loggins court

units50

avg sf902

year of construction1975

effective rent$749

710 Loggins dr | west columbia, tx 77486

INVESTMENT HIGHLIGHTS

# OF UNITS50

PRICETBD

YEAR BUILT1975

OCCUPANCY (LEASED)

90%

TOTAL ACREAGE

1.95

AVERAGE UNIT SIZE

902 sf

EFFECTIVE RENT PER SF$0.83

NET RENTABLE AREA

45,100 sf

EFFECTIVE RENT PER MONTH

$749

OUTSTANDING VALUE-ADD OPPORTUNITY

RENT GROWTH OPPORTUNITY

The Property has not undergone a comprehensive value-add program, and most units have received minimal or no interior upgrades. A new owner has the opportunity to upgrade unit interiors and potentially achieve significant rent premiums. Potential upgrades depicted below. Additional opportunities to increase ancillary income include charging for reserved parking, trash pickup, and pest control:

• Great opportunity to increase rents at Loggins Court when comparing subject whole dollar effective rents to the rent comp set average, the overall submarket effective rent average, and the rent comparable set high

• Average of Rent Comp Set: $155 delta• Submarket Effective Rent Average: $193

delta• Rent Comp Set High: $302 delta

$749

$851

$904

$942

$1,051

$700

$750

$800

$850

$900

$950

$1,000

$1,050

$1,100

Subject T'1 Effective Rents Subject Market Rents Average of Rent Comp Set Submarket Effective RentAvg

(Axiometrics)

Rent Comp Set High (Pearlat Oyster Creek)

Ren

ts

FAUX WOOD FLOORINGRESURFACED COUNTERTOPS

NEW CABINET FRONTS/HARDWARE

NEW LIGHTING FIXTURES

STAINLESS OR BLACK APPLIANCESTWO-TONE PAINT

location map

N. Colum

bia Drive

W. Brazos Ave. Jimmy Phillips Blvd.

S. Columbia D

rive

S. 17

th St

.

36

35

1301

east columbia

west columbia

LOGGINS COURT

ANGLETON, TX13 MILES EAST

LAKE JACKSON, TX13 MILES SOUTHEAST

sweeny, TX7 MILES SOUTHwesT

houston, TX40 MILES north

columbia lakes

area HIGHLIGHTS

• Loggins Court is strategically located amongst some of the largest industrial tenants and petrochemical companies in the US, which provides the area with an affluent employment base

• Average household income and unemployment rate within a 3 miles radius are $71,499 and 3.6% respectively• Aside from the vast amount of industrial and petrochemical complexes in the area, Loggins Court is just 2 miles

southwest of Columbia Lakes Golf Course with home values up to $440,000• Columbia Lakes Golf Club (2 miles)

◊ Nestled within 2,000 wooded acres in the heart of south Texas, Columbia Lakes Country Club & Golf Course is a year-round destination located just 2 miles from Loggins Court

◊ Championship-caliber golf, fitness center, swimming, over 10,000 square feet of meeting/banquet space and 100 overnight guestrooms–all nestled around gorgeous lakes and lagoons

AFFLUENT DEMOGRAPHICS

PHILLIPS 66 CAMPUS

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,500 employees.

• Phillips 66 announced a major expansion of the company’s Sweeny Hub which includes the construction of two 150,000 barrel-per-day natural gas liquids fractionators in Old Ocean, Texas, additional NGL storage capacity, and associated pipeline infrastructure

• The project is expected to cost up to $1.5 billion and begin commercial operations in late 2020• Upon completion of the expansion, the Sweeny Hub will have 400,000 BPD of NGL fractionation capacity and access

to 15 million barrels of total storage capacity• The expansion is expected to result in more than 25 new full-time jobs and approximately 2,000 construction-related

jobs in Brazoria County

CHEVRON PHILLIPS CAMPUS

The Chevron Phillips Old Ocean Rail Operations Facility supports the new polyethylene units with full and empty railcar storage and staging, railcar maintenance, and other transportation functions. At a length of five miles, it has the capacity to store over 1,500 railcars. The new Chevron Phillips Old Ocean Warehouse will serve the ethylene, NGL, and polyethylene units to provide bagging and tagging of daily maintenance, project material, and storage of critical spares, consumables, and tools

• The Chevron Phillips Chemical Sweeny Complex has been in operation since 1944, and is adjacent to the Phillips 66 Sweeny Refinery

• The Sweeny Complex is one of the world’s largest single-site ethylene facilities, capable of producing over 11 million pounds of ethylene per day

• The two world-scale polyethylene units started up Old Ocean in 2017 and are capable of producing 500,000 metric tons – or 2.2 billion lbs – of plastic resin annually

DOW CHEMICAL COMPANY (FREEPORT PLANT AND TEXAS INNOVATION CENTER)

• Largest employer in the Brazosport area with more than 5,000 employees• Largely responsible for the initial economic growth in the Brazosport area• Dow’s Freeport plant, built in 1940, was their first in Texas• Today, it’s the world’s largest integrated chemical manufacturing site• Dow completed nearly $6 billion in expansions along the Gulf Coast in 2017, primarily in Freeport• Another $4 billion in Gulf Coast expansions – including several in Freeport – is planned for the next five years• Dow’s Texas Innovation Center (a five-building administrative and R&D complex built in Lake Jackson between 2014

and 2017) consists of nearly 900,000 square feet of office and lab space

MAJOR EMPLOYERS

area HIGHLIGHTS

BASF

• Second largest producer and marketer of chemicals in North America• BASF Freeport (founded in 1958) is their first US manufacturing site and is comprised of 26 plants • Area employment is approximately 800 with an additional 780 contractors• Local economic impact in 2016 was more than $175.9 million in payroll, $8 million in state and local use taxes, $10.4

million in property taxes, and $414.6 million in local purchases

FREEPORT LNG

• A new natural gas liquefaction and liquefied natural gas (LNG) export facility• Construction began in 2014; Freeport LNG’s first three trains are expected to enter service between September 1,

2019, and May 1, 2020• Each of the three liquefaction trains are expected to have a capacity in excess of 5 million tonnes per year• Construction will generate an estimated 5,000 jobs, and the facility will support more than 300 full-time jobs at

completion

PORT FREEPORT

• Has an estimated annual economic impact of $46.2 billion• Port activity credited with supporting 16,400 direct jobs and 69,500 indirect & induced jobs locally• Port Freeport currently ranks 24th among U.S. ports in international cargo tonnage handled • The current channel is 45-foot deep but it will soon to be widened and deepened• Just three miles from open Gulf of Mexico waters and has an abundance of acreage for future development

STP NUCLEAR OPERATING

• The South Texas Project Electric Generating Station is one of the newest and largest nuclear power facilities in the nation

• STP’s two units produce 2,700 megawatts of carbon-free electricity - providing clean energy to two million Texas homes

• 12,220-acre site directly employs approximately 1,200• Provides power to CPS San Antonio, Austin Energy, and NRG• Operating since 1988

TENARIS BAY CITY

• 1.2 million square feet state-of-the-art seamless pipe mill in Bay City• The $1.8 billion project began operation in 2017 and provides 600,000 tons of annual production capacity• Supports an estimated 600 manufacturing jobs

MAJOR EMPLOYERS (CONTINUED)

freeport lng port freeport

INVESTMENT HIGHLIGHTS

Loggins Court is adjacent to both Columbia High School and West Columbia Elementary, providing teachers, families, and students a home within walking distance to two of West Columbia’s schools totaling over 100 teachers and 1,600 students.

WEST COLUMBIA ELEMENTARY SCHOOL

• Currently employs 46 teachers, who have been with the school an average of 9 years• Currently hosts 821 students with a student to teacher ratio of 17.80 S/T

WEST BRAZOS JUNIOR HIGH SCHOOL

• Currently employs 33 teachers, who have been with the school an average of 6 years • Currently hosts 488 students with a student to teacher ratio of 14.90 S/T

COLUMBIA HIGH SCHOOL

• Currently employs 61 teachers, who have been with the school an average of 8 years• Currently hosts 897 students with a student to teacher ratio of 14.80 S/T

BRAZOSPORT COLLEGE

• Community college serving southern Brazoria County since 1968• Located on a 156-acre campus in Lake Jackson• Employs approximately 278 and has an annual enrollment over 4,200• Offers two-year degree and certificate programs, as well as four-year degree programs in Industrial Management and

Health Services Management• Expanded in recent years; additions include the BASF Center for Process Technology, the Dow Academic Center, the

Byron & Sandra Sadler Health Professions Complex, a new student pavilion, a renovated library and the BCPC Welding Technologies Laboratory

• The Aspen Institute ranked Brazosport College among the top 10 community colleges in the nation in 2013 and 2015• Home to the Clarion Theater which features musical and theatrical performances throughout the year

EDUCATION

HEALTHCARE

SWEENY HOSPITAL

• Since the time of its opening in 1965, Sweeny Community Hospital has continued to grow and expand its services offered to the West of the Brazos Community

• Licensed for 20 inpatient beds, Sweeny Community Hospital serves as a Level IV Trauma Center, hosts The Fountains Assisted Living Center, has a dedicated surgical suite, and over a dozen outpatient clinical services

CHI ST. LUKE’S HEALTH

• 25-acre campus in Lake Jackson with 154 beds• 100 board-certified physicians an additional 600 employees• Includes a state of the art Cancer Center which is nationally accredited by the Commissions on Cancer of the

American College of Surgeons• Level III Trauma Center designation• Additional services include cardiac care center, Dow Women’s Center, home health services, imaging services,

inpatient and outpatient rehabilitation, intensive care unit, laboratory services, orthopedic center, respiratory care, and surgical services

INVESTMENT HIGHLIGHTS

RETAIL & ENTERTAINMENT

BRAZOS MALL

• Located in Lake Jackson, minutes from the Property• In 2018, the mall completed a $25 million redevelopment project that reconfigured existing space to add a new retail

lineup including TJ Maxx, HomeGoods, Ashley Home Store and Ulta Beauty • Additional retailers include American Eagle, Lids, Claire’s, Hot Topic, Victoria’s Secret, Buckle and Ross• Dining options include El Chico, Texas Roadhouse, Chuck E Cheese, Sake to Me Sushi and Subway and Pretzelmaker

DOWNTOWN LAKE JACKSON

• Historic Downtown Lake Jackson features an abundance of mostly mom-and-pop-owned bars, restaurants, and retailers and serves as a major local hangout

• Lake Jackson has implemented a $26 million revitalization project aimed primarily at enhancing the pedestrian environment: adding pedestrian walks and gathering spaces, lighting, and street furnishing, as well as new utilities, roadways, and parking spaces

• Bars and restaurants include Wurst Haus, Wayside Pub, Growler’s Pour Haus, Brian’s Bar-B-Q, Smithhart’s Grill, The Local, Downtown Tacos and Table 24

• Retailers include Brazos Avenue Market, Champagne Appliances, Carriage Flowers, Blessed and Beautiful Boutique, Bargain Box, Treasure Chest and Threaded Leaf Project

• Also home to the Lake Jackson Library, City Hall, Police Department and Civic Center, and hosts the annual Festival of Lights

chi st. luke’s health - brazosport

BRAZOS MALL

SWEENY HOSPITAL

west brazos junior high school

property details

STYLE Garden-style and townhomes

NUMBER OF BUILDINGS 5 two-story residential buildings1 maintenance shop1 clothes care facility1 mailroom

FOUNDATION Concrete post tension slabs

EXTERIOR WALLS Brick and hardiplank siding

ROOF TYPE Pitched composition shingles

FLOOR COVERING Carpet, faux wood, and ceramic tile

PAVING Concrete paved with curbs

WIRING Copper

PIPING PVC

CONSTRUCTION DETAILS

ELECTRICITY All bills paid, except for long-term residents *

WATER/SEWERAll bills paid

HOT WATER Individual hot water heaters

HVAC Individual climate controlled units

MECHANICAL SYSTEMS

OPEN, UNRESERVED SPACES111

HANDICAP SPACES5

TOTAL116 spaces or 2.32 spaces per unit

PARKING INFORMATION

APPLICATION FEE $100 per applicant

ADMINISTRATIVE FEE$250

RISK FEE$400/pet

PET FEE$200/pet

PET DEPOSIT$200/pet

PET RENT$10/pet/month

PET RESTRICTIONS2 pets | Breed restrictions

miscellaneousfees

UNITS % TYPE UNIT SFMKT RENT/

SF/MO TOTAL SFMONTHLY MARKETTOTAL

ANNUAL MARKET TOTAL

12 24.00% 650 $1.12 7,800 $8,700 $104,400

26 52.00% 950 $0.92 24,700 $22,750 $273,000

12 24.00% 1,050 $0.88 12,600 $11,100 $133,200

50 100% 902 $0.94 45,100 $42,550 $510,600

2 BEDROOMS / 1 BATHROOM

UNIT MIXUNIT DESCRIPTION

1 BEDROOM / 1 BATHROOM

2 BEDROOMS / 1.5 BATHROOMS Townhome

MKT RENT/UNIT/MO

$725

$875

$925

TOTALS/AVERAGES $851

UNIT MIX

17%

37%

46%

1 BEDROOM | 1 BATH

2 BEDROOM | 1 BATH

2 BEDROOM | 1.5 BATH TOWNHOMES

* Residents capped at 1,000 kWh; overages are charged back at $0.05/kWh

amenities & features

12 Townhome Units

Open Courtyards

Central Mailbox

Pass-Through Kitchens

Black and White Appliances

Mosaic Tile Backsplashes*

Spacious Walk-In Closets

Built-in Bookshelves

Vertical Blinds*

Mini-Blinds*

Ceiling Fans *

Private Patios/Balconies

* In Select Units

pro forma

INCOMEGross Scheduled RentLess: (Gain)/Loss-to-LeaseGross Potential IncomeLess: VacancyLess: Non-Revenue UnitsLess: Collection LossLess: ConcessionsTotal Rental IncomePlus: Utility ReimbursementsPlus: OtherEffective Gross IncomeEXPENSESRepairs and MaintenancePayroll AdministrativeMarketingUtilitiesTotal Variable ExpensesTaxesInsuranceManagement FeeTotal Operating ExpensesCapital ReservesTotal Expenses

Net Operating Income $244,778 $4,896 $5.43

52.14% $266,636 $5,333 $5.912.93% 15,000 300 0.33

49.20% $251,636 $5,033 $5.585.00% 25,571 511 0.574.64% 23,750 475 0.539.09% 46,471 929 1.03

30.47% $155,844 $3,117 $3.4614.10% 72,094 1,442 1.600.24% 1,250 25 0.031.47% 7,500 150 0.178.80% 45,000 900 1.005.87% 30,000 600 0.67

% of EGI Totals Per Unit Per SF100.16% $511,414 $10,228 $11.34

6.84% 34,914 698 0.7711.82% 60,361 1,207 1.3481.50% $416,139 $8,323 $9.231.00% 5,106 102 0.112.50% 12,765 255 0.282.00% 10,212 204 0.235.00% 25,530 511 0.57

92.00% $469,752 $9,395 $10.4240,848 817 0.91

100.00% $510,600 $10,212 $11.32% of GSR Totals Per Unit Per SF

PRO FORMA FINANCIAL ANALYSIS

8.00%

pro forma assumptions

Gross Scheduled Rent (GSR) – Proforma Year 1 GSR is projected at $510,600 annually, or $42,550 per month.

Loss-to-Lease (LTL) – Proforma Year 1 LTL is projected to be 8% of GSR based on trends in the Dec’18 T4 financials.

Gross Potential Income (GPI) – Proforma Year 1 GPI is projected at $469,752 annually, or $39,146 per month.

Vacancy Loss – In Proforma Year 1, the Property is expected to maintain at least a 95% occupancy rate. This is consistent with the trailing financials and historical operations. Note that the financials include an administrative unit (units 101 is being used as the office) in vacancy which accounts for 2% of total vacancy. In this pro forma, the administrative unit is broken out on its own in “Non-Revenue Units” below.

Non-Revenue Units – Pro Forma Year 1 is assumed at 2% of GSR, based on 1 administrative unit.

Collection Loss – In Proforma Year 1, Collection Loss is assumed at 2.50% of GSR based on market norms.

Concessions – In Proforma Year 1, Concessions are assumed at 1.00% of GSR based on trends in the trailing financials

Total Rental Income – Total Rental Income equals GPI less Vacancy, Non-Revenue Units, Collection Loss, and Concessions. Proforma Year 1 totals $416,139 annually, or $34,678 per month.

Utility Reimbursements – Utility Reimbursements for Proforma Year 1 are projected at $60,495 annually, or $1,207 per unit. This value is based off Dec’18 T4 actuals annualized and grown 3.0%. The majority of the Property is “all bills paid”, however, the financials break out the utilities portion of rent into “Resident Utility Reimbursements” rather than including it in GSR. The rent roll codes the utility reimbursements to “Other Charges”. The utilities portion of rent is allocated at $150/unit/months. Residents are capped at 1,000 kWh for electric, and overages are charged back at $0.05/kWh.

Other Income – Other Income for Proforma Year 1 is projected at $34,914 annually, or $698 per unit. This value is based off Dec’18 T4 actuals annualized and grown 3.0%.

Effective Gross Income – Effective Gross Income equals Total Rental Income plus Utility Reimbursements and Other Income and is projected at $511,414 in Proforma Year 1, or $42,618 per month.

Repairs and Maintenance – In Proforma Year 1, Repairs and Maintenance expenses are projected at $30,000 annually, or $600 per unit, which is in line with surrounding comparable properties and historical operations

Payroll – In Proforma Year 1, Payroll expenses are projected at $45,000 annually, or $900 per unit, which is in line with surrounding comparable properties and historical operations

Administrative – In Proforma Year 1, Administrative expenses are projected at $7,500 or $150 per unit, which is consistent with historical Administrative expenses and properties of this size.

Marketing – In Proforma Year 1, Marketing expenses are projected at $1,250 annually, or $25 per unit, which is consistent with historical Marketing expenses and properties of this size.

Utilities – The property has an average Utilities cost for apartment communities of this quality and area. Utilities are based on Dec’18 T4 actuals annualized and grown 3.00%. They are projected at $72,094 annually, or $1,442 per unit.

Real Estate Taxes – Loggins Court is located in Brazoria County and has the Property ID 227079. The 2017 property assessment was $1,323,170 and the assessment for 2018 increased to $1,547,550. The Proforma Year 1 Tax expense is calculated by growing the 2018 assessed value by 10% and multiplying by the 2018 tax rate (2.7299 per $100). The projected Proforma Year 1 taxes are $46,471 or $929 per unit.

Insurance – In Proforma Year 1, Insurance expenses are projected at $23,750, or $475 per unit. Insurance expenses vary depending on the coverage and deductible selected by the investor, and whether the Property is included on a single-asset or a blanket policy.

Management Fee – Management Fee is projected to be 5.00% of Effective Gross Income, which equals $25,571 annually, or $511 per unit in Proforma Year 1. This is in line with properties in this submarket of this size and quality.

Capital Reserves – The Property was built in 1975. Proforma Year 1 Capital Reserves are projected at $15,000 annually, or $300 per unit.

Total Operating Expenses – Total Operating Expenses (including Capital Reserves) in Proforma Year 1 are projected to be $266,636 annually, or $5,333 per unit.

Net Operating Income – Proforma Year 1 Net Operating Income (after Capital Reserves) is projected at $244,778.

INCOME EXPENSES

rent comparables

Live Oak Gardens

200 Damon Dr

Magnolia Manor

180 W Texaco Ave

Ashley Court

301 E Ashley-Wilson Rd

River Oaks

1000 W Ashley Wilson Rd

Oaks of Bay City

4408 Hiram Brandon Dr

Angleton Manor

1100 Buchta Rd

Pearl at Oyster Creek

132 Oyster Creek Dr

Brentwood

510 That Way St

TOTALS/AVERAGES 77 63,296 826 $910 $1.10 $904 $1.09 92%

Loggins Court

710 Loggins Dr

$1.21

$857 $1.25

$852 $1.02

$751

97%

EFFECTIVERENT

EFFECTIVERENT PSF

$921

$907 $0.91

96%

$0.94

93%$1.26

$1.03

90%

90%

$749 $0.83

3 1977 46 28,640 623

$0.92

4 1981 120 82,068 684 $864

$755 $1.21

2 1984 36 36,000 1,000 $916

OCC.

$1.01 90%

AVG.SQ FT#

PROPERTYADDRESS

YEAR COMPLETED

# OFUNITS

TOTALNRA

MARKETRENT

MARKETRENT PSF

1 1972 55 50,710 922 $930 $1.00

5 1977 48 39,982 833 $860

6 1981 128

1975 50 45,100 902 $851

105,920 828 $865

93%

8 1981 104 92,648 891 $991

$1.05 $858 $1.04 93%

$1.11 89%

7 1972 76 70,400 926 $1,059 $1.14 $1,051

$1.11 $991

$1.13

1

34

5

87

6

LOGGINS COURT2

west columbia

bay city

lake jackson

freeport

angleton

sweeny

rent comparables map

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5

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2

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property photos

property photos

LOGGINS COURT

Newmark Knight Frank - Houston1700 Post Oak Blvd, 2 BLVD Place, Suite 400Houston, TX 77056

Phone: (713) 599-1800Fax: (713) 599-1801

MULTIFAMILY

Brandon MillerT: 713-554-0132brandon.miller@ngkf.com

Brad Shaffer T: 713-337-5806 brad.shaffer@ngkf.com

Taylor Gaspard T: 713-337-5805 taylor.gaspard@ngkf.com

DEBT & STRUCTURED FINANCE

Adam AllenT: 713-425-5433adam.allen@ngkf.com

Tip Strickland T: 713-337-5810tip.strickland@ngkf.com

David Schwarz, CCIM T: 713-337-5811david.schwarz@ngkf.com

Purvesh GosaliaT: 713-300-7954purvesh.gosalia@ngkf.com

More information is available on our website at: http://arausa.listinglab.com/LogginsCourt