Created date: October 10, 2023
Date last updated: October 15, 2023
- Assumable Fannie Mae Loan With 4.01% Rate Until 2032 at ~60% LTV
- $3.1MM+ in Improvement Upside
- 68% Are 2–3 Bedroom Units – Floorplans up to 1,250 SF
- Strategically Located at the Cross-Section of Loop-286, Hwy-271, and Hwy-82
- Located 1 Mile From Paris Jr College With Over 6000 Students
- Several Solar Farms Are Making Paris Their Home – Increasing the Demand for Workers
The Multifamily Group is pleased to present the exclusive offering of The Regency Apartments, a unique, value-add opportunity in Paris, Texas. Constructed in 1985, the property consists of 100 units averaging 905 square feet. Regency offers one to three-bedroom floorplans. 68% of the units are either two or three-bedrooms. All roofs are 8 years old. All units have individual HVACs and electric hot water heaters. The property is currently 80% occupied with strong occupancy rates in the Texas East Area submarket at 95%. The Regency Apartments has an assumable agency loan with a 4% rate until 2032, offering nearly 60% leverage.
Since 2022, the current owner has spent in excess of $243,000 completing the following renovations: bringing 6 down units back online ($70,000), replacing old HVAC/chillers, exterior lighting, exterior paint and repair, interior upgrades on vacant units, plumbing repairs, signage, and marketing. A breakdown is available upon request.
All 100 units are should be renovated to premium in order to attract tenants and increase rents by ~$150/unit/month. Some of the units have slight upgrades, but should be further renovated to maximize the rents. Carports can be added along with a reserved space fee. Also, water RUBS can be increased to capture the full billback. Lastly, by installing water conservation fixtures, the water expense will be greatly reduced.
The Regency 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. Lamar Avenue is also Business Hwy 82, which crosses this intersection. The asset is 3-miles from the largest economic driver in the city - Paris Regional Medical Center - employing over 1,000 people. It is 4-miles from the Campbell’s Soup and Siligan Can Company. Paris Junior College is 1-mile away. It enrolled over 6,000 students from 2020-2021. Paris is a Certified Texas Retirement Community by the Texas Dept. of Agriculture. These communities demonstrate they meet the living, employment, volunteer, health, entertainment, education, and safety needs of their retirees, citizens, and visitors. The property is within walking distance of Wade Park, a convenience/gas station, an auto parts store, a barber shop, and several national retailers including Dairy Queen, Sonic Drive-In, Nautilus Family Fitness, and Papa Murphy’s Pizza. Regency is less than 5-minutes from Family Dollar, Brookshire’s Grocery Store, and Kroger. All the secondary schools are between 3 to 6 minutes away.