Grand Saline & Van Portfolio

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Address: 404 Clearwater Rd, Grand Saline, TX 75140, USA
Address: 1012 E Pennsylvania St, Van, TX 75790, USA
Created date: February 13, 2024
Date last updated: February 13, 2024
  • Effective 1.0% Interest Rate – USDA Rural Development Loan
  • Each Property Contains 28 Units – 100% Occupied
  • Average Rent is $429/Unit/Month ($0.15 PSF), which is $225 Less Than Comparable Assets
  • Ease of Management with Short 20 Minute Drive Between Properties
  • Both Assets are Closely Located to all K-12 Schools

Portfolio Description

Summary: The Multifamily Group is pleased to present the exclusive offering of Spring Creek Apartments (Grand Saline, TX) & Van Apartments (Van, TX). These well-maintained properties are located in northeast Texas, in Van Zandt County. The assets have respective loans with USDA Rural Development, which must be assumed. Both assets were constructed in 1991, offering one and two-bedroom floorplans. Each property has 28 units, consisting of 24 one-bedroom units and 4 two-bedroom units. The properties are currently 100% occupied with a submarket average of 93% (CoStar). The rent levels should immediately be increased by working with USDA directly following the purchase.   USDA Rural Development Loans: See Pages 7 & 8 (next page) for assumption loan details. Prospective purchasers must assume the in-place loans that have an effective 1% interest rate. USDA RD has been inviting and looks forward to assisting with the loan transfer process for the purchaser.   Location: Both properties are located in northeastern Texas, in Van Zandt County. An easy 20-minute stretch of Texas Highway 110 separates the two assets. The locations are 65 miles from downtown Dallas, and 25 miles from Tyler, TX. Morton Salt Mine, Union Oil, Sky Ranch, and Mercy Ships are the major area employers. Van Zandt County also has oil and natural gas wells in production.

Portfolio Key Information

Listing Status: Available
Listing Type: Highest & best offer
No. of Units: 56
Year Built: 1991
Building Size: 44000 Sq ft
Lot Size: 5 Acres
No. of Stories: 1
Opportunity Zone: No
Address: 404 Clearwater Rd, Grand Saline, TX 75140, USA
Address: 1012 E Pennsylvania St, Van, TX 75790, USA

Additional contacts

Full name Phone number Email address
Garrett Kinney 469.969.9336 [email protected]

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