lihtc advisors · 2018-08-03 · • the waco metropolitan statistical area has grown ... dripping...

LIHTC Advisors

Dripping Springs Senior Village100 Units | 2405 J J Flewellen Road | Waco, TX 76704

EXCLUSIVE OFFERING

2DRIPPING SPRINGS SENIOR | 100 UNITS

CONFIDENTIALITY & DISCLAIMER

The information contained in this package is confidential and is intended for review solely by the person receiving it directly from LIHTC Advisors. It should not be copied, distributed, nor made available to any person without the written consent from LIHTC Advisors. The information in this package has been obtained from sources we believe reliable. However, LIHTC Advisors has not verified and will not verify, any of the information contained herein and makes no guarantee, warranty, or representation about it. It is the sole responsibility of any interested parties to independently confirm the accuracy and completeness of the information provided herein. All prospective clients must conduct their own due diligence and take appropriate measures to verify all information.

LIHTC Advisors506 Second Avenue Suite 1021Seattle, WA 98104

John Nicolas800.840.3021 (phone)208.891.8901 (direct)888.506.2771 (fax)[email protected]

Brandon Grisham800.840.3021 (phone)253.653.3313 (direct)888.506.2771 (fax)[email protected]

Jordan Skyles800.840.3021 (phone)208.631.4981 (direct)888.506.2771 (fax)[email protected]

ww.lihtcadvisors.com

In Cooperation with:

David Pearson Energy Real Estate Solutions, LLCManaging Broker, Texas


Dripping SpringsSenior Village

100 Units 2405 J J Flewellen Road

Waco, TX 76704

Table of Contents

PROPERTY OVERVIEW

DescriptionArea Highlights

Market HighlightsSummary

PhotosArea Maps

FINANCIAL ANALYSIS

Income & ExpensesCash Flow Summary

Unit MixIncome & Rent Limits

Historical AMI, MAX Rent, & FMR

COMPARABLE PROPERTIES

Rent Comparables MapRental & Occupancy Statistics

Rent Comparable Details


Property Overview

HIGHLIGHTS

• Existing LIHTC Senior Property Placed in Service in 2005

• Waco is Home to Baylor University, which has an Enrollment of 17,059

• McLennan County AMI Growth Rate Has Increased Over 17% in Past Two Years

• Potential to Build Additional Units on Approximately 4.50 Vacant Acres

• The Waco Metropolitan Statistical Area has Grown by 11.2% Over the Past Five Years and is Expected to Expand by 59,100 Residents by 2040


Property Description

Dripping Springs is a 100-unit affordable housing community designated for senior residents. Located in Waco, TX, the property is in close proximity to the Central Texas Senior Center, numerous churches, restaurants, and various retail amenities such as a Wal-Mart Supercenter, Sam’s Club, and H-E-B.

The property was built and placed in service in 2005 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place which 85 requires units to be rented to income qualifying residents earning no more than 30%, 50%, & 60% of Area Medium Income (AMI) limits, which are provided by the Texas Department of Housing and Community Affairs. The remaining units are unrestricted. The property is still within its initial tax credit compliance period and has extended use restrictions until 2046. Historically Underutilized Business (HUB) requirement has been removed per an amendment to the TDHCA Land Use Restriction Agreement. Please see the Property Summary page and Unit Mix Page for further details.

Residents benefit from well maintained grounds, clubhouse, gated access, on-site laundry facilities, fitness center, access to public transportation, and covered parking. Unit amenities include a full appliance package, extra storage, pantry, walk-in closets, patio/balcony, and washer and dryer connections.

COMMUNITY AMENITIES

• Clubhouse• Fitness Center• On-Site Laundry Facilities• Gated Access• Covered Parking

UNIT AMENITIES

• Full Appliance Package• Open Floor Plan• Extra Storage• W/D Hook-Ups• Walk-In Closets


Area Highlights

Waco is a city and the county seat of McLennan County, Texas situated along the Brazos River and I-35, halfway between Dallas and Austin. The city has a population of 134,432, making it the 22nd-most populous city in the state. The Waco Metropolitan Statistical Area consists of McLennan and Falls Counties, which has a population estimate of 262,813.

The town of Waco was built around the Waco Suspension Bridge, which was a crucial crossing of the Brazos River upon completion in 1870. Today, downtown Waco is relatively small when compared to other larger Texas cities, such as Houston, Dallas, San Antonio, or even Fort Worth, El Paso, or Austin. However, each day, nearly 20,000 people commute to and from work in downtown. It is also the location of the McLennan County Courthouse.

A scenic riverwalk along the east and west banks of the Brazos River stretches from the Baylor campus to

Cameron Park Zoo, about seven miles in all. This multiuse walking and jogging, lighted trail passes underneath the Waco Suspension Bridge and captures the peaceful charm of the river.

Waco is home to three institutions of higher learning: Baylor University, McLennan Community College, and Texas State Technical College.

The City is the birthplace of Dr Pepper, the Texas Ranger Hall of Fame and Museum and the Texas Sports Hall of Fame.

Waco is also home to the Waco Mammoth National Monument, a 100-plus acre stretch of wooded parkland along the Bosque River. The site provides a glimpse into the lives of Columbian mammoth bones discovered in Waco along the Bosque River and is part of the National Parks System.

NEIGHBORHOOD AMENITIES

• G.W. Carver Middle School (1.0 mile) • Cameron Park Zoo (2.2 miles)• Brook Avenue Elementary School

(2.2 miles) • Eastgate Plaza Shopping Mall

(3.0 miles) • Walmart Supercenter (3.9 miles) • Baylor University (4.6 miles)

LOCATION HIGHLIGHTS

• Population 134,432• Waco is home to Baylor

University, McLennan Community College, and Texas State Technical College

• Waco is located in the center of the Texas manufacturing and technology corridor- 90 miles south of Dallas & 100 miles north of Austin

TOP EMPLOYERS (NO. EMPLOYEES)

• Providence Healthcare Network (2,618)• Baylor University (2,583)• Wal-Mart (2,561)• Waco ISD (2,276)• L-3 Communications (2,079)• Hillcrest Baptist Medical Center (1,793)


NAME & LOCATIONProperty Name Dripping Springs Senior VillageProperty Address 2405 J J Flewellen Road

Waco, TX 76704

SECTION 42 LIHTC RESTRICTIONSPlaced in Service 2005End of Initial Compliance Period 12/31/2020End of Extended Use Period 12/31/2046

SITE INFORMATIONAssessor’s Parcel Number 48-012715-000101-0Number of Units 100Number of Buildings 26Number of Stories 1Rentable Square Feet 82,860Year Built 2005Lot Size 20.00 AcresType of Ownership Fee SimpleDensity 5 Units/AcreLandscaping Mature Trees, Shrubs & GrassTopography Relatively Flat

UTILITIESWater City of WacoElectric TXUGas Atmos Energy

CONSTRUCTIONExterior Siding & BrickRoof Composite Shingle

# OF UNITS

RENTABLESF

PLACED IN SERVICE

LOT SIZE

100 82,860 2005 20.00 acres

Property Summary


Aerial Map


Local Map

DRIPPING SPRINGS

Cameron Park Zoo

Baylor University


Financial Analysis


Income & Expenses

OPERATIONAL ANALYSIS YE 2016 PER UNIT YE 2017 PER UNIT PROFORMA PER UNIT

INCOME

Gross Potential Rent $463,106 $4,631 $710,749 $7,107 $744,986 $7,450Subsidy Income $207,768 $2,078 $0 $0 $0 $0Gain (Loss) to Lease 1.33% $8,933 $89 (1.10%) ($7,791) ($78) (1.00%) ($7,450) ($74)POTENTIAL RENTAL INCOME $679,807 $6,798 $702,958 $7,030 $737,537 $7,375 (1)% Increase over Prior Year 3.41% 4.92%

Economic LossVacancy Loss 0.95% ($6,453) ($65) 3.04% ($21,352) ($214) 3.00% ($22,126) ($221) (2)Bad Debt 0.25% ($1,711) ($17) 0.23% ($1,583) ($16) 0.25% ($1,844) ($18)Concessions 0.10% ($655) ($7) 0.00% $0 $0 0.00% $0 $0

Total Economic Loss 1.30% ($8,819) ($88) 3.26% ($22,935) ($229) 3.25% ($23,970) ($240)

NET RENTAL INCOME $670,988 $6,710 $680,023 $6,800 $713,567 $7,136

Other IncomeLate Fee Income $2,874 $29 $12,654 $127 $2,960 $30 (3)Parking Income $2,474 $25 $1,894 $19 $1,941 $19Misc. Other Income ($1,280) ($13) $5,032 $50 $5,158 $52

Total Other Income $4,068 $41 $19,580 $196 $10,059 $101

EFFECTIVE GROSS INCOME $675,056 $6,751 $699,603 $6,996 $723,626 $7,236

EXPENSES

FIXED OPERATIONAL EXPENSETotal Real Estate Property Taxes 8.16% $55,073 $551 7.86% $54,954 $550 7.82% $56,586 $566 (4)Total Property Insurance Expense 3.78% $25,518 $255 3.63% $25,378 $254 3.51% $25,378 $254Total Property Utility Expense 13.14% $88,673 $887 14.92% $104,363 $1,044 14.42% $104,363 $1,044

TOTAL FIXED OPERATIONAL EXP 25.07% $169,264 $1,693 26.40% $184,695 $1,847 25.75% $186,327 $1,863

VARIABLE OPERATIONAL EXPENSETotal Maint. Contract Services 3.79% $25,614 $256 3.74% $26,149 $261 3.61% $26,149 $261Total Repairs & Maintenance 7.08% $47,788 $478 4.68% $32,725 $327 4.52% $32,725 $327Total Administrative Expenses 3.62% $24,445 $244 3.08% $21,551 $216 2.13% $15,421 $154 (5)Total Leasing & Marketing 0.25% $1,720 $17 0.16% $1,107 $11 0.15% $1,107 $11Total Payroll and Salary Expenses 11.18% $75,490 $755 12.17% $85,142 $851 12.94% $93,656 $937 (6)Property Management Fee 3.50% $23,640 $236 3.34% $23,340 $233 3.50% $25,327 $253Compliance Monitoring 0.81% $5,500 $55 0.61% $4,250 $43 0.00% $0 $0 (7)

TOTAL VARIABLE OPERATIONAL EXP 30.25% $204,197 $2,042 27.77% $194,264 $1,943 26.86% $194,385 $1,944

TOTAL FIXED & VARIABLE EXPENSES 55.32% $373,461 $3,735 54.17% $378,959 $3,790 52.61% $380,712 $3,807

Reserves & Replacements $30,000 $300 $30,000 $300 $30,000 $300

TOTAL OPERATING EXPENSES 59.77% $403,461 $4,035 58.46% $408,959 $4,090 56.76% $410,712 $4,107

NET OPERATING INCOME $271,595 $2,716 $290,644 $2,906 $312,914 $3,129


Comments to Income & Expenses

(1)

(2)

(3)

(4)

(5)

(6)

(7)

REAL ESTATE TAX ANALYSIS

Parcel #: 48-012715-000101-0

2018Land $304,920Improvement $1,686,230Total Market Value $1,991,150Exemptions $0Value after Exemptions $1,991,150Assessment Ratio 100.00%Assessed Value $1,991,150

Tax Rate 2.842%Ad Valorem Taxes $56,586Special Assessments $0Total Taxes Due $56,586

Notes

PAYROLL ANALYSIS

Position FTE Rate AnnualManager 1 $20.00 $41,600Maintenance Super 1 $17.00 $35,360Subtotal 2 $76,960PR Tax/Benefits 20.00% $15,392Total Payroll 2 $92,352

Payroll & Salary: T-12 expense increased by 10%. Large growth is reflective of an increase in the maintenance staffcompensation to aid in employee retention.

Per the McLellan County Assessor, taxes are calculated using the cost or sales approach and a sale will trigger a reassessment.

NOTES TO PROFORMA

Potential Rental Income: Rent roll from 2/28/18 annualized and increased by 2.5%. All vacant units increased to 2018 Net MaxTax Credit Rents allowed.

Vacancy: Based on the rent roll from 2/28/18 , occupancy is 95% and historically has shown vacancy from 1.0%-3.0%. Analysisuses a 3% vacancy factor going forward to match historical trends observed at the property.

Real Estate Taxes: See notes below.

Late Fee Income: Reduced from 2017 to provide more accurate depiction of income moving forward.

Administrative: Proforma assumes that the Computer Costs of $5,280 and Insurance Admin fee of $850 will no longer berequired after a sale.

Compliance Monitoring: Analysis assumes compliance monitoring will not be required by new ownership.


PROPERTY CASH FLOW ANALYSIS - ASSUMPTIONS

YEAR 1 OPERATIONS BASED ON Proforma

Gross Potential Rent Growth NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Other Income Growth NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Loss to Lease -1.00% -0.50% -0.50% -0.50% -0.50% -0.50% -0.50% -0.50% -0.50% -0.50%Vacancy 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%Bad Debt 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%Concessions 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Property Taxes NA 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%Insurance NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Utilities NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Property Management Fee 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%Other Expenses NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Replacement Reserves NA 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

CASH FLOW SUMMARY Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

INCOMEGross Potential Rent $744,986 $763,611 $782,701 $802,269 $822,326 $842,884 $863,956 $885,555 $907,694 $930,386

Gain (Loss) to Lease ($7,450) ($3,818) ($3,914) ($4,011) ($4,112) ($4,214) ($4,320) ($4,428) ($4,538) ($4,652)POTENTIAL RENTAL INCOME $737,537 $759,793 $778,788 $798,258 $818,214 $838,669 $859,636 $881,127 $903,155 $925,734

Economic Operational LossVacancy Loss ($22,126) ($22,794) ($23,364) ($23,948) ($24,546) ($25,160) ($25,789) ($26,434) ($27,095) ($27,772)Bad Debt ($1,844) ($1,899) ($1,947) ($1,996) ($2,046) ($2,097) ($2,149) ($2,203) ($2,258) ($2,314)

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0Total Operational Loss ($23,970) ($24,693) ($25,311) ($25,943) ($26,592) ($27,257) ($27,938) ($28,637) ($29,353) ($30,086)

NET RENTAL INCOME $713,567 $735,100 $753,477 $772,314 $791,622 $811,413 $831,698 $852,490 $873,803 $895,648

Total Other Income $10,059 $10,311 $10,569 $10,833 $11,104 $11,381 $11,666 $11,957 $12,256 $12,563

EFFECTIVE GROSS INCOME $723,626 $745,411 $764,046 $783,147 $802,726 $822,794 $843,364 $864,448 $886,059 $908,210

OPERATIONAL EXPENSESFIXED OPERATIONAL EXPENSE

Total Real Estate Property Taxes $56,586 $58,284 $60,032 $61,833 $63,688 $65,599 $67,567 $69,594 $71,681 $73,832Total Property Insurance Expense $25,378 $26,012 $26,663 $27,329 $28,013 $28,713 $29,431 $30,166 $30,921 $31,694Total Property Utility Expense $104,363 $106,972 $109,646 $112,388 $115,197 $118,077 $121,029 $124,055 $127,156 $130,335

TOTAL FIXED OPERATIONAL EXP $186,327 $191,268 $196,341 $201,550 $206,898 $212,389 $218,026 $223,815 $229,758 $235,861

VARIABLE OPERATIONAL EXPENSETotal Maint. Contract Services $26,149 $26,803 $27,473 $28,160 $28,864 $29,585 $30,325 $31,083 $31,860 $32,657Total Repairs & Maintenance $32,725 $33,543 $34,382 $35,241 $36,122 $37,025 $37,951 $38,900 $39,872 $40,869Total Administrative Expenses $15,421 $15,807 $16,202 $16,607 $17,022 $17,447 $17,884 $18,331 $18,789 $19,259Total Leasing & Marketing $1,107 $1,135 $1,163 $1,192 $1,222 $1,252 $1,284 $1,316 $1,349 $1,382Total Payroll and Salary Expenses $93,656 $95,998 $98,398 $100,857 $103,379 $105,963 $108,612 $111,328 $114,111 $116,964Property Management Fee $25,327 $26,089 $26,742 $27,410 $28,095 $28,798 $29,518 $30,256 $31,012 $31,787

TOTAL VARIABLE OPERATIONAL EXP $194,385 $199,374 $204,358 $209,467 $214,704 $220,072 $225,573 $231,213 $236,993 $242,918

TOTAL FIXED & VARIABLE EXPENSE $380,712 $390,642 $400,700 $411,017 $421,602 $432,460 $443,600 $455,028 $466,751 $478,779

Replacement Reserves $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000

TOTAL OPERATING EXPENSES $410,712 $420,642 $430,700 $441,017 $451,602 $462,460 $473,600 $485,028 $496,751 $508,779

PROPERTY NET OPERATING INCOME $312,914 $324,768 $333,346 $342,130 $351,124 $360,333 $369,764 $379,420 $389,308 $399,432

1ST MTG DEBT SERVICE EXPENSESFirst Mortgage Interest $167,440 $167,440 $166,234 $163,523 $160,686 $157,715 $154,604 $151,347 $147,937 $144,368First Mortgage Principal $0 $0 $57,689 $60,400 $63,237 $66,208 $69,319 $72,576 $75,986 $79,556

TOTAL 1ST MTG DEBT SERVICE $167,440 $167,440 $223,923 $223,923 $223,923 $223,923 $223,923 $223,923 $223,923 $223,923

Concessions

Cash Flow


Unit Mix

UNIT TYPE SET-ASIDE NUMBER OF UNITS

UNIT SIZE (RSF)

ASKING RENT

ASKING RENT PSF

MAX TC RENT

CURRENT UA

MAX NET TC RENT

1 BD 1 BTH 30% 11 748 $264 $0.35 $352 $43 $309 1 BD 1 BTH 50% 21 748 $502 $0.67 $588 $43 $545 1 BD 1 BTH 60% 27 748 $611 $0.82 $705 $43 $662 1 BD 1 BTH MARKET 5 748 $655 $0.88 N/A N/A N/A1 BD UNIT TOTAL 64 47,872 $33,218 $35,255 $32,7181 BD UNIT AVG 748 $519 $0.69 $598 $555

2 BD 1 BTH 50% 8 954 $597 $0.63 $706 $58 $648 2 BD 1 BTH 60% 18 977 $728 $0.75 $847 $58 $789 2 BD 1 BTH MARKET 10 977 $755 $0.77 N/A N/A N/A2 BD UNIT TOTAL 36 34,988 $25,430 $20,894 $19,3862 BD UNIT AVG 972 $706 $0.73 $804 $746

TOTAL 100 82,860 $58,648 $56,149 $52,104AVERAGE 829 $586 $0.71 $661 $613* The unit mix above was based on the 6/12/2018 Rent Roll

AFFORDABILITY RESTRICTIONSLIHTC Regulatory Agreement: At least 11 Units at or below 30% AMI, 29 Units at or below 50% AMI, and 45 Units at 60% AMI, with a Compliance Period of 15 Years and Extended Use Period totaling 40 years. Right of First Refusal: If at any time after the 15th year of the Compliance Period the Owner should want to sell the Project, the Owner agrees to provide to a qualified non-profit the Right of First Refusal to purchase the Project for the minimum purchase price of debt plus taxes.


Dripping Springs is a Section 42 LIHTC property which means that federal tax credits were given to help finance the property. The property currently is required to hold the maximum rent charged at or below a level considered appropriate for the households that have incomes at or below 30%, 50%, & 60% of the local Area Median Income (AMI) for the county.

McLennan CountyEffective Year: 2018

Area Median Income: $60,000

Tax Credit Property Income LimitsINCOME 30% 50% 60%1 Person $13,170 $21,950 $26,3402 Person $15,060 $25,100 $30,1203 Person $16,950 $28,250 $33,9004 Person $18,810 $31,350 $37,6205 Person $20,340 $33,900 $40,6806 Person $21,840 $36,400 $43,6807 Person $23,340 $38,900 $46,680

64%

36%

Unit Breakdown By Unit Type

1 BD 2 BD

$519

$706

$555

$746

$0

$100

$200

$300

$400

$500

$600

$700

$800

1 BD 2 BD

Asking Rents to Net Max Tax Credit Rents

Asking Rent Net Max Rent

Tax Credit Maximum Allowable RentsSet Aside Unit

Type # of

UnitsMax Rent UA Max Net

Rent30% 1 BD 11 $352 $43 $30950% 1 BD 21 $588 $43 $54560% 1 BD 27 $705 $43 $66250% 2 BD 8 $706 $58 $64860% 2 BD 18 $847 $58 $789


Max Allowable LIHTC Rent Growth- 2BD/ 60%

Year Rent % Change

2008 $681 -2009 $730 7.20%2010 $733 0.41%2011 $763 4.09%2012 $772 1.18%2013 $772 0.00%2014 $772 0.00%2015 $783 1.42%2016 $783 0.00%2017 $823 5.11%2018 $847 2.92%

5 Yr Avg 1.89%10 Yr Avg 2.23%

$48,000

$50,000

$52,000

$54,000

$56,000

$58,000

$60,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

AMI Growth RateYear AMI % Change

2008 $48,200 -2009 $51,700 7.26%2010 $51,900 0.39%2011 $54,000 4.05%2012 $54,700 1.30%2013 $50,000 (8.59%)2014 $51,700 3.40%2015 $55,500 7.35%2016 $51,000 (8.11%)2017 $58,200 14.12%2018 $60,000 3.09%

5 Yr Avg 3.97%10 Yr Avg 2.43%

$675

$695

$715

$735

$755

$775

$795

$815

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

SOURCE: novoco.com

*The high-watermark year is 2018 at $60,000

18DRIPPING SPRINGS SENIOR | 100 UNITS SOURCE: novoco.com

$610

$630

$650

$670

$690

$710

$730

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

FMR AveragesYear FMR Avg. % Change

2008 $619 -2009 $649 4.77%2010 $664 2.39%2011 $670 0.83%2012 $680 1.57%2013 $659 (3.09%)2014 $657 (0.38%)2015 $666 1.45%2016 $682 2.33%2017 $714 4.77%2018 $738 3.29%

5 Yr Avg 2.29%10 Yr Avg 1.79%

Fair Market RentsYear 1 BD 2 BD

2008 $552 $6862009 $578 $7192010 $592 $7362011 $597 $7422012 $606 $7542013 $560 $7582014 $558 $7552015 $566 $7662016 $584 $7792017 $617 $8112018 $639 $836


Rent Comparables

DRIPPING SPRINGSOCCUPANCY

COMPARABLES AVERAGE OCCUPANCY

DRIPPING SPRINGSRENT/SF

COMPARABLES AVERAGE RENT/SF

91% 97% $0.71 $0.81


Rent Comparables Map

Dripping Springs Senior Village Apts.

Brazos Park Apts.

The Highlands Apts.*

Eagle Crest Apts.

Ambassador Residences

French Quarter Apts.

Lake Air Apts.

Costa Esmeralda Apts.A

C

D

F

G

B E

D

E

F

G

C

A

B

*Affordable Properties


Occupancy- 97% Average

Rent Per SF- $0.81 Average

80%

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

* A B C D E F G

Occupancy & Rent per SF

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

* A B C D E F G

*Affordable Properties

Dripping Springs Senior Village Apts.

Brazos Park Apts.

The Highlands Apts.*

Eagle Crest Apts.

Ambassador Residences

French Quarter Apts.

Lake Air Apts.

Costa Esmeralda Apts.A

C

D

F

G

B E


Unit Type # of Units Rent SF RentPer SF

1BD 1BTH- 30% 11 $264 748 $0.35 1BD 1BTH- 50% 21 $502 748 $0.67 1BD 1BTH- 60% 27 $611 748 $0.82 1BD 1BTH- MARKET 5 $655 748 $0.88 2BD 1BTH- 50% 8 $597 954 $0.63 2BD 1BTH- 60% 18 $728 977 $0.75 2BD 1BTH- MARKET 10 $755 977 $0.77 TOTALS/AVG. 100 $586 829 $0.71

2405 J J Flewellen RoadWaco, TX 76704

Rent Comparables

DRIPPING SPRINGS 100 UNITS OCCUPANCY: 91% YEAR BUILT: 2005

A

1800 North Martin Luther KingWaco, TX 76704

Distance to Subject: 1.3 miles

BRAZOS PARK 159 UNITS OCCUPANCY: 99% YEAR BUILT: 1985REHABBED: 2007


1BD 1BTH 37 $570 474 $1.20 1BD 1BTH 24 $625 601 $1.04 1BD 1BTH 48 $650 653 $1.00 1BD 1BTH 8 $700 701 $1.00 2BD 2BTH 24 $791 880 $0.90 2BD 2BTH 18 $911 1,032 $0.88 TOTALS/AVG. 159 $681 683 $1.00

*Market Rate Property for Families*Tenants pay all utilities


Rent Comparables

C

B

1600 Lake Shore DriveWaco, TX 76708


THE HIGHLANDS 224 UNITS OCCUPANCY: 90% YEAR BUILT: 1983REHABBED: 2002


1BD 1BTH 40 $661 660 $1.00 2BD 1.5BTH 80 $752 811 $0.93 2BD 2BTH 80 $772 811 $0.95 3BD 2BTH 24 $887 998 $0.89 TOTALS/AVG. 224 $757 804 $0.94

*Market Rate Property for Families*Tenants pay all utilities

4120 Bellmead DriveWaco, TX 76705


EAGLE CREST 149 UNITS OCCUPANCY: 98% YEAR BUILT: 1987


STUDIO 19 $449 300 $1.50 1BD 1BTH 85 $549 556 $0.99 2BD 1BTH 45 $649 734 $0.88 TOTALS/AVG. 149 $566 577 $0.98

*Market Rate Property for Families*Tenants pay water, sewer, & electric


Rent Comparables

D

E

508 North 38th StreetWaco, TX 76710


AMBASSADOR 32 UNITS OCCUPANCY: 100% YEAR BUILT: 1974REHABBED: 2005


1BD 1BTH 32 $515 711 $0.72 TOTALS/AVG. 32 $515 711 $0.72

*Market Rate Property for Seniors*Tenants pay electric

1300 North 43rd StreetWaco, TX 76710


FRENCH QUARTER 52 UNITS OCCUPANCY: 100% YEAR BUILT: 1969


1BD 1BTH 12 $551 769 $0.72 2BD 1BTH 40 $616 1,109 $0.56 TOTALS/AVG. 52 $601 1,031 $0.58

*Market Rate Property for Seniors*Tenants pay all utilities


Rent Comparables

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1625 Wooded Acres DriveWaco, TX 76710


LAKE AIR 40 UNITS OCCUPANCY: 100% YEAR BUILT: 1963


1BD 1BTH 20 $433 575 $0.75 2BD 1BTH 10 $530 775 $0.68 3BD 1BTH 10 $586 1,236 $0.47 TOTALS/AVG. 40 $496 790 $0.63

*Market Rate Property for Seniors*Tenants pay all utilities

1516 Gurley LaneWaco, TX 76706


COSTA ESMERALDA 105 UNITS OCCUPANCY: 95% YEAR BUILT: 2010


1BD 1BTH 33 $677 656 $1.03 2BD 2BTH 32 $691 880 $0.79 3BD 2BTH 24 $816 1,085 $0.75 4BD 2BTH 16 $820 1,230 $0.67 TOTALS/AVG. 105 $735 910 $0.81

*LIHTC Property for Seniors with 60% units*Tenants pay electric & gas

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LIHTC Advisors

lihtc advisors · 2018-08-03 · • the waco metropolitan statistical area has grown ... dripping...

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