OFFERING SUMMARY SPANISH HACIENDA · EXECUTIVE SUMMARY PROPERTY Spanish Hacienda ADDRESS 1212 Glen Garden Drive Fort Worth, Texas 76104 PRICE $4,250,000 Per Unit $27,597 Per SF $30.72

OFFERING SUMMARY

Investment Highlights• Offered at $4,250,000 • $27,597 • $30.72

• 8.78% in place cap rate with upward trending income

• Stable Cash Flowing Asset

• Pitched Roofs, Individual HVAC Units and Individually Metered

• Recent $2 million Renovation

• Gated Community Across From Elementary and Middle Schools

• Large Average Unit Size (898 sf)

S PA N I S H H A C I E N D AA P A R T M E N T H O M E S

F O R T W O R T H , T E X A S

Recent Capital ImprovementsHVAC Replacements and Repairs $257,000

Electrical Upgrades $174,000

Roof Replacement and Repairs $77,000

Plumbling Fixtures and Repairs $77,000

Installation of New Sewer Lines $115,000

Installation of New Exterior Lighting $39,000

Installation of New Dumpster Walls $38,000

Exterior Paint $58,000

Installation of Cut-Off Vales for each Bldg $20,000

Hardy Installation on all siding $197,000

Replaced all exterior wood work $78,000

Individual Hot Water Boiler Replacement $115,000

Replacement of Sub Floors $193,000

Parking Lot Repair Seal Coat and Restripe $97,000

Interior Renovations and Upgrades $424,000

Offi ce Renovations $58,000

Landscape and Signage $58,000

Total $2,075,000

SITE PLANGLEN GARDEN DR.

MIS

SIS

SIP

PI A

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.

Laundry

LeasingOffi ce

Gazebo

Gazebo

E X E C U T I V E S U M M A RY

PROPERTY Spanish Hacienda

ADDRESS 1212 Glen Garden Drive Fort Worth, Texas 76104

PRICE $4,250,000 Per Unit $27,597 Per SF $30.72

P R O P E RT Y S U M M A RY

YEAR BUILT 1967 / 2009

UNITS 154

NET RENTABLE SF 138,340 sf

AVG UNIT SIZE 898 sf

LAND 10.2 acres

DENSITY 15 units per acre

SCHOOL Fort Worth ISD

C O N S T R U C T I O N F E AT U R E S

STYLE Garden - Two Story Residential Buildings

EXTERIOR WALLS Brick

ROOF STRUCTURES Pitched

NO. OF STORIES 2

NO. OF BUILDINGS 17 plus Welcome Center

FOUNDATION Pier & Beam

PARKING SPACES 226

SPACES PER UNIT 1.47

M E C H A N I C A L

HVAC Individual Units

ELECTRIC Individually Metered

HOT WATER Individual Units

TA X I N F O R M AT I O N

TAX ID 04703456

2010 ASSESSMENT $1,569,099

2010 TAX RATE 2.83%

2010 TAXES $44,406

U N I T M I X

NO. UNIT TYPE PCT N.R.S.F. RENT RENT

PSFGROSSRENT

16 1-1 10% 670 $600 $0.90 $9,60090 2-1 59% 890 692 0.78 62,28048 3-1 31% 990 790 0.80 37,920

154 898 138,340 $713 $0.79 $109,800

UNITS AVG SIZE N.R.S.F RENT

/UNITRENT/

SFTOTAL RENT

OPERATING PROFORMA

Total $/SF $/UnitIN

CO

ME

Monthly Revenue M O N T H L Y

Rent Schedule $109,800 $0.79 $713Concessions 7% (7,686)

Vacancy/Credit Loss 10% (10,980)

Other Income $15/Unit/Mth 2,310

Total Revenue per Month 93,444 0.68 607A N N U A L I Z E D

Total Annual Revenue 1,121,328 8.11 7,281

EX

PE

NS

ES

Less Expenses

Salaries 133,120 0.96 864

Advertising 5,000 0.04 32

Maintenance 90,000 0.65 584

Admin/Security 40,000 0.29 260

Management Fee 3.5% 39,246 0.28 255

Utilities

Electricity 175,000 1.26 1,136

Water/Sewer 85,000 0.61 552

Gas 1,500 0.01 10

Taxes (1) 2.83% 1,569,099 44,406 0.32 288

Insurance 30,000 0.22 195

Operating Expenses 643,272 4.65 4,177 Reserves $250/Unit/Yr 38,500 0.28 250

Total Expenses 681,772 4.93 4,427

VA

LU

E

Net Operating Income 439,556 3.18 2,854

Offering Price $4,250,000 30.72 27,597Cap Rate 10.34%Notes: (1) 2010 Tax Assessment and Tax Rate

RENT COMPARABLES

MORNINGSIDEAddress: 2900 South Fwy.Units: 124Occupancy: 95%Age: 1968Average Unit Size: 685 sfAverage Rent/Unit: $627Rent/SF: $0.92Utilities: All Bills Paid

PRIMAVERAAddress: 2201 E. Berry St.Units: 164Occupancy: 98%Age: 1968Average Unit Size: 716 sfAverage Rent/Unit: $633Rent/SF: $0.88Utilities: All Bills Paid

SOUTH GATE MANORAddress: 1200 E. Seminary Dr.Units: 156Occupancy: 97%Age: 1963Average Unit Size: 716 sfAverage Rent/Unit: $628Rent/SF: $0.88Utilities: All Bills Paid

TRAVIS GARDENAddress: 2901 Travis Ave.Units: 76Occupancy: 99%Age: 1962Average Unit Size: 779 sfAverage Rent/Unit: $654Rent/SF: $0.84Utilities: All Bills Paid

PROPERTY SUMMARY

Spanish Hacienda consists of 154 apartment homes. The property recently underwent a major renovation and is now stabilized. There is a signifi cant opportunity for qualifi ed investors to acquire a quality built asset in a well occupied submarket. Electric service is individually metered, however, the property is currently operated as “all bills paid” per current ownership’s management philosophy. A separate leasing offi ce, laundry facility and 2 gazebos are located on the property.

The property is in a residential neighborhood approximately 3 miles south of the Fort Worth CBD. The property is near the Berry Street interchange of I-35. Berry Street has numerous restaurants and neighborhood retail centers. The immediate area is a mix of single-family, schools and churches. The submarket has a lack of apartment product and stays well occupied. Edward Briscoe Elementary School is located diagonally across the street from the property. Plentiful employment opportunities are available along the I-35 Business Corridor.

C O N TA C T I N F O R M AT I O N

Mark Freeman, Senior Vice PresidentDirect: 972.774.2535 • [email protected]

Taylor Snoddy, Vice PresidentDirect: 972.774.2555 • [email protected]

Philip Wiegand, AssociateDirect: 214.446.4569 • [email protected]

TRANSWESTERN | Dallas5001 Spring Valley Road • Suite 600W • Dallas, Texas 75244

972.774.2500 direct • 972.361.1120 fax • www.transwestern.net

Register for the offering at: www.twdallasmultifamily.com

The information contained herein was obtained from sources believed to be reliable; however, the Seller and Transwestern make no guarantees, warranties, or representations as to the accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change in price, prior sales or lease, or withdrawal without prior notice.

FORT WORTH ZOOFORT WORTH ZOO

LOCKHEED MARTINLOCKHEED MARTIN

TARRANT COUNTYTARRANT COUNTYHOSPITAL DISTRICTHOSPITAL DISTRICT

MORNINGSIDEMORNINGSIDEELEMENTARY SCHOOLELEMENTARY SCHOOL

DOWNTOWNDOWNTOWNFORT WORTHFORT WORTH

MORNINGSIDEMORNINGSIDEMIDDLE SCHOOLMIDDLE SCHOOL EDWARD BRISCOE EDWARD BRISCOE

ELEMENTARY SCHOOLELEMENTARY SCHOOL

HISTORY MAKERHISTORY MAKERHOMES DEVELOPMENTHOMES DEVELOPMENT

HILLSIDE PARKHILLSIDE PARK

CAROL PEAK CAROL PEAK ELEMENTARY SCHOOLELEMENTARY SCHOOL

BERRY STREET

BERRY STREET

MISSISSIPPI AVENUE

MISSISSIPPI AVENUEGLEN GARDEN DRIVE

GLEN GARDEN DRIVE

FORT WORTHFORT WORTHSTOCKYARDSSTOCKYARDS

3535w

3030

SOUTHTOWNSOUTHTOWNCENTERCENTER

TEXAS CHRISTIANTEXAS CHRISTIANUNIVERSITY (TCU)UNIVERSITY (TCU)

CONVENIENCECONVENIENCESTORESTORES P A N I S H

H A C I E N D A

NORTHRICHLAND

HILLS183

161

DALLAS/FORT WORTHINTERNATIONALAIRPORT

287

121

GRANDPRAIRIE

IRVING

BEDFORD

360

EULESS

HALTOM CITY

COLLEYVILLE

GRAPEVINE

121

35W

20

820

820

30

ARLINGTON

820

287

35W

35W

S P A N I S H H A C I E N D A

FORTFORTWORTHWORTHFORT

WORTH

0Glen Garden Dr.

35W

E. Lowden St.

E. Berry St.

Mississip

pi A

ve.

The information contained herein was obtained from sources believed to be reliable; however, the Seller and Transwestern make no guarantees, warranties, or representations as to the accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change in price, prior sales or lease, or withdrawal without prior notice.