OFFERING MEMORANDUMCAMELOT APARTMENTS 3345 West Park Ave | Orange, TX 7763068 Units | Built 1971/ Renovated 2018Price: $4,250,000In-place Cap Rate: 8%
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TABLE OF CONTENTS
3 EXECUTIVE SUMMARYInvestment HighlightsExclusive Listing
6 PROPERTY ANALYSISProperty SummaryConstructionAmenitiesProperty DescriptionSchoolsUtilities Aerial View
12 FINANCIAL ANALYSISValuationUnit Mix and Rent SummaryIncome and ExpensesFloor Plans
15 COMPARABLE PROPERTIESRent Comparables Summary Rent Comparables MapRent Comparables Detail
20 LOCATION OVERVIEWLocation OverviewCity Apartments
GREYSTONE NATIONAL APARTMENT ADVISORS makes no warranty or representation about the content of this Broker’s Price
Opinion. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future
performance of the property. This Valuation does not constitute an appraisal of the subject property and has not been prepared in
accordance with the Uniform Standards of Professional Appraisal Practice.
EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
Greystone National Apartment Advisors is pleased to offer Camelot Apartments, a 68-unit multifamily opportunity in desirable Orange, Texas.
• Extensively remodeled with approximately $1 million in Capital Improvements in 2018/ 19 (list available upon request) which included both exterior and interior updates. Interior upgrades included new shaker cabinets, stainless steel appliances, faux wood flooring, granite counter tops in 93% of the units. Renovation of this magnitude should allow for ease of ownership and lower than average maintenance cost compared to other apartment investments in the area.
• Value-add opportunity through improved management and completed upgrades to the remaining 7% the units.
• Rental rates for assets of this class in Orange, TX are $0.92, while Camelot’s in-place rents are just $0.75/ SF (Market Rent is $0.84), allowing for new ownership to increase rental collections in the short term.
• Attractive unit mix with Studio, 1, 2 and 3-Bedroom floor plans. Washer/ Dryer connections in all Townhome units.
• Growing submarket in the Golden Triangle according to CoStar Analytics should allow for rate increases for many years to come.
• Available “All Cash”
4 CAMELOT APARTMENTS
EXCLUSIVE LISTING
Greystone National Apartment Advisors has been exclusively retained to represent the Seller of Camelot Apartments and its disposition. All inquiries about the Property should be made to Charles Emmott ([email protected]) or Jordon Emmott ([email protected]) directly.
TOURS
All prospective purchasers should email Lindsay Steszewski at [email protected] to schedule a tour. DO NOT contact the Property Management directly.
OFFER REQUIREMENTS
All Offers should be presented in the form of a non-binding Letter of Intent, and must include at a minimum:
1. Pricing2. Earnest Money Deposit (Refundable/Non-Refundable)3. Due Diligence Period4. Closing Period5. Financing Contingency (if any)6. Qualifications (Other properties owned, letters of recommendation, verification of
funds, etc.)
SITE VISITS
All site visits and requests for additional information are to be made through Greystone National Apartment Advisors by emailing Lindsay Steszewski at [email protected].
PROPERTY ANALYSIS
PROPERTY SUMMARY
Address:3345 West Park Avenue St
Orange, TX 77630
Number of Units: 68
Total Rentable SF: 70,412
Year Built: 1971
Yesar Renovated: 2018
Stories: 2
Avg Unit SF: 1,035
Lot Size: 3.29 AC
Density: 20.67 / Units/AC
Market Rent/Unit: $867
Market Rent/SF: $0.84
CONSTRUCTION
Style: Garden-Style
Foundation: Concrete Slab
Framing: Wood
Exterior: LP SmartSide and Brick
Roof: Flat
Paving: Concrete with Rebar
HVAC: Ground and Roof Mounted Units
Hot Water: Electric - Individual
CAMELOT APARTMENTS
Orange
West Orange
Pinehurst Shangri La Botanical Gardens and Nature Center
DuPont Sabine River Works
Sabine River
CAMELOT APARTMENTS 7
AMENITIES
INTERIOR AMENITIES
■ Neutral Paint & Carpeting
■ Ceiling Fans* ■ Patio/ Balcony* ■ Crown Molding ■ Wood Vinyl Floors ■ Six Panel Doors* ■ Walk-in Closets* ■ Tile Bath Surround ■ Stainless Steel
Appliance Package* ■ White Shaker
Cabinets* ■ Stainless Steel/
Brushed Nickel Fixtures*
■ Granite Counters ■ W/D Connections in
all Townhome Units
COMMUNITY AMENITIES
■ Covered Parking ■ Swimming Pool ■ Clothes Care Facility
■ 52 Carports and 32 Surface Spaces Available
*In Select Units
8 CAMELOT APARTMENTS
PROPERTY DESCRIPTION
Camelot Apartments is a 68-unit, recently renovated, garden-style apartment community located in Orange, TX, in Orange County and within the Beaumont-Port Arthur Metropolitan Statistical Area (MSA), or otherwise known as The Golden Triangle. Built in 1971, the property consists of 4, two-story apartment buildings, constructed of masonry brick and LP SmartSide with flat roofs that are situated on a total area of 3.29 acres. The property flooded during Hurricane Harvey and underwent major renovations in 2018/ 19, which included exterior enhancements and interior updates including, but not limited to, new shaker cabinets, stainless steel appliances, faux wood flooring and granite countertops in 93% of the units (only 5 second floor units remain).
The grounds are well-manicured featuring grass areas, shrubs, and mature trees, as well as a central courtyard with swimming pool. Currently, the property management office is located on-site in a one-bedroom unit (which could ultimately be leased for additional revenue) . There are 32 on-site open surface parking spaces available for residents and guests, as well as 52 covered parking spaces. Additional on-street parking is also available.
Camelot of Orange offers six floor plans with a unit mix consisting of 1 studio unit of 400 square feet, 24 one-bedroom / one-bathroom units ranging from 750 to 777 square feet each, 11 two-bedroom / one-bathroom units measuring 979 square feet each, 29 two-bedroom / one- and one-half bathroom townhouse units measuring 1,249 square feet each, and 3 three-bedroom / one- and one-half bathroom townhouse units measuring 1,530 square feet each, for a total community average of 1,035 square feet per unit. Electricity is individually metered while water is centrally metered. The resident pays for electricity, and the property pays for water and sewer utilities, as well as trash removal services.
CAMELOT APARTMENTS 9
SCHOOLS
School District: West Orange-Cove Consolidated
Elementary: West Orange-Stark
Intermediate: West Orange-Stark
Senior High: West Orange-Stark
UTILITIES
Electric: Paid By Resident
Water & Sewer: Paid By Property
Trash: Paid By Property
Cable: Paid by Resident ($75/ mo)
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AERIAL VIEW
West Park Avenue
Camelot St
CAMELOT APARTMENTS 11
FINANCIAL ANALYSIS
Source: All unit measurements are approximate and should be checked and verified independently. Market Rents are as of 5/22/2019.
LEGEND
UNIT MIX AND RENT SCHEDULEUNIT TYPE # OF UNITS AVG SF MARKET RENT/UNIT MARKET RENT/SF % OF UNITS
Studio 1 400 $350 $0.88 1.47%
1 Bedroom/ 1 Bath 8 750 $690 $0.92 11.76%
1 Bedroom/ 1 Bath 16 777 $715 $0.92 23.53%
2 Bedrooms/ 1 Bath 11 979 $875 $0.89 16.18%
2 Bedrooms/ 1.5 Baths TH 29 1,249 $975 $0.78 42.65%
3 Bedrooms/ 1.5 Baths TH 3 1,530 $1,250 $0.82 4.41%
TOTALS 68 1,035 $867 $0.84 100%
37.78%62.22% STUDIO 1.47%
1 BEDROOM 35.29%
2 BEDROOMS 58.82%
3 BEDROOMS 4.41%
CAMELOT APARTMENTS 13
INCOME & EXPENSES
T4 ACTUALS PRO FORMA
INCOME ANNUAL MONTHLY ANNUAL MONTHLY
GROSS POTENTIAL RENT $707,520 $58,960 $707,520 $58,960
Projected Increase in Market Rents N/A N/A $69,360 9.80% $5,780
Loss/Gain to Lease N/A N/A (15,538) 2.00% (1,295)
ADJ. GROSS POTENTIAL RENT $631,308 $52,609 $761,342 $63,445
Vacancy Loss N/A N/A (22,840) 3.00% (1,903)
Concessions N/A N/A (15,227) 2.00% (1,269)
Bad Debt N/A N/A (7,613) 1.00% (634)
TOTAL RENTAL INCOME $631,308 $52,609 $715,662 $59,638
EFFECTIVE GROSS INCOME $631,308 $52,609 $715,662 $59,638
OPERATING EXPENSES PER UNIT PER UNIT
Payroll & Benefits 52,847 777 68,000 1,000
General & Administrative 13,667 201 10,200 150
Repairs & Maintenance 2,372 35 27,200 400
Contract Services 11,192 165 20,400 300
Advertising & Promotion 5,665 83 3,400 50
CONTROLLABLE EXPENSES $85,744 $1,261 $129,200 $1,900
Utilities 60,311 $887 60,311 887
Insurance 51,000 $750 51,000 750
Management Fee 30,009 $441 21,470 316
Property Taxes* 48,831 $718 48,831 718
OPERATING EXPENSES ($275,895) ($4,057) ($310,812) ($4,571)
Replacement Reserves 17,000 250 17,000 250
TOTAL OPERATING EXPENSES ($292,895) ($4,307) ($327,812) ($4,821)
NET OPERATING INCOME/MONTH $338,413 $27,604 $387,850 $32,321
TAX INFORMATION
APPRAISAL DISTRICT ORANGE COUNTY
2018 TAX RATE 2.83363%
Account #R15372, R15378, R15875
2019 Tax Value
Land $72,416
Improvements $1,650,837
TOTAL VALUE $1,723,253
PRO FORMA NOTES1. Gross Potential Rent is per the May 20, 2019
Rent Roll. We have included a $85/ increase
in Market Rents, to get the Property’s rent in
line with comparables.
2. *Property Taxes shown are the 2019 Tax
Assessment at the 2018 Tax Rate of 2.83363%.
3. Management Fee is 3.00% of Effective Gross
Income.
4. Replacement reserves are estimated to be
$250 per unit and do not reflect actual capital
expenditures.
Disclaimer: The Pro Forma is delivered only as an accommodation and neither Seller, Greystone National Apartment Advisors nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such proforma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the Pro Forma.
(Economic occupancy: 89.23%) (Economic occupancy: 92.12%)
14 CAMELOT APARTMENTS
COMPARABLE PROPERTIES
RENT COMPARABLES SUMMARY
PROPERTY ADDRESS YEAR BUILT # OF UNITS AVG SF/ UNIT
AVG RENT/ UNIT
AVG RENT/ SF
CAMELOT APARTMENTS 3345 West Park AveOrange, TX 77630
1971 68 1,040 SF $867 $0.84
FOX RUN2600 Allie Payne RdOrange, TX 77632
1983 70 848 SF $771 $0.91
INTERNATIONAL VILLAGE4750 Meeks DrOrange ,TX 77632
1975/
Renovated 2019237 896 SF $842 $0.94
SUNSET GROVE2801 W Sunset DrOrange, TX 77630
1972/
Renovated 2016149 967 SF $815 $0.84
TERRACE VINE3819 Meeks DrOrange, TX 77632
1975/
Renovated 2018104 888 SF $881 $0.99
COMPS TOTALS/AVERAGES 1976 140 900 SF $827 $0.92
1
2
3
4
Source: CoStar (May 2019)
16 CAMELOT APARTMENTS
RENT COMPARABLES MAP
CAMELOT APARTMENTS
TERRACE VINE
SUNSET GROVE
3
FOX RUN
1
INTERNATIONAL VILLAGE
2
4
CAMELOT APARTMENTS 17
RENT COMPARABLES DETAIL
1
Year Built: 1983Occupancy: 78.6%
2
Year Built: 1979Renovated: 2019 Occupancy: 59.9%
FOX RUN2600 Allie Payne RdOrange, TX 77632
UNIT TYPE NO. OF UNITS
% OF UNITS
UNIT SF
MARKET RENT
MARKET RENT/SF
1 Bedroom 104 43.9% 718 $720 $1.00
2 Bedrooms 108 45.6% 971 $900 $0.93
3 Bedrooms 25 10.5% 1,312 $1,100 $0.84
TOTAL/ AVG 237 100.0% 896 $842 $0.94
UNIT TYPE NO. OF UNITS
% OF UNITS
UNIT SF
MARKET RENT
MARKET RENT/SF
1 Bedroom 22 31.4% 655 $634 $0.97
2 Bedrooms 28 40.0% 859 $784 $0.91
3 Bedrooms 16 22.9% 998 $887 $0.89
4 Bedrooms 4 5.7% 1,224 $973 $0.79
TOTAL/ AVG 70 100.0% 848 $771 $0.91
INTERNATIONALVILLAGE4750 Meeks DrOrange, TX 77632
Source: CoStar (May 2019)
18 CAMELOT APARTMENTS
INTERNATIONALVILLAGE4750 Meeks DrOrange, TX 77632
RENT COMPARABLES DETAIL (CONT’D)
3
Year Built: 1972Renovated: 2016Occupancy: 73.8%
4
Year Built: 1975Renovated: 2018 Occupancy: 90.4%
SUNSET GROVE2801 W Sunset DrOrange, TX 77630
UNIT TYPE NO. OF UNITS
% OF UNITS
UNIT SF
MARKET RENT
MARKET RENT/SF
1 Bedroom 50 48.1% 769 $776 $1.01
2 Bedrooms 39 37.5% 990 $950 $0.96
3 Bedrooms 15 14.4% 1,020 $1,050 $1.03
TOTAL/ AVG 104 100.0% 888 $881 $0.99
UNIT TYPE NO. OF UNITS
% OF UNITS
UNIT SF
MARKET RENT
MARKET RENT/SF
Efficiency 83 55.7% 777 $735 $0.95
1 Bedroom 59 39.6% 1,175 $894 $0.76
2 Bedrooms 7 4.7% 1,456 $1,101 $0.76
TOTAL/ AVG 149 100.0% 967 $815 $0.84
TERRACE VINE3819 Meeks RdOrange, TX 77632
Source: CoStar (May 2019)
CAMELOT APARTMENTS 19
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LOCATION OVERVIEW
■ The median list price per square foot in Orange County was $102 over the same period, which is higher than the Beaumont-Port Arthur MSA average of $97. The median list price of homes listed for sale in Orange County was $167,250 as of May 2019.
SHOPPING AND DINING
Daily Conveniences – State Highway 87 serves as a major commercial corridor for area residents, including Camelot Apartments tenants, at 1.6 miles away. Some of the conveniences along the highway and along nearby thoroughfares of MacArthur Drive and Strickland Drive are Kroger, Market Basket, and H-E-B grocers, Family Dollar, Dollar General, Big Lots, CVS Pharmacy, O’Reilly Auto Parts, Superior Tire & Service, Auto Zone, Chase Bank, First Financial Bank, Sabine FCU, The Home Depot, Burkes Outlet, and an Affordable Home Furnishings store.
Also in the vicinity, 1.9 miles from the Property, is Walmart Supercenter, offering grocery, pharmacy and household items.
Central Mall – With access along Highway 87, this traditional indoor mall located in Port Arthur is less than a 30-minute drive from the subject. Central Mall is anchored by Dillard’s, JCPenney, Target, and B&B Port Arthur Central Mall 10 movie theater. Other occupants are T.J. Maxx, Spencer Gifts, Stage, Journeys, and Shoe Dept. Encore. A wide variety of dining options surround the mall, such as Tokyo Japanese Steakhouse & Sushi Bar, Luby’s, and Tequila’s Mexican Bar and Grill.
The Shoppes at Port Arthur – Best Buy, Ross Dress for Less, Dollar Tree, and Petco are the major tenants at this retail popular retail center, which is also located off Highway 287. Hobby Lobby, Walmart Supercenter, Office Depot and Lowe’s Home improvement are situated adjacent to The Shoppes at Port Arthur, just south of Central Mall. Restaurant choices are Saltgrass Steak House, Cheddar’s Scratch Kitchen, Texas Roadhouse, Chipotle Mexican Grill, IHOP, Wingstop and McDonald’s.
Dining Establishments –A sampling of restaurant establishments located in close proximity (2.0 miles or less) from the subject are Robert’s Meat Market and Steakhouse, Chili’s Grill & Bar, J. B’s Barbecue, Waffle House, and fast-food establishments including Whataburger, McDonald’s, Jack in the Box, and Little Caesars Pizza. .
LOCATION OVERVIEW
Camelot Apartments is conveniently located on West Park Avenue, less than 1 mile south from Interstate-10 and 1 mile west of Texas State Highway 87, facilitating easy commutes to educational, employment, retail and entertainment throughout the metro area. The Property is located 4.9 miles from the Port of Orange, 27 miles east of Beaumont, 35 miles west of Lake Charles, Louisiana and 110 miles east of Houston. West Park is within walking distance at 0.2 miles from the subject, and the larger Memorial Field Park, with ball fields, tennis courts, and picnic areas, is 3.2 miles north. The city’s largest employer, Dupont, is located 5.7 miles south of the property.
DEMOGRAPHICS
■ Camelot Apartments benefits from a population draw of 22,615 residents within a three-mile radius of the property and 32,752 people within a five-mile radius.
■ The average age of residents within a three-mile radius of the property is 39.
■ The median household income is $46,890 within a three-mile radius of the subject, and the average number of persons per household is 2.4.
■ The unemployment rate for Orange County was 4.9% as of March 2019 (down from 6.2% one year prior), while the Beaumont – Port Arthur metro area registered an unemployment rate of 5.3% as of March 2019, down 120 basis points year-over-year.
■ According to Texas A&M Real Estate Center, the median sale price for single-family homes in the Beaumont – Port Arthur MSA was $160,000 as of April 2019, up 6.7% year-over-year. Active listings were up by 18.9% year-over-year, to 1,195 active listings in April.
CAMELOT APARTMENTS 21
ENTERTAINMENT
The city of Orange offers several points of interest including Stark Museum of Art, Stark Park, Lutcher Theatre of Performing Arts, Heritage History Museum, Adams Bayou, and the Shangri La Botanical Gardens and Nature Center.
Sunset Grove Country Club – Located 0.6 miles from Camelot Apartments, Sunset Grove is an 18- hole championship golf course designed by Donald Ross. The club offers several membership levels that provide various access to its golf, tennis, pool and clubhouse facilities.
The Beaumont – Port Arthur area is renowned for its scenic wildlife refuge areas, water-sporting lakes, and recreational sites and activities along the Gulf of Mexico. The community of Groves, south of Orange, is home to the annual Texas Pecan Festival, drawing visitors from across the southeast Texas region. The area also offers a variety of cultural and art performances, historical sites, and family-centric entertainment venues. Some points of interest in the area are the Shangri La Botanical Gardens and Nature Center, Beaumont Botanical Gardens, Beaumont
Ballet Theatre, the historic Jefferson Theatre, Symphony of Southeast Texas, and the Art Museum of Southeast Texas.
Sabine Lake – Sabine Lake is a saltwater estuary formed by the merger of the Neches and Sabine Rivers situated on the Texas – Louisiana border in Port Arthur, just 9.5 miles from Camelot of Orange. Fishing, sailing, boating, and wildlife observing are popular activities.
Pleasure Island – Also located in Port Arthur, Pleasure Island spans more than 18.5 miles - from the mouth of the Neches River on the northwest to the Sabine Causeway on the southeast. The man-made island is surrounded by Sabine Lake and the Sabine Neches Intracoastal Waterway and is a popular water sports, boating, and relaxation destination.
Gator Country –As the largest alligator adventure park in Southeast Texas, the 15-acre alligator sanctuary offers educational tours, exhibits, and interactive shows.
First Presbyterian Church of Orange
Shangri La Botanical Gardens and Nature Center
Port of Orange
CAMELOT APARTMENTS 23
Christus Health Southeast Texas - St. Mary – The Christus Health Southeast Texas network provides comprehensive health care with a broad range medical services using state-of-the-art technology in the Beaumont - Port Arthur area. The facility provides short-stay surgical, outpatient, and emergency services, as well as outpatient diagnos-tics, endoscopy, imaging, outpatient chemotherapy, and laboratory Services.
EDUCATION
Lamar State College (LSC) – Located in Orange, LSC is a community college offering associate degrees and professional certifications in over 30 academic and techni-cal programs and servings more than 2,300 students. Associate degrees are designed to transfer to four-year institutions, and the college’s 34 technical programs are designed to provide students with the knowledge and skills necessary for employment in business and industry.
Other institutions of higher education in the metro area are Sabine Aviation located in Orange, and Lamar Univer-sity, Vista College, McFaddin Ward Health Sciences, and Grace School of Theology – all located in Beaumont.
AIRPORT
Jack Brooks Regional Airport (BPT) – Located in Beaumont, BPT is served by American Eagle Airlines, which operates daily flights to Dallas / Fort Worth. Passengers can then connect to major cities and airport hubs throughout the nation and world.
Orange County Court House
Shangri La Botanical Gardens and Nature Center – 1/2 mile from the Property,Shangri La Botanical Gardens and Nature Center is 252 acres in the heart of Orange, Texas. An ecological wonderland and living museum for all ages to explore, admission is free. Visitors become acquainted with the rich history of Shangri La, from H.J. Lutcher Stark’s original vision to the new Botanical Gardens and Nature Center. The Nature Center includes an Exhibit Hall, Discovery Theater, Exhibition Greenhouses, historic Epiphyte Greenhouse, the Here We Grow! Children’s Garden, the Wetland Demonstration Garden, Edibles Garden, a Café, and the Garden Store.
HEALTH CARE
Serving the community of Orange as well as nearby towns are primary and specialized health facilities including the Golf Coast Health Center (comprehensive medical, dental, mental health, and vision), TAN Healthcare (primary medical care), and the UTMB Regional Maternal Child Health Program, dedicated to improving the lives of women and their families by providing health care, counseling, and education.
24 CAMELOT APARTMENTS
CAMELOT APARTMENTS 25
ORANGE, TX
The city of Orange is located in the southeastern corner of Texas in the area known as the “Golden Triangle”. The Golden Triangle is formed by the cities of Beaumont, Port Arthur, and Orange, and derives its name from the wealth created from the Spindletop oil strike in Beaumont in the early 1900s that today has given rise to a vast oil and petrochemical economy. The city is in the eastern section of the Beaumont-Orange-Port Arthur metropolitan statistical area (MSA). The MSA is primarily situated on the Intracoastal Waterway and is home to more than 255,000 residents. The city is the county seat of Orange County and currently occupies a land area of 21.4 square miles and serves a population of 18,595.
The top 20 largest employers alone within the city employ more than 6,600 area residents and include DuPont, Beacon Maritime, Texas Polymer Services, Orange Shipbuilding & Dry Dock, International Paper, Lanxess, and Kellogg Brown & Root, Inc., among others. The regional economy is heavily industrial-based with prominent industries in petroleum refining, the production and processing of petrochemicals, bio-fuels, synthetic rubber, and other chemicals, and the fabrication of steel and steel-related products. Manufacturing goods entail wood, pulp, and food and feed products.
The area is served by deep-water ports located at Beaumont, Port Arthur, Orange, and Sabine Pass. The Sabine Neches Waterway provides deep-water access to ocean-going vessels, which are served by public ports within the county. The waterway contains over 60% of the nation’s strategic petroleum reserves. Jefferson County is also home to the Port of Beaumont – the fourth-busiest port in the nation and the largest military off-load port in the world. The port serves as headquarters to the U.S. Army’s 842nd Transportation Battalion, which specializes in port logistics.
Petrochemical expansions at the Motiva, Total, and Valero facilities represent approximately $15 billion in project improvements, and hundreds of millions of dollars are being spent on terminal and pipeline facilities to support the projects. Construction of the Trans - Canada Keystone XL pipeline, which will deliver Canadian tar sands crude to the county, is awaiting federal permit approval, and recent rail terminal facility new construction and expansions have significantly increased the transportation of Canadian tar sands oil and bitumen to the region for processing by area refineries.
CITY OF ORANGE’S LARGEST EMPLOYERS
EMPLOYER EMPLOYEES
DuPont 920
Invista 732
Little Cypress – Mauriceville ISD 584
Orange County 500
West Orange-Cove Consolidated ISD 450
International Paper 412
Kellogg – Brown & Root 420
Lanxess, Inc. 390
Lamar State College - Orange 274
Cloeren Company, Inc. 250
The resurgence in U.S. oil and gas exploration and produc-tion, combined with excellent water-bound, rail, highway, and pipeline infrastructure, and the readily availability of water resources has made the Golden Triangle the place of choice for those industrial sectors seeking to benefit from historically low priced energy commodities, which has drawn global energy and manufacturing companies to the region. Port Arthur contains the largest oil refinery in the nation – the Saudi Aramco – Motiva Enterprises refinery. Motiva Enter-prises is the one of the area’s largest employers, supporting 1,540 positions. In addition, Lucite, Air Products, Vitol, Gold-en Pass Products, Exxon Mobil, Golden Pass LNG, Sempra Energy, Valero, and Total / BASF are some companies that are either in the development stages or have recently com-pleted projects in the Golden Triangle.
Sources: , U.S. Census Bureau, U.S. Bureau of Labor, Wikipedia, CoStar, Google Maps, City of Port Arthur, Orange County, Lamar State College, Christus Health Southeast Texas,
Beaumont Enterprise, Orange Chamber of Commerce, City of Orange, Texas A&M Real Estate center, Zillow.
26 CAMELOT APARTMENTS
CONFIDENTIALITY & CONDITIONS
All materials and information received or derived from Greystone Real Estate Advisors its directors, officers, agents, advisors, affiliates and /or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.
Neither Greystone Real Estate Advisors its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Greystone Real Estate Advisors will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by
the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Greystone Real Estate Advisors makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Greystone Real Estate Advisors does not service as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and /or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies.
All properties and services are marketed by Greystone Real Estate Advisors in compliance with all applicable fair housing and equal opportunity laws.
CONTACTS
JORDON EMMOTTExecutive Managing Partner 713.595.9584 [email protected]
SHAYAN HASNAIN Executive Managing Partner 713.595.9580 [email protected]
JAMIE HARRINGTON Director 713.595.9581 [email protected]
STERLING CURRY Director 713.595.9585 [email protected]
CHARLES EMMOTT Associate (Dallas Office) 713.595.9583 [email protected]
ABRAHAM GARZA Executive Managing Partner 713.595.9582 [email protected]
RYAN ARMSTRONGDirector 713.595.9586 [email protected]
RYAN MENDEZDirector [email protected]
PETER KESH Associate (Dallas Office) 713.269.4380 [email protected]
CADE [email protected]
GREYSTONE NAA 5689 W Loop S, Suite 650Bellaire, TX 77401 www.greycoadvisors.com
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the
clie
nt o
f any
mat
eria
l inf
orm
ation
abo
ut th
e pr
oper
ty o
r tra
nsac
tion
rece
ived
by
the
brok
er;
An
swer
the
clie
nt’s
que
stion
s and
pre
sent
any
offe
r to
or c
ount
er-o
ffer f
rom
the
clie
nt; a
nd
Trea
t all
parti
es to
a re
al e
stat
e tr
ansa
ction
hon
estly
and
fairl
y.
A LI
CEN
SE H
OLD
ER C
AN R
EPRE
SEN
T A
PART
Y IN
A R
EAL
ESTA
TE T
RAN
SACT
ION
:
AS A
GEN
T FO
R O
WN
ER (
SELL
ER/L
ANDL
ORD
): T
he b
roke
r be
com
es t
he p
rope
rty
owne
r's a
gent
thr
ough
an
agre
emen
t w
ith t
he
owne
r, us
ually
in a
writt
en li
sting
to
sell
or p
rope
rty
man
agem
ent
agre
emen
t. An
ow
ner's
age
nt m
ust
perf
orm
the
bro
ker’s
min
imum
du
ties
abov
e an
d m
ust i
nfor
m th
e ow
ner
of a
ny m
ater
ial i
nfor
mati
on a
bout
the
prop
erty
or
tran
sacti
on k
now
n by
the
agen
t, in
clud
ing
info
rmati
on d
isclo
sed
to th
e ag
ent o
r sub
agen
t by
the
buye
r or b
uyer
’s a
gent
.
AS A
GEN
T FO
R BU
YER/
TEN
ANT:
The
bro
ker b
ecom
es th
e bu
yer/
tena
nt's
agen
t by
agre
eing
to re
pres
ent t
he b
uyer
, usu
ally
thro
ugh
a w
ritten
repr
esen
tatio
n ag
reem
ent.
A bu
yer's
age
nt m
ust p
erfo
rm th
e br
oker
’s m
inim
um d
uties
abo
ve a
nd m
ust i
nfor
m th
e bu
yer o
f any
m
ater
ial i
nfor
mati
on a
bout
the
prop
erty
or t
rans
actio
n kn
own
by th
e ag
ent,
incl
udin
g in
form
ation
disc
lose
d to
the
agen
t by
the
selle
r or
selle
r’s a
gent
.
AS A
GEN
T FO
R BO
TH -
IN
TERM
EDIA
RY:
To
act
as a
n in
term
edia
ry b
etw
een
the
parti
es t
he b
roke
r m
ust
first
obt
ain
the
writt
en
agre
emen
t of
eac
h pa
rty
to t
he t
rans
actio
n. T
he w
ritten
agr
eem
ent
mus
t st
ate
who
will
pay
the
bro
ker
and,
in c
onsp
icuo
us b
old
or
unde
rline
d pr
int,
set f
orth
the
brok
er's
oblig
ation
s as a
n in
term
edia
ry. A
bro
ker w
ho a
cts a
s an
inte
rmed
iary
:
M
ust t
reat
all
parti
es to
the
tran
sacti
on im
parti
ally
and
fairl
y;
May
, with
the
par
ties'
writt
en c
onse
nt, a
ppoi
nt a
diff
eren
t lic
ense
hol
der
asso
ciat
ed w
ith t
he b
roke
r to
eac
h pa
rty
(ow
ner
and
buye
r) to
com
mun
icat
e w
ith, p
rovi
de o
pini
ons a
nd a
dvic
e to
, and
car
ry o
ut th
e in
stru
ction
s of e
ach
part
y to
the
tran
sacti
on.
M
ust n
ot, u
nles
s spe
cific
ally
aut
horiz
ed in
writi
ng to
do
so b
y th
e pa
rty,
disc
lose
: ᴑ
that
the
owne
r will
acc
ept a
pric
e le
ss th
an th
e w
ritten
ask
ing
pric
e;ᴑ
that
the
buye
r/te
nant
will
pay
a p
rice
grea
ter t
han
the
pric
e su
bmitt
ed in
a w
ritten
offe
r; a
ndᴑ
any
confi
denti
al i
nfor
mati
on o
r an
y ot
her
info
rmati
on t
hat
a pa
rty
spec
ifica
lly i
nstr
ucts
the
bro
ker
in w
riting
not
to
disc
lose
, unl
ess r
equi
red
to d
o so
by
law
.
AS S
UBA
GEN
T: A
lice
nse
hold
er a
cts
as a
sub
agen
t whe
n ai
ding
a b
uyer
in a
tran
sacti
on w
ithou
t an
agre
emen
t to
repr
esen
t the
bu
yer.
A su
bage
nt c
an a
ssist
the
buye
r but
doe
s not
repr
esen
t the
buy
er a
nd m
ust p
lace
the
inte
rest
s of t
he o
wne
r firs
t.
TO A
VOID
DIS
PUTE
S, A
LL A
GRE
EMEN
TS B
ETW
EEN
YO
U A
ND
A BR
OKE
R SH
OU
LD B
E IN
WRI
TIN
G AN
D CL
EARL
Y ES
TABL
ISH:
The
brok
er’s
duti
es a
nd re
spon
sibili
ties t
o yo
u, a
nd y
our o
blig
ation
s und
er th
e re
pres
enta
tion
agre
emen
t.
Who
will
pay
the
brok
er fo
r ser
vice
s pro
vide
d to
you
, whe
n pa
ymen
t will
be
mad
e an
d ho
w th
e pa
ymen
t will
be
calc
ulat
ed.
LICE
NSE
HO
LDER
CO
NTA
CT IN
FORM
ATIO
N: T
his n
otice
is b
eing
pro
vide
d fo
r inf
orm
ation
pur
pose
s. It
doe
s not
cre
ate
an o
blig
ation
for
you
to u
se th
e br
oker
’s se
rvic
es. P
leas
e ac
know
ledg
e re
ceip
t of t
his n
otice
bel
ow a
nd re
tain
a c
opy
for y
our r
ecor
ds.
Info
rmat
ion
Abou
t Bro
kera
ge S
ervi
ces
Texa
s law
requ
ires a
ll re
al e
stat
e lic
ense
hol
ders
to g
ive
the
follo
win
g in
form
ation
abo
ut
brok
erag
e se
rvice
s to
pros
pecti
ve b
uyer
s, te
nant
s, se
llers
and
land
lord
s.
.
Desig
nate
d Br
oker
of F
irm
Lice
nse
No.
Em
ail
Phon
e
Lice
nsed
Sup
ervi
sor o
f Sal
es A
gent
/As
soci
ate
Li
cens
e N
o.
Emai
l Ph
one
Lice
nsed
Bro
ker /
Brok
er F
irm N
ame
or
Prim
ary
Assu
med
Bus
ines
s Nam
e
Lice
nse
No.
Em
ail
Phon
e
Regu
late
d by
the
Texa
s Rea
l Est
ate
Com
miss
ion
Inf
orm
ation
ava
ilabl
e at
ww
w.tr
ec.te
xas.g
ov
I
ABS
1-0
Dat
e Bu
yer/T
enan
t/Sel
ler/L
andl
ord
Initi
als
Sale
s Age
nt/A
ssoc
iate
’s N
ame
Lice
nse
No.
Em
ail
Phon
e
Nat
iona
l Apa
rtmen
t Adv
isor
s LL
C90
0387
1je
@na
a-us
a.co
m71
3.58
7.96
06
Jord
on E
mm
ott
5932
14je
@na
a-us
a.co
m71
3.58
7.96
06
Jord
on E
mm
ott
5932
14je
@na
a-us
a.co
m71
3.58
7.96
06
CAMELOT APARTMENTS3345 West Park Avenue | Orange, TX 7763068 Units | Built 1971/ Renovated 2018 OFFERING MEMORANDUM
GREYSTONE NAA 5689 W Loop S, Suite 650Bellaire, TX 77401 www.greycoadvisors.comwww.naa-usa.com
Copyright ©2019 Greystone Real Estate Advisors. All rights Reserved. This information was obtained from sources deemed reliable. Greystone Real Estate Advisors makes no guarantee, warranty or representation regarding this information. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. It is your responsibility to conduct an independent investigation of the property to confirm its accuracy and completeness to your satisfaction. The presence of molds may adversely affect the property and pose serious health risks. If you have questions or concerns regarding this issue, conduct further inspections by a qualified professional. References to the term “Greystone,” “we,” “us,” and “our” refer to Greystone & Co., Inc. and/or its affiliated companies, as applicable. Loan products are offered through Greystone Funding Corporation, Greystone Servicing Corporation, Inc. and/or Greystone affiliated companies. For more information please visit our website www.greyco.com or contact [email protected]