of Lubbock and received his Bachelor's Degree in Information Technology from Lubbock Christian University in 2011.
After graduating, Bryce was hired at Raytheon to work in their IT department as an Information Systems Analyst. He stumbled upon Real Estate in 2014 and decided to make it his full time career in 2015.
Bryce focuses on small to medium sized properties with a focus on value add deals in the major Texas markets. Bryce’s determination and perseverance is what makes him a valuable asset to the team and also to his clients.
He goes above and beyond for his clients and strives to provide the best experience possible. Outside of work, Bryce likes to spend his time with his wife Amber and their son Jaxon.
3534
Chase DavisVice President The Multifamily Group
Chase began remodeling rental prop-erties in high school and developed an understanding of how to add value and increase cash flow. In college, he managed a major redevelopment in Austin and started a management company with a significant portfolio of Student Housing.
Chase graduated with a B.S. in Psy-chology from Texas Tech University and went on to start his own construc-tion company completing hundreds of remodels and effectively rehabbing buildings that were deemed lost caus-es.
At The Multifamily Group, Chase spe-cializes in Tertiary Markets and uses his extensive knowledge of under-writing and apartment rehabilitation to help principals drive value and achieve desired returns. Chase looks to add value in whatever he does through wise negotiations and un-matched tenacity, always approaching life from his personal business motto, “Striving for Perfection, Producing Excellence.”
E-mail: [email protected]
4228 N. Central Expy, Suite 110
Dallas, TX 75206
Phone: 972.465.9533
Cell: 806.543.5980
Fax: 972.957.7662
Paul YazbeckManaging PartnerThe Multifamily Group
Prior to forming The Multifamily Group, Paul was an Executive Director in Investment Sales with Sperry Van Ness (SVN) and finished as the com-pany’s 7th highest performing broker out of over 1,100 brokers worldwide in 2017, the highest ranked broker in the Southwest Region and the top producer in the office in 2017. In 2016, Paul was the 3rd ranked broker in the Southwest Region, was the 25th high-est producing Broker worldwide and top producer in the office. He quali-fied for the company’s Partner’s Circle recognition in both 2016 and 2017.
Paul’s volunteer involvement includes
Big Brother Big Sisters (BBBS), Ameri-can Corporate Partners, Gen Next and Carter Bloodcare.
Paul earned an MBA from the Univer-sity of Texas at Austin and a B.B.A. in Finance from The University of Colorado at Boulder where he at-tended on an ROTC scholarship. He was awarded the Bronze Star Medal for his service in Iraq during his sec-ond deployment as a Captain in the Army. Between his two deployments, he spent 27 months in Baghdad from 2003-2008.
E-mail: [email protected]
4228 North Central Expy, Suite #110
Dallas, Texas 75206
Phone: 972.379.9844
Cell: 972.310.1032
Fax: 972.957.7662
3736
Chris began his commercial real estate career in 2016 as an analyst at SVN. Prior to TMG, Chris worked on institutional sponsor Westmount Realty Capital’s acquisition desk and Coldwell Banker’s marketing team.
A perspective built from both principal and brokerage platforms enables Chris to provide clients with unique guidance on all aspects of multifamily acquisition and disposition. Chris focuses on tertiary core-plus product as well as operational value-add deals in major Texas metros.
Over the course of his career, Chris has been involved in transactions exceeding $250,000,000.
Chris actively volunteers with Big Brothers Big Sisters Dallas and spends as much free time as he can in the yoga studio and traveling. He holds a B.B.A. in Real Estate Finance from Southern Methodist University.
E-mail: [email protected]
4228 North Central Expy, Suite #110
Dallas, Texas 75206
Phone: 469.607.3403
Cell: 224.515.0607
Fax: 972.957.7662
Chris SiemaskoSenior AdvisorThe Multifamily Group
Will ClarkeVice PresidentThe Multifamily Group
Will embarked on his commercial real estate career as an investment asso-ciate and underwriter for a nationally recognized brokerage firm in 2016. In his role as Vice President at The Multi-family Group (TMG), Will is responsible for arranging multifamily transactions in the Dallas – Fort Worth metroplex as well as other major markets in the southwest region.
Will grew up in Dallas and received his B.S. in Finance with a concentra-tion in real estate from the Naveen
Jindal School of Management at The University of Texas at Dallas. He is a member of The Real Estate Coun-cil (TREC) in Dallas and is a member of the Young Guns group. Will is a licensed sales agent in the State of Texas.
Outside of the office, Will enjoys being outdoors, whether it is golfing, fishing, hunting or enjoying the Katy Trail.
E-mail: [email protected]
4228 N. Central Expy, Suite 110
Dallas, TX 75206
Phone: 469.250.9714
Cell: 214.364.4058
Fax: 972.957.7662
3938
Garrett KinneySenior AdvisorThe Multifamily Group
Garrett is a Senior Advisor with The Multifamily Group (TMG), focusing on multifamily owner representation in Texas and Oklahoma. Beginning his real estate career in 2013, he has an extensive understanding of many asset types and classes of commer-cial real estate throughout the United States. He has been employed by firms including CBRE and TIAA-CREF.
Prior to joining TMG, Garrett ran ac-quisitions for a prominent Multifamily Developer while honing his ability to discern between metrics and relative value for all classes of apartments.
Garrett holds a B.B.A. from Southern Methodist University's Cox School of Business in Dallas, TX. While at SMU, he focused studies in Real Estate Finance, along with Risk Management and Insurance. Garrett has a thorough understanding of how various eco-nomic factors can impact a multifamily asset, whether it be the job market, submarket changes or shifts in unit supply.
Originally from East Texas, Garrett now lives in Dallas, TX, spending his free time golfing and with his family.
E-mail: [email protected]
4228 N. Central Expy, Suite 110
Dallas, TX 75206
Phone: 469.458.9939
Cell: 214.799.9044
Fax: 972.957.7662
Chibuzor Nnaji Jr.Senior AdvisorThe Multifamily Group
E-mail: [email protected]
4228 N. Central Expy, Suite 110
Dallas, TX 75206
Phone: 469.607.3404
Cell: 469.426.1602
Fax: 972.957.7662
Chibuzor Nnaji Jr. embarked on his commercial real estate career in 2016 as a syndicator and acquired 300+ units in DFW before he began brokering for a nationally recognized brokerage firm in 2018. In his role as a Senior Advisor at TMG, Chibuzor is responsible for arranging Multifamily transactions exclusively in the DFW metroplex. Chibuzor earned his B.A. in accounting and finance and an M.A. from the University of Oklahoma. Prior to syndication, Chibuzor worked in the Real Estate Group of Ernst and Young in Dallas. He is a member of
The Real Estate Council and outside of work enjoys Oklahoma football and being involved at Watermark Church in Dallas.
Disclaimer
The material contained in this Offering Memorandum is furnished solely for the purpose of considering the pur-chase of the property within and is not to be used for any other purpose. This information should not, under any cir-cumstance, be photocopied or disclosed to any third party without the written consent of The Multifamily Group or Property Owner, or used for any purpose whatsoever oth-er than to evaluate the possible purchase of the Property.
The only party authorized to represent the Owner in connection with the sale of the Property is The Multifamily Group Advisor listed in this Offering Memorandum, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Offering Memorandum. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Memorandum must be returned to The Multifamily Group Advisor.
Neither The Multifamily Group Advisor nor the Owner makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future condition, operations or financial performance of the Property. This Offering Memorandum may include cer-tain statements and estimates with respect to the Property based on certain assumptions. These assumptions may or may not be proven to be correct, and there can be no assurance that such results will be achieved. Further, The Multifamily Group Advisor and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Offering Memo-randum, or any other written or oral communication trans-mitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations 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 to change without notice and the recipient of those materials shall not look to Owner or The Multifamily Group Advisor nor any of their officers, employees, representatives, indepen-dent contractors or affiliates, for the accuracy or complete-ness thereof. Recipients of this Offering Memorandum are advised and encouraged to conduct their own compre-hensive review and analysis of the Property.
This Offering Memorandum is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms ac-ceptable to Owner, in Owner’s sole discretion. By submit-ting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and The Multifamily Group Advisor from any liability with respect thereto.
To the extent Owner or any agent of Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk.
11-2-2015
TYPES OF REAL ESTATE LICENSE HOLDERS: 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.
A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): 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; and Treat all parties to a real estate transaction honestly and fairly.
A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:
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 duties above and must inform the owner of any material information about the property or transaction known by the agent, including information 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 a written representation agreement. A buyer's agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent.
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined 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 and
buyer) 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:
ᴑ that the owner will accept a price less than the written asking price;ᴑ that the buyer/tenant will pay a price greater than the price submitted in a written offer; andᴑ any confidential information or any other information that a party specifically instructs the broker in writing not to
disclose, 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 the buyer. 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 for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.
Information About Brokerage Services Texas law requires all real estate license holders to give the following information about
brokerage services to prospective buyers, tenants, sellers and landlords.
.
Designated Broker of Firm License No. Email Phone
Licensed Supervisor of Sales Agent/Associate
License No. Email Phone
Licensed Broker /Broker Firm Name or Primary Assumed Business Name
License No. Email Phone
Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov IABS 1-0
Date Buyer/Tenant/Seller/Landlord Initials
Sales Agent/Associate’s Name License No. Email Phone
9007084The Multifamily Group LLC [email protected] 972-379-9843
40
4228 North Central Expy, Suite #110 Dallas, Texas 75206
