100 UNITS | BUILT IN 1971 howe, Texas

INVESTMENT HIGHLIGHTS

HEALTHY SUBMARKET AND PROPERTY RENT GROWTH TRENDS

Westwood Manor is located in Grayson County and lies within the Sherman/Denison submarket, which has averaged an impressive 96.2% occupancy over the last 4 years, and 96.8% in the most recent 24 months. The submarket's effective rents have also increased by 27% over the same four-year time period.

STRATEGIC EXTERIOR AND COMMON AREA CAPITAL IMPROVEMENTS

Current ownership has consistently invested significant capital to maintain and improve Westwood Manor including parking lot and sidewalk repair, replacing all windows and doors, exterior light replacements, and roof repairs in the last couple of years. This allows new ownership the opportunity to focus on improving other revenue-generating aspects of the community such as unit interiors, fenced yards, and carports.

Powerful Economic and Employment Drivers

Howe offers a significant amount of employment opportunities and boasts an average household income of $61k. Major nearby employers include Tyson Foods, Texas Instruments, Wilson Jones Health Systems, Texoma Health Care System, Sherman ISD, and Connect General which all have over 1,000 employees. The town is also located in the direct path of growth on the Interstate 75 corridor in between Downtown Dallas and Sherman just a short drive from McKinney. The development currently being experienced in McKinney is expected to continue sprawling until it reaches Durant, Oklahoma due to the major thoroughfares, and continued need for industrial land with proximity to DFW.

OPPORTUNITIES TO INCREASE INCOME

Westwood Manor is ideally positioned for a new investor to increase income and significantly reduce operating expenses. The property offers a variety of opportunities to increase income by implementing one or all of the following approaches which have not been attempted by current ownership:

Opportunities to increase income include: Upgrading unit interiors for a premium rent. Adding and renting carports Adding 1st floor fenced yards Allocating a reimbursement charge for utilities

 

Property Overview

Westwood Manor is a 100-unit, two-story, garden-style walk-up apartment community located in Howe, Texas just north of McKinney and south of Sherman. The property is extremely well maintained and current management reports a 90% renewal rate. The property offers an attractive unit mix with 1,2, and 3-bedroom floorplans which cater to the predominantly family atmosphere

Location

INVESTMENT ADVISORS

TOM BURNS

Managing Director

972.458.6833

tom.burns@berkadia.com

JAY GUNN

Managing Director

972.458.4589

jay.gunn@berkadia.com

WILLIAM JARNAGIN

Senior Director

972.458.6868

will.jarnagin@berkadia.com

TAYLOR HILL

Senior Director

972.458.4591

taylor.hill@berkadia.com

Michael Ware

Senior Director

972.458.6841

michael.ware@berkadia.com

FINANCING

ELI GERSHENSON

Senior Director

214.360.3814

jeli.gershenson@berkadia.com

DALLAS OFFICE

5960 Berkshire Lane Suite 1000 Dallas, TX 75225

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.

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