Amberly Village Townhomes

2735 North Garland Avenue, Garland, Texas

148 Units – 191,808 Net Rentable Square Feet

Price: $11,200,000 Price Per Unit: $75,676

Terms: Cash to Note Price per Sq. Ft.: $58.39

PROPERTY INFORMATION

UNIT MIX

Year of Completion:

Land Area:

Zoning:

School District:

Constuction:

- Style:

- Building Exterior

1986

11.102 acres

13.33 units per acre

City of Garland PD 83-55

Garland ISD

Garden

Brick with wood trim

No. of Units	Unit Type by Floor plan	Size (SF)	Month Rent	Month Rent per SF
37	2 BR - 2.5 BA	1,157	$960	$0.830
37	2 BR - 2.5 BA	1,252	$995	$0.795
37	2 BR - 2.0 BA Loft	1,300	$1,015	$0.781
37	2 BR - 2.5 BA	1,475	$1,030	$0.698
148		1,296	$1,000	$0.772

- Foundation:

Reinforced concrete slab

Averages/Totals

- Roof

Pitched,comp shingles

- Total No. of Units 148

- Monthly Street Rent: $148,000

Mechanical Systems:

- Average Rent: $1,000

- Electric Metering:

Individual – resident pays

- Average Rent/Sq.Ft.: $0.772

- HVAC:

Individual, roof mounted

- Average Unit Size: 1.296

- Hot Water:

Individual, 40 gallon

Current Leased (10/15/02): 92.6%

- Water/Sewer Meter:

Individual – resident pays

Current Concessions: 1 month free amortized over a 13 month lease (on select units only)

HVAC:

- Heat:

Electric

AMENITIES

- Air Conditioning:

Electric

Community Amenities:

No. of Buildings:

30, two-story buildings

- Leasing Office/Club House

1 leasing/clubhouse

- Swimming Pool/Fountain/Jacuzzi/BBQ

- Matured Landscaping/Fully Sprinklered

Parking Spaces:

364 Total Spaces

- Concrete Parking

- 148 Direct Access Garage

(1/Unit)

- 148 Covered Parking

(1/Unit)

Unit Features:

- 68 Open Parking

- Ceiling Fans

No. of Employees:

4

- Mini-blinds

No. of Employee Units:

None

- Vaulted Ceilings

No. of Model Units:

None

- Sky Lights

Down Units:

None

- Monitored Security System

MORTGAGE INFORMATION

- Cable & DSL

Note Date:

July 20, 2000

- Fireplaces

Maturity Date:

August 1, 2005

Original Amount:

$8,240,000

- Private patios

Balance as of 9/30/02:

$8,122,853

Interest Rate:

8.55%

- Full size washer/dryer connections

Amortization:

30 Years

Monthly P & !:

$63,650.69

- Frost Free refrigerators with ice maker

Capital Reserve Escrow:

$3,157/month

Taxes & Insurance:

Escrowed monthly

- Self Cleaning oven/range w/ vent hood

Liability:

Non-recourse

Assumption Fee:

1.0%

- Stained wood cabinetry

Prepayment Penalty:

Defeasance

Lockout Period:

Expired

- Garbage Disposal

- Multi-cycle Dishwasher

PROFORMA

Gross Potential Rent Economic Vacancy Effective Rent Inc. Other Income Gross Revenue Operating Expenses: Payroll G & A Management Fee Marketing/Leasing Utilities Contract Services Make-ready Expenses Repairs/Maintenance Actual Taxes Insurance Replacement Reserves Operating Expenses	$1,776,000 $ 124,320 (7%) $1,651,680 $ 90,000 $1,741,680 $ 143,396 $ 23,697 $ 60,959 $ 34,756 $ 44,809 $ 70,147 $ 35,771 $ 26,983 $ 127,800 $ 61,077 $ 37,884 $ 667,279
Net Operating Income Debt Service Net Cash Flow Cap Rate	$1,074,401 $ 763,808 $ 310,593 9.6%	THIS INFORMATION IS DERIVED FROM SOURCES DEEMED RELIABLE; HOWEVER, IT IS SUBJECT TO ERRORS, OMMISSION, PRICE CHANGES, AND/ OR WITHDRAWAL, AND NO WARRANTY IS MADE AS TO THE ACCURACY. FURTHER, NO WARRANTIES OR REPRESENTATIONS SHALL BE MADE BY MARKSMAN REALTY SERVICES, INC. AND/OR ITS AGENTS REPRESENTATIVES, OR AFFILIATES REGARDING ORAL STATEMENTS WHICH HAVE BEEN MADE IN THE DISCUSSION OF THE ABOVE PROPERTY. THIS PRESENTATION WAS SENT TO THE RECIPIENT UNDER THE ASSUMPTION THAT HE IS A BUYING PRINCIPAL. ANY POTENTIAL PURCHASER IS ADVISED THAT HE SHOULD EITHER HAVE THE ABSTRACT COVERING THE REAL ESTATE WHICH IS SUBJECT TO THE CONTRACT EXAMINED BY AN ATTORNEY OF HIS SELECITON, OR FURNISHED A POLICY OF TITLE INSURANCE

For a complete package, please contact David Marks or Russell Dickson at Marksman Realty Services, Inc. – (972) 355-1053

Prepared by Marksman Realty Services, Inc., 3305 Long Prairie, Suite 120, Flower Mound, TX 75022, (972) 355-1053