APARTMENT COMMUNITY WINDGATE

ADDRESS2900 W. Illinois

Midland, TX 79701

YOC1966

# of UNITS88

NRA59108

AVG UNIT SIZE672 S.F.

RENT / UNIT901

RENT / S.F.1.34

OCCUPANCY99%

LAND (Acres)2.705

License #0393404 | hipapt.com marketplace.realinsight.com

REALINSIGHT Marketplace and Houston Income Properties, Inc., acting as exclusive advisors to the seller, are pleased to present the opportunity for qualified investors to acquire the fee-simple interest in the Windgate Apartments, an 88-unit, garden style apartment complex located in Midland, Texas. The Property is performing well, and as of April 5, 2018, boasted an occupancy rate of 99%.

The current owner has expended approximately $980,000 in the last 6 months for improvements to the property. Some of the improvements made are replacement of Carpet and Tile, some HVAC replacements, Driveway Repair, New Carports, Interior Repairs, Roof Replacement, New Playground and Exterior Paint.

RECENTLY RENOVATED • Approximately $980,000 Rehab • New Carports • Updated Interiors on Many Units • Full Exterior Paint • Some Exterior Wood Replacement / Repair • New Playground Equipment • Replace / Repair Some Stair Landings • Tree Trimming • Carpet and Tile Replacement in some units

DEMOGRAPHICS

LOCATION • Good Location in Midland, Texas at 2900 W. Illinois • 3.3% annual population growth rate since 2016. The area is experiencing a higher

than average Population Growth compared to State of Texas and the Nation as a whole

• Midland currently has a housing shortage • Located near Midland College, Midland Memorial Hospital, shopping,

entertainment, restaurants, and schools. There is easy access to the Midland International Airport, Lamar Elementary School, Midland High School and the Midland Park Mall

Asian, 1.00%

Black, 5.10%

White, 69.00%Multi-Race, 3.70%

Other, 21.20%

2018 Demographics 1 Mile Radius of Property

Total Housing Units: 4,490Occupied: 4,334

Owner Occupied: 3,124Renter Occupied: 1,211

Vacant Units: 155

2017 Ethnicity (1 Mile Radius) Ethnicity w ithin a 1 Mile Radius

2017 Est. Avg. Income 1 Mile Radius

Avg HH Income 1 Mile Radius - $84,842Avg HH Income - Midland - $100,672

Estimated Population 2017 1 Mile Radius - 12,7663 Mile Radius - 46,017

Of Hispanic Ethnicity

53.5%

Not Of Hispanic Ethnicity

46.5%

License #0393404 | hipapt.com | 713.783.6262 marketplace.realinsight.com

Property tours are available by appointment on the open house dates shown below.

WEDNESDAY, APRIL 25, 2018 THURSDAY, MAY 10, 2018

Contact the listing Broker for tour appointments at

713-783-6262

AUCTION DATES AUCTION START DATE: Tuesday, May 15, 2018 AUCTION END DATE: Thursday, May 17, 2018

OPEN HOUSE DATES

Disclaimer: The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of the investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, EXPENSE, AND ALL OTHER INFORMATION CONTAINED HEREIN, and should also perform a detailed inspection of the property. We have not determined whether the property complies with city ordinances and recommend that you determine whether or not the property complies with deed restrictions and City life safety ordinance, whether or not a certificate has been issued, and whether or not the property contains asbestos, lead paint and/or mold and whether or not the property lies within a flood plain.

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