The Park on Spring Creek Apartments

Multi-Family Property
Experienced Sponsor
Nicholas Residential LLC
Dallas, Texas

Offered By

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Assets Under
Management

Currently
$100MM less than 10 assets
Exited
$106.5MM less than 10 assets
Portfolio LTV
70%  
Historical
Realized Returns

Total IRR
36.3%  
Equity Multiple
2.3x  
Annual Cash
11.8%  
Years Of
Experience

As Principals
10+ years  
In Business
2 years  
Size
35 Staff * Dedicated investor relations
* All information is reported by Nicholas Residential LLC as of 9/19/2017.
Assets Under
Management

Currently
$100MM less than 10 assets
Exited
$106.5MM less than 10 assets
Portfolio LTV
70%  
Historical
Returns

Total IRR
36.3%  
Equity Multiple
2.3x  
Annual Cash
11.8%  
Years Of
Experience

As Principals
10+ years  
In Business
2 years  
Size
35 Staff * Dedicated investor relations
* All information is reported by Nicholas Residential LLC as of 9/19/2017.

About this Property

10 of the Property’s 278 units have been fully upgraded by the current owner, while the remaining units have not been improved. The property's average in place rents are $1,091 ($1.14/SF) and our analysis conservatively assumes market rents of $1,185/unit ($1.24/SF). With comparable properties achieving rents of up to $1.37/SF, significant rent growth will be achieved through a combination of unit upgrades premiums and organic market growth.

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Key Points

  • Zero deferred maintenance: In the past 12 months, the property has undergone a complete exterior renovation consisting of new, 40 year pitched-shingle roofs, hardi-plank siding and fresh exterior paint and landscaping.
  • Irreplaceable Tenant Amenities: Residents enjoy easy access to the Jack Carter Public Water Park, situated immediately adjacent to the property. The 55-acre park includes waterslides, lazy river, lap pool, kids club, soccer and football fields, wooded jogging trail and 3 acre dog park, all maintained by the city of Plano.
  • Institutional ownership: Due to the large influx of jobs to the greater Plano, TX area (including the new Toyota Facility and St. Farm Campus) the property is situated in good company with neighboring owners including institutions such as Guggenheim, IRT REIT, CWS, Camden and Starwood.
  • Blue Ribbon school district: Plano ISD has been a top ranked, Blue-Ribbon school district for nearly a decade and is one of Texas’s most sought after school districts. The property’s location provides residents an ideal living situation for families seeking a highly rated public school for their children.

Financials

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Offering Financial

Location Details

Plano, TX

Positioned on 18.037 acres, the property is located in Plano, Texas with high visibility along West Spring Creek Parkway and I-75 with traffic counts upwards of 33,000 cars per day and only minutes from Legacy Central, Granite Business Park and the Platinum Corridor, the largest employment centers outside the Dallas CBD.

Plano has been a corporate hub for decades, housing companies like Frito-Lay, Dr Pepper Snapple, and JCPenney and with the addition of State Farm, Toyota, Liberty Mutual and JPMorgan Chase relocating or consolidating their operations in Legacy West, tens of thousands of jobs have come to the area.

Further, construction is underway on a 300,000 SF regional headquarters for Fannie Mae at Granite Park that could employ about 2,000 by the beginning of 2018. USAA is also expanding its campus in Legacy, adding room for 850 jobs when its new 150,000 SF office building completes.

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Documents

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Offering Agreement Documents

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The funding deadline for this opportunity is November 30th, 2017.

The first projected distribution is scheduled for March 2018.

Distributions are scheduled to go out on a monthly basis.

Yes, non-US residents are welcome to apply.

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