victorian square apartments...victorian square apartments. 1831 john arden drive. waxahachie, tx...

VICTORIAN SQUARE APARTMENTS1831 John Arden DriveWAXAHACHIE, TX 76165

Byron [email protected]

SVN | Investment Sales Group | 6320 Lyndon B. Johnson Freeway, Suite 228, Dallas, TX 75240 OFFERING MEMORANDUM

PROPERTY OVERVIEW 3Executive SummaryProperty OverviewAmenitiesAdditional Photos

FINANCIAL OVERVIEW 9Unit MixFinancial AnalysisTrending ValuationIRR Deferred

LOCATION OVERVIEW 14Regional MapsLocal MapArea HighlightsEconomic Drivers

RENT & SALE COMPARABLES 19Rent ComparablesSale Comparables

WAXAHACHIE IN THE NEWS 28

DEMOGRAPHICS 40

ABOUT SVN® 51Advisor Bios

SVN | Investment Sales Group | 6320 Lyndon B. Johnson Freeway, Suite 228, Dallas, TX 75240

1. PROPERTY OVERVIEW

1831 John Arden DriveWaxahachie, TX 75165

VICTORIAN SQUARE APARTMENTS | 4073 FM 813, WAXAHACHIE, TX 75165

PROPERTY OVERVIEWSVN | Investment Sales Group is pleased to announce the exclusive listing of the Victorian Square Apartments in Waxahachie, Texas which is located just 25-miles south of the Dallas CBD in Ellis County. Constructed in 1983 and 1998, Victorian Square is comprised of eleven 3-story buildings (132 units) and three 2-story buildings (24 units) with a favorable unit mix consisting of 71% 2-bedrooms and 29% 1-bedroom. All the buildings have brick veneer with NEW Hardiplank siding exteriors underneath NEWpitched composition roofs (2017). Every building has recently been double insulated with Radiant Barrier for energy efficiency, with NEW French doors leading to Juliet Balconies and double pane argon gas windows, recently installed. The 156 units sit on 9.89 acres and with additional land for development as well as excess green space to add a dog park, playground, volleyball court, and a pavilion with picnic area & built-in BBQ grills. The units are individually metered for electricity with individual HVACs and water heaters with an in-place RUB program. Additionally, all units have received either a light, moderate, full, or premium upgrade leaving room to burn off significant loss to lease of $100/unit and $220/unit between current average effective rent and sub-market rent comps.

Victorian Square is located just 1-mile east of I-35 off John Arden Drive in Waxahachie which has a current occupancy rate of 97.5% and effective rents that have increased 6.24% over the trailing 24-months (ALN). The area is family-oriented, offering residents a life away from the bustle of the city but close enough to commute to professional job centers. The median household income within a 3-mile radius of the property is $60,072, and the unemployment rate is low at just 3.8% (ESRI, 2018). The asset is 3/4-miles north of the Highway 77/U.S. Route 287 corridor where abundant retail can be found including Academy Sports & Outdoors, Buffalo Wild Wings, Chick-fil-A, Chili’s, Home Depot, Johnny Carino’s, Lowe’s, McAlister’s Deli, Target, Walmart Supercenter, and more. The property sits immediately across the street from Wedgeworth Elementary School (ranked 7 out of 10 on www.greatschools.org) and 1 block from Navarro College with a proximity of less than 1-mile from Coleman Middle School, Waxahachie High School, and Southwestern Assemblies of God University.PROPERTY HIGHLIGHTS

• Value–add opportunity through interior upgrades, adding a facility fee, implementation of a waterconservation program, charging for assigned parking spaces, and increasing to market rents

• Rare opportunity to acquire a proven Value-Add “B-Class“ property in the desirable Ellis County Sub-market that has a low supply of assets for sale with an average occupancy of 97.5% and effectiverental rates which have increased 6.24% over the trailing 24-months[ALN]

• Heavy lifting structural and exterior renovations 90% completed allowing an investor to focusprimarily on interior upgrades as a value-add strategy

• 1983 and 1998 Construction with W/D Connections in every unit and Owner-managed with the sameOwner Since 1993.

• Near Major Employers including Waxahachie ISD [500-1,000 EE’s], DART Container Corp [500-1,000EE’s], Owens Corning Fiberglass [500-1,000 EE’s], Walgreen’s Distribution Center [500-1,000 EE’s],Baylor Medical Center at Waxahachie [500-1,000 EE’s], and More…

PROPERTY SUMMARY

SALE PRICE: Market Price

NUMBER OF UNITS: 156

RENTABLE SF: 123,018SF

LOT SIZE:

PROFORMA NOI:

9.89AC

$1,079,793

YEAR BUILT: 1983 (132 Units)1998 (24 Units)

ZONING: Commercial

MARKET: Dallas-Fort Worth-Arlington

SUBMARKET:

CROSS STREETS:

Waxahachie

Solon Rd. & John Arden Dr.

Executive Summary

http://www.greatschools.org/

Site Description

Property Name:

County:

CAD Account #s:

Number of Units:

Lot Size:

Density:

Rentable SF:

Building Class:

Zoning:

Laundry:

Victorian Square Apartments

Ellis

180337 180338

156

9.89 AC

15.8 Units Per Acre

123,018SF

B

Commercial

W/D Connection in All Units &1 On-site Laundry Facility

Construction

Year Built:

Number of Buildings:

Number of Stories:

Foundation:

Framing:

Roof:

Building Exterior:

Parking:

1983 (132 units)1998 (24 units)

15 Buildings Including Leasing and Management Office and Clubhouse

2 and 3

Concrete Slab

Wood

Pitched Composition

Brick Veneer with Hardiplank Siding

337 Spaces- Concrete Paving

Mechanical Systems

HVAC:

Heat:

Hot Water:

Electrical Wiring:

Individual (10% R-410)

Individual

Individual Electric (10% Tankless)

Copper

Property Overview

VICTORIAN SQUARE APARTMENTS | 1831 JOHN ARDEN DRIVE, WAXAHACHIE, TX 75165

Staff

Management:

Leasing:

Maintenance:

Owner and 1 Full-time Manager

1 Part-time Leasing Agent

1 Maintenance and Repair and 1 Porter and Lawncare

Utility | Metering

Electricity:

Water/Sewer:

Gas:

Trash:

RUBS:

Individually Metered | Paid by Resident(owner bills back)

Master Metered | Paid by Owner

None

Property Contract | Paid by Owner

Electricity Water - MTM and New Tenants Pay Monthly Fee of $28.00/bed starting Jan 1st, 2019

SUBMARKET:

UNIT AMENITIES

- Appliance Package White, Black [select units]

- W/D Connections in All Units

- Faux Wood Blinds 2”

- Electric Range/Ovens

- Double Stainless-Steel Sinks with Disposals

- Dishwashers

- Pantries [select units]

- Ceiling Fans in Living Area and Bedrooms

- Ceramic Tile in Living Area and Kitchens [select units]

- Vinyl Wood Plank Flooring in Living Area and Kitchen [select units]

- Wood-burning Fireplaces [select units]

- Outside Storage [select units]

- Semi-Private Patios/Balconies [select units]

- Fenced Yards for All Ground Floor Units

- Walk-In Closets

COMMUNITY AMENITIES- On-site Leasing and Manager’s Office

- Sparkling Pool

- 337 Parking Spaces

- On-site Laundry Facility

- Surveillance Cameras in Parking and Public Area

AREA AMENITIES

- Property sits immediately across the street from Wedgeworth Elementary School (ranked 7 out of 10 on

www.greatschools.org)

- Strategically located approximately 3/4 mile east of I-35, 3/4 miles west of Highway 77, and 1/2-mile south of

U.S. Route 287, providing easy commuter access to Dallas

- Within 1-mile of major retailers and restaurants including Academy Sports & Outdoors, Buffalo Wild Wings,

Chick-fil-A, Chili’s, Home Depot, Johnny Carino’s, Lowe’s, McAlister’s Deli, Target, Walmart Supercenter, and

more

- Waxahachie is home to the Scarborough Renaissance Festival which was ranked the #2 Top Family Friendly

Event in the U.S. and was also named in the Top 10 Best Things to Do in DFW by Dallas Morning News

Amenities



Value Add Strategies

VICTORIAN SQUARE APARTMENTS | 1831 JOHN ARDEN DRIVE, WAXAHACHIE, TX 75165 77

• Increase rents to market rate – Current rents on average are over $200/unit per month belowcomparable properties built between 1980-1989 within a 2-mile radius of the property

• Implementation of a Facility Maintenance Fee and charging for assigned parking• Charging $28/bed/month (currently 260 tenants) would yield $87,360 in annual income

and $1,248,000 in value upon exit at a 7% CAP (current owner is implementing on Jan 1st,2019).

• Comparable properties are charging $20-30/month for assigned parking

• Upgrade units to Deluxe and achieve higher rents – 7 units have recently been fully updated andare receiving $103- $225 per month more in rent compared to Light/Moderate Upgraded units

Upgraded Deluxe

1 Bed/1 Bath $640 $730

2 Bed/1 Bath $850 $950

2 Bed/2 Bath $970 $1,200

Premium Kitchen Deluxe Kitchen Premium Bathroom Deluxe Bathroom

Upgraded Deluxe # of Units

1 Bed/1 Bath $672 $775 45

2 Bed/1 Bath $776 $955 87

2 Bed/2 Bath $825 $1,050 24

Submarket Highlights

VICTORIAN SQUARE APARTMENTS | 1831 JOHN ARDEN DRIVE, WAXAHACHIE, TX 75165 8888

SECTION 1 | PROPERTY OVERVIEWVICTORIAN SQUARE| 156 UNITS | WAXAHACHIE, TX

• Occupancy for properties constructed between 1980-1989 within a 2-mile radius of VictorianSquare has remained steady at 96% or greater over the trailing 24-months (December 2018).Victorian Square falls slightly below the submarket average at 96%.

• Rents for properties in the Waxahachie submarket where Victorian Square is locatedincreased 7% in the trailing 24-months. Average current rent for properties in the Waxahachiesub-market is $1,058. Average current rent for properties constructed between 1980-1989within a 2-mile radius is $977 per unit. Victorian Square’s rents are approximately $220 perunit below the submarket average, leaving significant room for a value-add play.

Subject Property vs. Waxahachie Submarket

Victorian Square Submarket

Occupancy 96% 97.5%

Average Rent Per Unit $757 $1,058

Average Rent Per Unit 1980’s YOC $757 $977

Source: Rent and occupancy data obtained from ALN Data.

Additional Photos


2. FINANCIAL OVERVIEW



Unit Mix


One Bedroom

29%

Two Bedroom

71%

One Bedroom Two Bedroom

LEGENDNU No Upgrade Down Downstairs Unit

LU Light Upgrade (New Doors/Windows) Up Upsatairs Unit

MU Moderate Upgrade (LU+ New Flooring and Aplliances) FP Fireplace

DU Deluxe Upgrade (MU+Walk-in Shower, Vanity, Cedar Pantry and Cabinets, Bar Counter, and Resurface Counter-Tops)

PU Premium Upgrade (Black Appliance Package, Granite Counter Tops, and Microwave)

$618

$810$720

$925803

$1003

$0

$200

$400

$600

$800

$1,000

$1,200

One Bedroom Two Bedroom

Effective Rent/Unit

Market Rent/Unit

Pro Forma Rent/Unit

Financial Analysis Historical & Projected


5-Year Cash Flow


Notes


Debt Quotes


Option 1 Exisiting Loan Assumption with Supplemental and Seller Financing Assumption Supplemental Seller Financing Combined

Loan Amount $ 3,581,603.07 $ 5,358,623.51 $ 1,350,000.00 $ 10,290,226.58

Date of Origination 9/1/2017 4/1/2019 4/1/2019

Interest Rate 3.98% 4.55% 6.50% 4.61%

Amortization (Years) 25 25 25

Maturity Date 8/31/2027 8/31/2027 3/31/2024

Term (Months) 120 100 60

Option 2 Bridge Loan New Loan

Loan Amount $ 11,504,000

Date of Origination 4/1/2019

Interest Rate 5.65% (floating)

Amortization (Years) Interest Only

Maturity Date 9/1/2024

Term (Months) 36 months with two 12 month extensions

3. LOCATION OVERVIEW



Regional Maps


Local Map


Area Highlights


Strong submarket with an average occupancy of 97% and effective rental rates

which have increased 6.24% over the trailing 24-months

Located within 1-mile of major retailers and

restaurants including Best Buy, HEB Plus, Chick-fil-A,

Chili’s, Home Depot, Johnny Carino’s, Lowe’s, Wells Fargo, Target, Walmart Supercenter,

and more

DFW is expected to be one of the country’s economic

powerhouses of 2018, ranking 4th among 10 U.S. cities that are projected to soar the most in terms of

financial stability (Business Insider, 2018)

Located just 31-miles from DFW International Airport

which is the world’s 3rd largest airport in operations

and 11th largest in total passengers, and 25-miles

from Dallas Love Field Airport

Strategically located approximately ¾ mile west

of Highway 77, 1-mile east of I-35, and ½ -mile south of U.S. Route 287, providing

easy commuter access into Dallas

DFW added more than 100,400 jobs from

November 2016-November 2017 while the

unemployment rate fell to 3.2%, making it the #1

metro area in the nation for job growth

Less than 25-miles south of the Dallas CBD which employs over 135,000

people and is home to the corporate headquarters of Fortune 500 Companies

AT&T, Energy Transfer Equity, Tenet Healthcare, Jacobs

Engineering, and HollyFrontier

According to U.S. News and World Report, DFW was

named the #15 Best Place to Live and the #11 Best Place to Retire out of 125

Metro Areas for 2018

The median household income within a 5-mile radius of the property is $60,072 which is higher

than the median household income in the United States

Waxahachie is home to the Scarborough Renaissance Festival which was ranked

the #2 Top Family Friendly Event in the U.S. by Family Vacation Critic and it was

also named in Dallas Morning News’ list of Top 10

Best Things to Do in the metroplex

The city of Waxahachie has an expansive municipal

park system with 18 parks that include numerous hike and bike trails, playgrounds, sports fields, picnic areas, fishing ponds, swimming

areas, and more

Property sits immediately across the street from

Wedgeworth Elementary School (ranked 7 out of 10 on www.greatschools.org) and less than 1-mile from

Coleman Middle School,, and Waxahachie High School,

and Navarro College


Economic Drivers

ENTERTAINMENT DRIVERS

- Chautaqua Auditorium

- Desertron – The Superconducting Super Collider

- Ellis County Museum

- Getzendaner Park

- Munster Mansion

- Scarborough Renaissance Festival

- Webb Gallery

LARGEST EMPLOYERS (>1,000 EMPLOYEES)

IMMEDIATE AREA RETAIL

- Less Than 2.5 Miles – Academy Sports & Outdoors, Campuzano’s Fine Mexican Food, Five Below,

Sonic Drive-In, T.J. Maxx, Tuesday Morning, Ulta Beauty, Whataburger

- Within 3-Miles – Belk, Buffalo Wild Wings, Chick-fil-A, Chili’s, Famous Footwear, Home Depot,

JCPenney, Johnny Carino’s, Lowe’s Home Improvement, McAlister’s Deli, Papa Murphy’s, PetSmart,

Raising Cane’s, Ross Dress For Less, Sport Clips, Target, Walmart Supercenter

- Just Over 3-Miles – Applebee’s, Best Buy, El Fenix, H-E-B Plus, IHOP, Logan’s Roadhouse, Starbucks,

Waffle House, Wells Fargo Bank

- 500 to 1,000 Employees: Dart Container Corporation, Owners Corning Fiberglass, Waxahachie ISD,

Walgreens Distribution Center

- 250 to 499 Employees: Baylor Medical Center at Waxahachie, City of Waxahachie, Magnablend

- 100 – 249 Employees: A.E.P. Industries, CMC Construction Services, C.R. Laurence, Cabinet

Specialists, Cardinal Coated and Insulated Glass, Ellis County, Fortra Fiber Cement, Georgia Pacific,

GMP/GPPAW Rock-Tenn, HEB Grocery Store, International Extrusion, Kinro-Composites, Lifoam

Industries, Southwestern Assemblies of God University


4. RENTCOMPARABLES



SUBJECT PROPERTY1831 John Arden Drive| Waxahachie, TX 75165

BRIDGEPOINT2200 Brown StreetWaxahachie, TX 75165

SOLON PLACE1000 Solon Place WayWaxahachie, TX 75165

2

Rent Comparables

1 3

1

4

23

11

3

4

2

INDIAN CREEK501 Indian CreekWaxahachie, TX 75165

4CAMBRIDGE COURT1301 W Hwy 287Waxahachie, TX 75165


HERITAGE SQUARE510 Houston StreetWaxahachie, TX 75165

NORTH TOWN VILLAGE1231 US 287 BypassWaxahachie, TX 75165

2

5 6

12

3

4

65

RENT COMPS YEAR BUILT # OF UNITS BLDG SF AVG. SF/UNIT AVG. RENT/UNIT AVG. RENT PSF OCCUPANCY

Bridgepoint2200 Brown StreetWaxahachie, TX 75165

1986 200 151,400 SF 757 SF $1,096 $1.45 94%

Indian Creek510 Indian CreekWaxahachie, TX 75165

1999 140 122,048 SF 872 SF $1,098 $1.26 99%

Solon Place1000 Solon Place WayWaxahachie, TX 75165

1986 120 106,688 SF 889 SF $962 $1.08 97%

Cambridge Court1301 W Hwy 287Waxahachie, TX 75165

1983 51 40,800 SF 800 SF $925 $1.16 97%

Heritage Square501 Houston Street Waxahachie, TX 75165

1985 65 57,057 SF 878 SF $1,020 $1.16 100%

North Town Village1231 US 287 BypassWaxahachie, TX 75165 1984 122 108,440 SF 889 SF $937 $1.05 99%

AVERAGES 1987 116 97,739 SF 848 SF $1,006 $1.19 97%

SUBJECT PROPERTY YEAR BUILT # OF UNITS BLDG SF AVG. SF/UNIT AVG. RENT/UNIT AVG. RENT PSF OCCUPANCY

Victorian Square1831 John Arden DriveWaxahachie, TX 75165

1983/1999 156 123,018 SF 789 SF $757 $0.96 94%

Rent Comparable Summary

1

2

3

4


5

6

Rent Comparable Graph


Property Rent Summary


Rent Comparables Detail


SALE COMPS PRICE BLDG. SF PRICE/SF PRICE/UNIT AVG. RENT/UNIT # OF UNITS SALE DATE

Windsong Place1110 E Wintergreen RdDesoto, TX 75115

$17,066,667 165,600 SF $103.06 $88,333 $977 200 Aug. 2017

Wooded Creek825 E Pleasant Run RdDesoto, TX 75115

$18,149,333 158,354 SF $114.62 $92,599 $933 196 June 2017

The Corners210 E Wintergreen RdDesoto, TX 75115

$7,386,666 67,274 SF $109.80 $86,902 $992 85 June 2017

Solon Place1000 Solon Place WayWaxahachie, TX 75165

$10,575,000 106,688 SF $103.00 $88,125 $862 120 *Refinance - 2016

AVERAGES $13,294,416 124,479 SF $107.62 $88,990 $941 150 -

SUBJECT PROPERTY PRICE BLDG. SF PRICE/SF PRICE/UNIT AVG. RENT/UNIT # OF UNITS SALE DATE

Victorian Square1831 John Arden DriveWaxahachie, TX 75165

Market 123,018 SF Market Market $854 156 On Market

Sale Comparable Summary

1

2

3


4

5. WAXAHACHIEIN THE NEWS



Waxahachie in the News

Under-The-Radar Waxahachie Snapping Up Deals, DevelopmentsAugust 10, 2017Julia Bunch, Bisnow Dallas/Fort Worth

While much of the real estate world looks north to Plano and Frisco, southern Dallas suburb Waxahachie has quietly been snapping up national retailers and residents, and catching the attention of Dallas developers.

Over the last several years, several factors have helped put Waxahachie on the commercial real estate map. In 2014, the former Baylor Medical Center at Waxahachie opened a new hospital under the Baylor Scott & White name. Waxahachie’s school district started making progress on a new high school to replace its aging one. And in 2014, Dallas developer Jim Lake Cos. started buying up properties in Waxahachie’s historic downtown, including a local icon, the Rogers Hotel.

“There’s lots of demand in Waxahachie, but not a lot of product available,” NAI Robert Lynn partner Tom Hearty said. “We’re close to 100% leased all around. There’s room for more development.”

Waxahachie has historically been supported by industrial warehouses and small neighborhood retail centers. Industrial warehouses such as Owens Corning Fiberglass, Dart Container Corp. and Walgreens are the city’s largest employers. Those industries are still strong, but other asset classes are now sharing the spotlight.

When Baylor Scott & White Medical Center Waxahachie opened two and a half years ago, it employed about 300 people. Today, Waxahachie Economic Development Director Doug Barnes estimates it employs about 800. A new medical office building that could be about 80K SF is in the planning stages within the campus’ 51 acres.



Barnes said the hospital pulls patients from a four-county radius, making it more of a regional medical center.

“We wanted to create a medical mecca in the southern part of the Metroplex and we are moving forward in that direction,” Barnes said. “The hospital was the first piece to that and now we’re looking at biotech and life sciences advancements.”

Senior housing and medical-related housing has also surged recently with more institutional investors taking hard looks.

An Aspen Heights Partners and Montgomery Street Partners development in Waxahachie will be the first community in North Texas for individuals of all ages with intellectual and developmental delays.

Retail growth can also be seen all over the city, concentrated on U.S. Highway 77 north of U.S. Highway 287. In 2015, the Waxahachie Marketplace opened with anchor tenants Academy Sports + Outdoors and TJ Maxx.

North Grove Business Park is under construction on U.S. Highway 77 and will be anchored by an Atwoods Ranch and Home. The park has already snapped up restaurants such as Chicken Express and a few other to-be-announced tenants.

“I think you’ll see nicer restaurants coming,” Hi View Real Estate developer and broker Brett Hess said. “We have a 100,000-people trade area. Better restaurants are coming.”

Lots deliver in five or six months for the 18K SF center, Hess said.

Hearty echoed the city’s demand for better restaurants.

“Waxahachie needs more high-end steakhouses and fish houses. I think that’s in the future, but it’s not quite there yet. There’sstill a lot of pent-up demand for mid-range retailers and restaurants,” Hearty said.

Even after North Grove delivers, Hess sees room for more retail development.

“We could use another power center or two, and another grocer or two in this market in [nearby cities like] Red Oak and Midlothian,” Hess said.



“I think we’ll see new development in industrial next. Housing is affordable here, wages are a little bit lower, but we have no buildings to offer.”

Interested developers will find lower land prices than northern suburbs. While Frisco and others quote prices by the SF, Waxahachie still offers residential lots around $15K to $18K an acre and retail sites around $12K to $14K an acre.

Though Waxahachie boasts some of the same accolades as northern suburbs that developers love — strong demographics, large workforce, good schools — Hearty sees one major point of difference. “Waxahachie has that 19th century feel because of all the Victorian homes around Downtown,” Hearty said. “It’s a great quality of life if you’re looking to be close to the Metroplex.”

See Full Story Here


https://www.bisnow.com/dallas-ft-worth/news/neighborhood/real-estate-growth-isnt-just-north-of-the-metroplex-77630


Quality of life projects nearing construction across WaxahachieMarch 26, 2018By Andrew Branca

Progress on several projects that will enhance the quality of life for residents and showcase the beauty of Waxahachie to visitors was shared Friday with the Waxahachie Community Development Corporation board.

The projects aim to increase amenities offered to residents at the Waxahachie Civic Center, in downtown, and throughout the city’s parks system.

TRAIL PROJECT

Bob Stoffels, with Dunkin, Smis, Stoffels, Inc., is working with the city to develop the new Little Creek Trail System and the two plaza areas at the civic center. His firm has completed projects for the cities of Highland Village and The Colony.

The WCDC is funding the $3 million Little Creek Trail project. Its mission is to identify and fund projects for the civic center and the sports complex.

“The length from northwest to southeast is a little bit over two miles. We have seven trailheads along the trail to let them know and to encourage them to use it,” Stoffels said. “The first trailhead starts at Solon Road. The last marker is Brown Singleton Park adjacent to Farley Street.”



Stoffel told the board there would be several pavilion areas, benches, trashcans, and water fountains on the trail. There will be several arches that feature the city’s seal, which will denote the entry points to the trail. Lighting options for the signs are being explored as well.

The 10-foot wide trail will be made of stained concrete with either rock salt or slate texture. It will provide access to several locations including the Northgate Shopping Center, HEB, the Waxahachie Ninth Grade Academy and Chapman Park.

Stoffels told the board the pedestrian footbridge near the Boy Scout cabin at Chapman Park on Brown Street will be preserved but moved five feet closer to the cabin due to deteriorating support abutments. New abutments will be built.

CIVIC CENTER UPGRADES

The two projects at the civic center hope to enhance not only the capabilities of the property but create a new, inviting outdoor space. A fountain and plaza area will be constructed next to the Crape Myrtle Room located by the building west entrance.

Stoffels told the board this space would feature a lighted fountain, seating, and its surface will use reclaimed pavers. The pavers were removed from the installation of the splash pad at George Brown Plaza located on North Jackson Street. The fountain and plaza have an estimated cost of $227,000.

On the east end of the building, a large plaza area featuring the civic center’s star logo is planned. This plaza will utilize the reclaimed pavers as well. The plaza area has an estimated cost of $206,000.

Stoffels stated the star logo would be made of stainless steel and within the star, there would be spaces for landscaping.

Board president John Sanders expressed his concern about the heat absorbed by the metal, which could burn someone.

The board asked if Stoffels could look at alternatives such as a covering to keep the metal at a lower temperature. Stoffels agreed to research the other options. He added that the construction documents for the two plazas are about 95 percent complete.

Construction on the Little Creek trail project and the two plazas at the civic center will take place later on this year, but no date has been set.



DOWNTOWN AMPHITHEATER

Representatives from Halff Associates shared with the board that the site of the amphitheater posed a significant challenge for the placement of needed electrical equipment. The location of the $3 million amphitheater — located on the corner of College andRogers Street — is in a 100-year floodplain.

Halff representative Michael Allread, told the board the solution to the problem was to elevate the equipment.

“We were able to move the electrical equipment out of the floodplain,” Allread said. “The electrical equipment would be contained within the amphitheater structures with a removable bulkhead feature. It (the equipment) can be accessed through a panel.”

Allread stated the raised bulkhead would be installed behind the stage allowing performers to hook up their equipment. An electrical device known as a company switch could be transported by a cart to the stage by a city employee for larger groups needing a 200-amp connection.

Dave Buchanan, a Halff Associate representative, stated that apart from the electrical issues everything from a design standpoint has been consistent from the beginning. One thing Halff is working to do is to preserve as much as the existing trees on the site as possible

The current design adds several more elements in addition to the amphitheater. These features including a park, a pavilion area, a playground and a place for food trucks to park.

See Full Story Here


http://www.waxahachietx.com/news/20180326/quality-of-life-projects-nearing-construction-across-waxahachie


Over 2,000 rooftops planned for North Grove subdivision in WaxahachieFebruary 19, 2018By Andrew Branca

Construction equipment and new rooftops highlight the 700-acre development located on North Grove Boulevard in Waxahachie.

“The part that we are involved in is that we had about 1,400 lots approved through a concept plan to build over time. The total build-out will be about 2,200 lots,” said Terry Weaver, JH Development Chief Operating Officer. “We have the boulevard that is being constructed through the middle of it that will allow traffic to be handled as it connects Farm-to-Market Road 813 to U.S. Highway 77 and will open up both sides of North Grove.”

Weaver explained that the homes being constructed by John Houston Custom Homes would range from $230,000 - $400,000. Other builders in the development include Antares Homes and Bloomfield Homes. The development contains the subdivisions Enclave, Haven, Cove and Estates.

He noted that there is a high demand for this level of housing in the city and the market is reflecting that trend.

“We have three different lot types that we are developing and are intermixed within the neighborhood. We will have smaller alleylots, then we will have front entry lots, and then we will have estate lots that will be side-entry homes. We will have all of that available,” Weaver stated. “In our neighborhood, we have inter-dispersed in the plan are amenities. We have got an amenities center that will be going in in the future, two neighborhood pools, and a splash park. Not anything large like Hawaiian Falls.”



Weaver continued stating there will be a couple of playground areas and a trail system inside the neighborhood that will linkresidents to the hike and bike trail on either side of the boulevard. The amenities center and pools will be only available to residents of the neighborhood and managed by a homeowners association. The development features a site for a new elementary school.

Weaver added that the development is very pedestrian friendly and residents should be able to get to a park or an open space from their home in a 15-minute walk.

Waxahachie City Manager Michael Scott stated that the development would include a seven-acre park that will be constructed as more homes are built. He estimates the park, which will be similar in size to Matthews Park near Garden Valley Parkway, will open within the next three to five years. Preliminary plans for the park have been made, and the city is working with a landscape architect at this time.

“We don’t have a facility like that in that area. When you add that many homes you want to have amenities and you want to have parks. That is what makes a community a community. It makes sense to have a regional park there,” Scott explained. “It is going to have some unique attributes that hopefully will have more regional appeal and not just for these folks but also community-wide.”

Along with adding new homes the development will feature a new four-lane road known as North Grove Boulevard. The road will connect U.S. Highway 77 to Farm-to-Market Road 813. Its official grand opening and dedication are set to take place in the middle of March.

“I think that it is going to help a lot and will offset some of the traffic on 287 on the frontage roads there that kind of bottleneck at 77 and 287. Those lights have longer and longer waits,” Scott noted. “I think that it will alleviate a lot of that where people have to go through that intersection just out of necessity. So really it should help those bottlenecks in the retail corridor.”

Scott continued stating a traffic study will be done once North Grove Boulevard opens for traffic to determine if a traffic signal is needed on U.S. Highway 77 and FM 813. The speed limit for the street will be 35 mph. When the street opens the section at FM 813is going to be a four-way stop initially. The street is fully landscaped with trees, has stamped concrete, and lighting.



The development is a joint effort funded by developers and the city. The amenities in the development are funded through public improvement funds, which are an additional assessment above property tax. This assessment paid by residents living in that area. Once the debt is paid off the assessment is removed.

Weaver said there are 150 homes on the ground in The Cove at North Grove that is either occupied or under construction at this time. Constructions plans have been approved on everything south of the boulevard.

Weaver stated John Houston Custom Homes wanted to be involved with the project to create a positive place for families.

See Full Story Here


http://www.waxahachietx.com/news/20180219/over-2000-rooftops-planned-for-north-grove-subdivision-in-waxahachie


Planning underway for new 48-plus acre shopping center in western WaxahachieJanuary 17, 2018By Andrew Branca

Plans for a new retail center potentially anchored by a Buc-ee’s and large-box retailers could soon become finalized for the western portion of Waxahachie.

The proposed site is located on the southwest corner of Interstate Highway 35E and U.S. Highway 287— across I-35E from the Waxahachie Civic Center.

Director of Economic Development Doug Barnes said the development still in its early phases, and there is much to be decided.

“We have had maybe two meetings with these folks. We are still trying to determine what type of retail and what type of center that is going to be. The Texas Department of Transportation is still working on that area,” Barnes said. “Of course, one of the major concerns is the cloverleaf (interchange) because of the location of this property and the entrance and exits that are related to property and how they can be improved. So at this point, there is so much that has not been decided that it is hard to determine whether or not there is going to be a center in itself.”

Barnes stated that all parties involved in the project are making sure that is developed in a manner that will best serve residents and provide the next level of services for the community.



Mike Nelson, who serves as the senior vice president and director of leasing for Encore Enterprises, stated the project could range in size from 48-72 acres. He also explained there would be pad sites for restaurants and spaces for high-end retail along the I-35E frontage road. There could also potentially be spots for large box retailers toward the rear of the development.

According to the Encore Enterprises website, the firm develops, acquires, and manages hospitality-limited and full-service hotels, retail grocery-anchored shopping centers, single tenant centers, multi-family residential projects, and office buildings. Some of the company’s developments include the Tower at Frisco Square in Frisco, One Dallas Center in Dallas, and Encore Crossings inCorpus Christi.

“We have a lot of interest, but no one committed yet. What our retailers say is that 15-20 percent of their sales are from drive-by access. Those restaurants and those retailers depend on people going from one place to another such as people (traveling) from Dallas to Austin who will stop for dinner,” Nelson explained. “Without the direct access, they will lose out on that 15-20 percent. So that is what a bridge brings to them. It gives them direct access to people who were not necessarily thinking about stopping there. That is why that bridge is important.”

Nelson stated that the current expansion of I-35E from four to six lanes should help to provide better access to the site from the southbound lanes of traffic. He noted the need for a bridge to be constructed could complicate things, as it would require approval at the state and federal level.

If approved the cost to construct the bridge is about $10 -11 million.

Darwin Myers, TxDOT Area Engineer for Ellis and Navarro Counties, stated that the preliminary layouts are being reviewed. The review is estimated to take about a week to complete. Staff at TxDOT are looking at the locations for access points onto the roadway.

Barnes stated that everyone involved in this project is making sure that is developed in a manner that will best serve residentsand provide the next level of services for the community.

See Full Story Here


http://www.waxahachietx.com/news/20180117/planning-underway-for-new-48-plus-acre-shopping-center-in-western-waxahachie

6. DEMOGRAPHICS1831 John Arden DriveWaxahachie, TX 75165


Demographic and Income Comparison Profile


7. ABOUT SVN®1831 John Arden DriveWaxahachie, TX 75165


Advisor Bios

License #: 698951Phone: 972.432.7436Fax: 214.206.9616E-mail: [email protected]: 6320 LBJ Frwy.

Suite 228Dallas, TX 75240

Byron GriffithAdvisorSVN | Investment Sales Group

Byron’s real estate background began at a young age when his family acquired their first investment property, Lakewood Plaza Apartments, a 48-unit property in the heart of Lakewood Heights. From his teenage years on, he was involved in leasing, insuring, renovating, acquiring, and disposing of multifamily properties in the East Dallas and Oaklawn sub-markets. With 16 years working in commercial property & casualty and insurance sales, Byron developed his strong business acumen through his experience helping business and property owners alike. Byron’s ability to assist property owners through soft and hard markets, and navigate the nuances of premium savings and loss control strategies have proven a key driver of NOI and investment performance. His experience in P&C insurance, real estate finance equip him to advise investors through market cycles, and the critical decision -making process to maximize returns from acquisition through disposition. Byron believes the key to his success is putting his client’s needs first.

Byron joined SVN | Investment Sales Group in August 2017 and transitioned from Assistant Financial Analyst to Broker in 2018. Byron continues to service multifamily owners in the East Dallas and Oaklawn areas and throughout DFW as well as Secondary and Tertiary markets in Texas. He also services clients with SFR portfolios and multifamily land.

After graduating from Collin College and earning summa cum laude honors, Byron returned to Southern Methodist University where he earned his BBA in real estate finance from the Cox School of Business. Byron is currently an active member of the SMU Folsom Institute Real Society where he is a student mentor and active recruiter of SMU, UNT, and UTD interns for SVN | Investment Sales Group. Byron also participates as a member of the Urban Life Institute, Commercial Real Estate Development Association, The Real Estate Council, and during tax season volunteers as a tax preparer at the Community Tax Center for Habitat for Humanity.


Disclaimer

The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and isnot to be used for any other purpose. This information should not, under any circumstance, be photocopied or disclosed to any third partywithout the written consent of the SVN® Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possiblepurchase of the Property.

The only party authorized to represent the Owner in connection with the sale of the Property is the SVN® Advisor listed in this brochure, and noother person is authorized by the Owner to provide any information or to make any representations other than contained in this OfferingBrochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must bereturned to the SVN® Advisor.

Neither the SVN® Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of theinformation contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the futurerepresentation of the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that suchestimates will be achieved. Further, the SVN® Advisor and the Owner disclaim any and all liability for representations or warranties, expressedor implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or made available tothe recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fullyexecuted and delivered Real Estate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipient of those materials shall not look to Owner or the SVN®Advisor nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof.Recipients of this Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at itssole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, toterminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment orobligation to any entity reviewing the Offering Brochure or making an offer to purchase the Property unless and until the Owner executes anddelivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, aprospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and the SVN Advisor from anyliability with respect thereto.

To the extent Owner or any agent of Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchasershould not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bindthe property and each prospective purchaser proceeds at its own risk.


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