The Gardens

• $1.8MM+ In Improvement Upside
• Roofs Replaced in 2016 & All Exteriors Painted in 2022
• $429/Unit/Month ($0.27 PSF) Under Market Rents
• Paris High School A Rated by Niche
• The Police Department is Directly Across the Street from the Property
• Several Solar Farms are Making Paris Their Home – Increasing the Demand for Workers
• Strategically Located near the Cross-Section of Loop-286 (15,000 VPD) and Hwy-271
• Walking Distance To Crockett Intermediate School, Paris Junior College, Culbertson Park, three local Restaurants, and a Convenience Store

Property Description

Summary: The Multifamily Group is pleased to present the exclusive offering of The Gardens Apartments, a unique, value-add opportunity in Paris, Texas. Constructed in 1970 and 2017, the property consists of 51 units + 1 unit as an office, averaging 666 square feet. The Gardens Apartments offers one and two-bedroom floorplans, each with two floorplans. There are 32 one-bedroom units and 20 two-bedroom units. There are two buildings, one at 2903 and one at 2905 Clarksville Street. The average rents are $429/unit/month ($0.27 PSF) below market rates. The property is currently 100% occupied with strong occupancy rates in the submarket at 93%.   Value-Add: All 31 units of building 2903 should be renovated to attract tenants and increase rent by $150/unit/month. Water RUBS can be increased to capture the full billback. The water expenses can be greatly reduced by installing water conservation fixtures. See the Save Water Co. quote on pages 11-12. The tax expense appears to be higher than comps and should be protested for a reduction. 15 storage units are not being charged for. Additionally, more money should be allocated to marketing the property at higher rents with professional photos. Currently, they are only attracting tenants through word of mouth.   Location: The Gardens Apartments are located in northeast Texas, 16-miles from the TX-OK border. It has a great location inside Loop-286 (Traffic Volume 15,000+). It is 4-minutes from the intersection of Loop-286 and U.S. Hwy-271. Clarksville St. is also Business Hwy 271. The asset is 4-miles from the largest economic driver in the city - Paris Regional Medical Center - employing over 1,000 people. Most tenants work at ResultsCX, right across the street, and Kimberly-Clark and Campbell’s Soup. Paris Junior College is within walking distance, less than half a mile away. It enrolled over 6,000 students from 2022-2023. Niche has graded Paris High School with an overall A rating. Paris is a Certified Texas Retirement Community by the Texas Dept. of Agriculture. The Paris Police Department is directly across the street from the property. Within walking distance tenants have access to the Crockett Intermediate School, Culbertson Park, Paris Sports Complex, three local restaurants, and a convenience store.