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1301 N State Highway 121
Bonham, TX 75418
InvestmentHighlights
Excellent Market Location
Strong employment base in the immediate area
with great upside potential
Opportunity to continue to bring vacant units to
rent-readystatusatprovenincreasedrentalrates
Terrific mix of one-, two-& three-bedroom
apartmenthomesconducivetotheemployers
in thearea
Averagemedianhousehold incomenorthof
$53Kinathree-mileradius
OFFERINGPROCEDURE
Offerswillberespondedtouponreceipt.Anyinitialoffershould besubmittedintheformofanon-bindingletterdictatingspecific terms,including(1)purchaseprice,(2)amountofearnestmoney,
(3)lengthofduediligenceand(4)financingtimeframe.
Additionally,alloffersmustbeaccompaniedwiththepurchasers’ qualificationstoclosethetransaction.
DISCLAIMER/CONFIDENTIALITY STATEMENT
The material contained in the offering memorandum is confidential, furnished solely for the purpose of considering the acquisition of
the property described herein, and is not to be used for any other purpose or made available to any other person without the express
written consent of SVN Oak Realty Advisors. The information contained herein has been obtained from sources that we deem to be
reliable, and we have no reason to doubt its accuracy. However, neither the seller, broker or any related entity make any warranty or
representation, expressed or implied, as the accuracy or completeness of the information contained herein, included but not limited to,
financial information and projections, and any engineering and environmental information. Prospective purchasers should make their
own investigations, projections and conclusions. It is expected that prospective purchasers will conduct their own independent due
diligence concerning the property, including such engineering inspections as they deem necessary to determine the condition of the
propertyandtheexistence orabsenceofany potentialhazardousmaterials usedin theconstructionormaintenanceofthebuildingsor
located at the land site, included but not limited to, lead-based products (for compliance with “target housing” regulation for multifamily
housing constructed prior to 1978), asbestos, etc. Broker represents seller in this transaction and makes no representations, expressed or
implied, astotheforegoingmatters.
SVN OAK REALTYADVISORS4812 E. 81stSt.
Ste.301
Tulsa, OK74137
All Sperry Van Ness® offices are independently owned andoperated.
OAK REALTYADVISORS
SUBMISSIONS
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Raymond Lord | Senior Managing [email protected]
Benjamin Davis | Managing [email protected]
Casey Litsey | Associate [email protected]
OfferingSummaryAt-A-Glance | Area Map | Vicinity Map4
RentalComparablesRent Comp Map | Rent Comp Summary |Rent CompRanking19
32 SalesComparablesSales Comp Map | Sales CompSummary
35 Demographics and MarketSummaryBusiness Summary |Demographics and MarketHighlights
42 MarketingTeamMarketing Team
InvestmentSummaryInvestment Rationale | CapitalImprovements16
PropertyDescriptionProperty Details | Unit Mix | Amenities | FloorPlans
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8
TABLE OFCONTENTS
YEARBUILT
2004PRICE
$6,250,000NUMBEROFUNITS
65TOTALNETRENTABLESF
59,491OCCUPANCY
98%
1301 N State Highway 121
Bonham, TX 75418
OFFERINGSUMMARY
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Conclusion
• With theaboveconsiderations,The BouldersApartments is anexcellentopportunity for an investorlooking tocapitalizeona
property thathasaterrificcombinationof valueaddpotential andstability
LocationReview
• Communityisexceptionallywell locatedjustoff of Highway 820 and Highway 30 one ofDallasmajorinteriorarteriesrunningeastandwest
• Immediateareaboastsanumberofstrongemploymentbases,includingoneofthelargestmedicalcorridorsonemileawayaswell
asEast Hills Highschool
• ResidentsarewalkingdistancetoMeadowbrook Golf Course and Parkfeaturinga5Krunningpath,numerousplaygrounds,two
18-holegolfcourses, tenniscourtsandmore,inadditiontothenewlyrenovated
• Additionallyincloseproximityareawidevarietyofgrocerystores, Fort Worth entertainmentdistrictaswellasavarietyofbigboxstores
KeyFactors
• Significant Upside on Rents with Interior Upgrades. It is estimatedthatitwill takeapproximately$8,500dollarsperunit to
bringthemtoparwith therestof theproperty
• Averageareaoccupancies for similar properties is96percent,accordingtoYardi’sApril 2020reportwithaveragerental
rates over $850dollars perunit
• Averagemedianhouseholdincomewithinathree-mileradiusis$63,232withthelargestagedemographicbeing25-44yearsold
• Theoverallcommunityhasreceivedalargecapital infusionduringthecurrentownershipaddressingmostof themajorcomponents
fromaconstructionandmechanicalperspective
AT-A-GLANCE
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Richard L.Jones Jr.Airport
Woodland HillsMall
LaFortune Park
44
AREAMAP
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Richard L.Jones Jr.Airport
Woodland HillsMall
LaFortune Park
44
VICINITYMAP
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PROPERTYDESCRIPTION
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Billing
Electric –Tenant
Water –Owner
Sewer –Owner
Trash –Owner
Gas –Owner
SiteCharacteristics
Number of Acres–1.88
Net Development Density–27.92NumberofBuildings–Twelveresidential
buildings County:Fannin
Staffing
1 full-timemanager
1 full-time maintenanceworker
Mechanical
Electrical –Individual Metered Water
Central / Individual Hot Water
Individual Condensers and Forced Air Units
Construction
Exterior–StuccowithwoodaccentsRoofs–Pitched/30-yeararchitecturalshingle(allnew)
Parking Lot –Asphalt/65spaces
Stories –Two
Stairs –Wood
Landings –Concrete
TenantQualifications
3xrent12-month rental history
Employmentverification
Backgroundcheck
Nofelonies
PROPERTYDETAILS
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INVESTMENT RATIONALE
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The Boulders
Unit Type Number of Units % of Total Unit SF Total SFCurrent Average
RentRent Per SF Monthly Income Annual Income
1 + 1 33 40.39% 635 20,955 $675.00 $1.06 $22,275 $267,300
2 + 2 22 34.77% 820 18,040 $775.00 $0.95 $17,050 $204,600
3 + 2 10 20.03% 1,039 10,390 $975.00 $0.94 $9,750 $117,000
Storage Units 25 4.82% 100 2,500 $50.00 $0.50 $1,250 $15,000
Total / Average 65 100.00% 798 51,885 $774.23 $0.97 $50,325 $603,900
Unit Mix Detail Unit Rental Rates
1 + 151%
2 + 234%
3 + 215%
APARTMENTFEATURES
• Openfloorplanswithlotsoflight
• Two-tonemoderngrayinteriorpaintwithwhiteaccents
• Woodvinyl flooring
• Refinishedcabinets
• Black appliancepackages
• Resurfacedcountertops
• Two-inch faux woodblinds
• Tiled tubsurrounds
• Six-panel interiordoors*
• Ample closetspace
*Select units
COMMUNITYAMENITIES
• Gated Community
• Resident gardeningarea
• Coveredlandings
• On-site laundryfacilities
• Easy access to grocery stores,restaurants, freeways andmore
AMENITIES
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INVESTMENTSUMMARY
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INVESTMENT RATIONALE
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Actual and Proforma Financial Analysis
2020 Per Unit Per SF % of Gross Annual Per Unit Per SF % of Gross
Gross Potential Income 562,631$ 8,655.86$ $10.84 100.00% 619,500$ 9,530.77$ $11.94 100.00% Purchase Price
Less Vacancy & Bad Debt (28,014)$ (430.98)$ -$0.54 -4.98% (30,975)$ (476.54)$ -$0.60 -5.00%
Less Concessions (37,176)$ (571.93)$ -$0.72 -6.61% (23,231)$ (357.40)$ -$0.45 -3.75% Capitalization Rate 6.52%
Total Rental Income 497,441$ 7,652.94$ $9.59 88.41% 565,294$ 8,696.83$ $10.90 91.25%
Economic Occupancy 88.41% 91.25% Equity
Other Income 46,211$ 710.94$ 0.89$ 8.21% 46,200$ 710.77$ $0.89 7.46% Net After Debt
Effective Gross Income 543,652$ 8,363.88$ 10.48$ 96.63% 611,494$ 9,407.60$ $11.79 98.71% Cash on Cash
Projected Per Unit Per SF % of Gross Annual Per Unit Per SF % of Gross
Payroll (83,572)$ (1,285.72)$ (1.61)$ -14.85% (83,600)$ (1,286.15)$ (1.61)$ -13.49% New Debt
Insurance (5,390)$ (82.92)$ (0.10)$ -0.96% (15,000)$ (230.77)$ (0.29)$ -2.42% Loan
Property Taxes (16,144)$ (248.37)$ (0.31)$ -2.87% (16,100)$ (247.69)$ (0.31)$ -2.60%
Utilities (32,765)$ (504.07)$ (0.63)$ -5.82% (32,800)$ (504.62)$ (0.63)$ -5.29% Interest Rate 4.25%
General Operating - Mgmt (14,297)$ (219.95)$ (0.28)$ -2.54% (14,300)$ (220.00)$ (0.28)$ -2.31%
Repairs & Maintenance (27,792)$ (427.57)$ (0.54)$ -4.94% (27,800)$ (427.69)$ (0.54)$ -4.49% Amortization 30
Marketing (673)$ (10.35)$ (0.01)$ -0.12% (700)$ (10.77)$ (0.01)$ -0.11%
Administrative (13,846)$ (213.02)$ (0.27)$ -2.46% (13,800)$ (212.31)$ (0.27)$ -2.23% Debt Service
Total Expenses (194,478)$ (2,991.97)$ (3.75)$ -34.57% (204,100)$ (3,140.00)$ -$3.93 -36.11%
NET OPERATING INCOME 349,174$ 5,371.91$ 6.73$ 62.06% 407,394$ 6,267.60$ $7.85 66.62%
T-12 Actual Proforma Based on Market Rents & OccupancyIncome
Operational ExpensesT-12 Actual Actual Expenses T-12
Loan Summary
4,687,500$
276,716$
Proforma Investment Analysis
6,250,000$
1,562,500$
130,678$
8.36%
INVESTMENT RATIONALE
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INVESTMENT RATIONALE
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INVESTMENT RATIONALE
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INVESTMENT RATIONALE
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INVESTMENT RATIONALE
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INVESTMENT RATIONALE
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INVESTMENT RATIONALE
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INVESTMENT RATIONALE
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INVESTMENT RATIONALE
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RENTALCOMPARABLES
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RENTALCOMPARABLESMAP
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RENTALCOMPARABLES
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RENTALCOMPARABLES
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RENTALCOMPARABLES
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RENTALCOMPARABLES
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RENTALCOMPARABLES
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SALESCOMPARABLES
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SALESCOMPARABLEMAPS
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SALESCOMPARABLES
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SALESCOMPARABLES
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SALESCOMPARABLES
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SALESCOMPARABLES
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DEMOGRAPHICS AND MARKETOVERVIEW
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DEMOGRAPHIC SUMMARY
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BUSINESS SUMMARY (1-MILERADIUS)
SERVICES
FINANCE,
INSURANCEAND REALESTATE
UNCLASSIFIED
RETAIL TRADE
TRANSPORTATION
CONSTRUCTION
MANUFACTURING
36.9%
22.4%
11.4%
15.7%
3.5%
2.7%
%
2.1%
1.7%
1.6%
0.7% GOVERNMENT AND
COMMUNICATION
0.1% UTILITY
WHOLESALE TRADE
AGRICULTURE AND MINING
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DEMOGRAPHIC SUMMARY
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DEMOGRAPHIC AND MARKET HIGHLIGHTS
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DEMOGRAPHIC AND MARKET HIGHLIGHTS
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Appendix –T-12 & RR
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The Boulders Apartments
Appendix T-12
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The Boulders Apartments
Appendix T-12
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The Boulders Apartments
Appendix T-12
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The Boulders Apartments
Appendix Rent Roll
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The Boulders Apartments
Appendix Rent Roll
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The Boulders Apartments
Appendix Rent Roll
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The Boulders Apartments
MARKETING TEAM
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The Boulders Apartments
MARKETING TEAM
SVN® ADVISOR BIOS
RAYMOND LORDRaymond is a Principal and Senior Managing Directorat SVN OAK Realty Advisors. He has over 30 years ofexperience in commercial real estate and isrecognized as an industry leader in multifamilytransactions. Since 1987 Raymond has had theopportunity to personally work with some of thelargest REITS, trusts, and private equity groups in thecountry and been involved in the sale of multi-familyproperties in excess of $25 billion dollars.
BENJAMIN DAVISBenjamin is a Principal and Managing Director at SVNOAK Realty Advisors. Since he began his career in2006, he has been involved in the sale of over $1.50billion in commercial real estate transactions and hasproven himself to consistently be one of the topmultifamily brokers in the region. Over the last 12years, Ben has worked with many of the largestapartment owners in the region including DEIAssociates, Twin Rock Partners, Fowler Properties,and Case & Associates.
CASEY LITSEYCasey Litsey is a Commercial Real Estate Advisor at one of the top selling realty firms in the nation, SVN OAK Realty. Specializes in marketing and investment sales of multifamily properties nationwide.
With over 7 years of Real Estate experience, Casey’s main focus is to assist clients with the acquisition and disposition of multifamily transactions. Between the years of 2019 and 2020 alone, Casey has closed $45 million worth of commercial real estate transactions.
OAK REALTY ADVISORS
