PRICE REDUCED - Zoned Multifamily Site | New Braunfels, TX
Land | 12.281 acres
Marketing description
Vanguard Real Estate Advisors (“VREA”) has been exclusively retained by Ownership to offer developers and investors the opportunity to purchase a 12.28+/- acre entitled multifamily development Site located along Sophie Lane in New Braunfels, TX (the “Site”) less than a mile east of Interstate 35. The Site comes with fully designed plans for a 378 unit, 4-story, garden-style build out. The Seller will convey the following at closing: architectural plans, engineering plans, and select third party reports. The Seller estimates approximately $2MM in savings on impact fees due to being grandfathered into lower impact fees. The Site is accessible via Sophie Lane and is close to major retailers such as TJ Maxx, Home Goods, Target, and Buc-ee’s in addition to numerous restaurants.
This exceptionally well-located Site is a great opportunity at a reduced price of $19,500 per developable unit, a reduction from $22,486 per unit.
To gain access to the marketing brochure and full Due Diligence Vault click on the link below:
https://docsend.com/view/s/9f592qyeetz4fzey
A 1% co-broker fee is available to a Co-Broker that sources a Principal that VREA has not previously contacted in any format or sent information regarding this opportunity.
Investment highlights
Strategic Location
· The 12.28+/- acre Site is well located along Sophie Lane less than a mile east of Interstate 35, allowing for easy access through New Braunfels and other major Texas markets.
· The Resolute Baptist Hospital, a 128-bed facility which per the New Braunfels Chamber of Commerce has over 250 employees and is less than a mile from the Site.
· The Site is located within the highly rated Comal ISD which has an A-ranking per Niche.com. Nearby schools within the Sites attendance zone include Canyon High School, Canyon Middle School, and Freiheit Elementary School all of which are less than a mile from the Site.
Zoning
· The Site is zoned through PD-2029-01 allowing for 378 units.
· Purchaser expected to save approximately $2MM in impact fees by being grandfathered in to the old impact fee rates.
· Per the Seller, the Site is shovel ready pending payment of impact fees and permit fees.
· Purchaser to do their own due diligence related to zoning, unit count, and impact fees.
Population and Demographics
· Per the US Census Bureau, the population of New Braunfels grew to 104,707 by the end of 2022, a 15.8% increase from 90,391 in 2020.
· Per CoStar, rents are expected to grow by 2.4% in the Comal County multifamily submarket within the next year.
· Asking rents at comparable multifamily properties within a 3-mile radius reach up to $1.79 psf.
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