Wines Property Apartments

93 unit Apartment Complex80 - 1 Bedroom Apartments13 - Efficiency Apartments

5438 40th St. Lubbock, TX, 79414

Offering Memorandum

EXCLUSIVELY LISTED BYMalcolm ChamblissREALTOR licensed in Texas 654154806 - 441 - 3610

Josh AllenREALTOR licensed in Texas 525402806-239-5313

Casey KlingensmithREALTOR licensed in Texas 633729940-328-3123

Keller Williams Realty LubbockKW COMMERCIALPam Titzell Broker 465722

ContentExecutive SummaryProperty DetailsArea OverviewBusiness in LubbockEducation in Lubbock

Executive SummaryInvestment Highlights

● Established location blocks from multiple university campuses

● Prime for rent rate increases● Space for expansion of additional amenities● Rapidly growing City and University● Multiple sources of tenant pool● Situated on a major corridor through Lubbock

Wines Property Apartments5438 40th StreetLubbock, TX, 79413

List Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,500,000

CAP Rate Current . . . . . . . . . . . . . . . . . . . . . . . . . . -2.03%

Rental Unit Quantity . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93

Pro Forma CAP Rate . . . . . . . . . . . . . . . . . . . . . . . . . 7.23%

Gross Monthly Income Gross Annual Income Expenses Annual NOI Cap Rate

2018 $24,082 $288,984.00 $379,715.00 -$90,731.00 -3.63%

2019 $23,892 $286,707 $340,558.00 -$53,851.29 -2.15%

Today 62% occupancy $24,150 $289,800 $340,558.00 -$50,758.00 -2.03%

Pro Forma 92% occupancy with market rents $39,974 $541,512 $360,883.21 $180,628.79 7.23%

Property Details● 93 unit Apartment Complex● 2.7 acres● 19 Buildings● 80 - 1 Bedroom Apartments● 13 - Efficiency Apartments● 62% current occupancy● Opportunity for increased rents

Area overviewLubbock, a vibrant West Texas community, is the 3rd largest city between Interstate 35 and the front range of the Rockies. Home to a quarter of a million residents, it is known for thriving business, unique attractions, cultural happenings, nationally ranked universities and much more. Recently the "Hub City" was ranked as No. 7 on Forbes' list of 19 opportunity cities and was named Business.com's No. 4 best city in the U.S. to get a job, and Lubbock's accolades continue to grow.

Business in LubbockLubbock’s highly skilled and educated workforce, proximity and connection to major national and international markets, and affordable utility and living costs make it the ideal place to grow your business. Known as the “Hub City” of West Texas, our diverse economy is based on manufacturing, agriculture, wholesale and retail trade services, as well as government, education and health care. As the 11th largest city in Texas, Lubbock boasts a regional population base of 639,921 people. Lubbock’s size affords businesses access to dedicated community leaders and personalized service, while providing you with a pipeline of personnel to fill your workforce needs. Home to Texas Tech University, Texas Tech University Health Sciences Center, Lubbock Christian University and a fast-growing community college, Lubbock County boasts more than 50,000 college students. Lubbock is the only city in the nation with a comprehensive university, a health sciences center, an agriculture college and a law school in one location, making Texas Tech University the second largest contiguous university campus in the United States. If your business has an interest in access to technology and innovation, Lubbock is the place for you to grow and prosper.

The HUB of West Texas Education - Colleges & UniversitiesTexas Tech University, a Tier One Carnegie Designated University, is home to more than 37,010 undergraduate and graduate students. New private and industry partnerships are offering unparalleled research opportunities in a variety of areas including sustainable energy, wind power, crop science and food safety. Texas Tech is world-renowned for its Wind Science and Engineering Research Center and currently offers the only Ph.D. program in Wind Science and Engineering in the U.S. As Texas Tech moves toward its goal of becoming the state’s next national research university, the opportunities for students, faculty and research partners are endless. The Whitacre College of Engineering received two multi-million dollar donations from major oil & gas companies. The university was also awarded a National Research University Designation resulting in an additional $8 to $10 million in research funding annually. The university is home to an award-winning chapter of Phi Beta Kappa, a national academic honorary society. From the arts to engineering, and the humanities to the physical sciences, Texas Tech offers 150 undergraduate majors, 100 Master’s Degrees and 50 Doctoral programs in 13 colleges and hosts 60 research centers and institutes. Texas Tech is also home to the Texas Tech University School of Law and a medical school, the Texas Tech University Health Sciences Center, including groundbreaking research & clinical trials at the school’s state-of-the-art cancer center.

Institution Fall 2018 EnrollmentTOTAL 53,692Texas Tech University 38,246South Plains College (includes Levelland Campus) 9,300Texas Tech University Health Sciences Center (Lubbock Campus) 3,845Lubbock Christian University 1,805Wayland Baptist University (Lubbock Campus) 496

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EXCLUSIVELY LISTED BYMalcolm ChamblissREALTOR licensed in Texas 654154806 - 441 - 3610

Josh AllenREALTOR licensed in Texas 525402806-239-5313

Casey KlingensmithREALTOR licensed in Texas 633729940-328-3123

Keller Williams Realty LubbockKW COMMERCIALPam Titzell Broker 465722