Mineola Garden Apartments & East Texas Townhomes
Multifamily | 59 Units
Marketing description
Vanguard Real Estate Advisors (“VREA”) is pleased to present the exclusive opportunity to purchase Mineola Garden Apartments (24 units located at 1810 N Pacific Street, Mineola, TX) and East Texas Townhomes (35 units located at 1702 N Newsom Street, Mineola, TX) (the “Portfolio”) located in the city of Mineola, TX. The Properties are operated out of one leasing center and are just one block apart. Ownership has also indicated that all units have washer and dryer connections. The 97% occupied Portfolio has an average unit size of 843 square feet. The Portfolio is currently self-managed by Ownership, which has focused on maintaining high occupancy and not maximizing rents, providing significant upside for a new investor. There is also the ability to add value by constructing amenities such as covered parking, a playground, dog park, etc.
Mineola, which is approximately 30 miles northwest of Tyler and approximately 1.5 hours east of Dallas, has a population of 5,283 per Texas Demographic Center. Mineola's population is currently growing at a rate of 1.6% annually and has increased by 6.75% since the most recent census. Mineola ISD received an “A-“ rating per Niche.com.
To gain access to the full Offering Memorandum and Due Diligence Vault click on the link below:
Mineola Garden Apartments and East Texas Townhomes - Due Diligence Vault
Investment highlights
Value-Add Opportunities
Comparable properties currently support market rental rates of up to $1.58 per square foot, providing an opportunity to raise the current rental rates on-site of $1.10 per square foot.
Potential for a new owner to increase value and rental rates by adding community amenities such as sport courts, playgrounds, picnic areas, or covered parking.
Ability to renovate certain interior unit features to further drive rent increases.
Option to purchase additional undeveloped acreage of approximately 2.48 acres, from Ownership that is adjacent to Mineola Garden Apartments, allowing a developer to expand the unit count and achieve stronger economies of scale.
Strategic Location
Located less than 30 minutes from Tyler and just over 10 minutes from Lindale.
Convenient access to economic drivers, schools, and major employers such as Mineola ISD, Walmart, and East Texas Architectural Sheetmetal.
The Portfolio is situated approximately 1.5 miles north of U.S. Highway 69 and U.S. Highway 80, providing connections to Texas State Highway 37 and Loop 564. It is also only a 20 minute drive away from Interstate 20.
A retail strip under a half mile north provides residents to access to national brands such as Walmart, Taco Bell, Whataburger, Golden Chick, Brookshire’s, McDonald’s, and Pizza Hut.
Unique Apartment Community
Mineola Garden contains 24 garden style units built in 1984, and East Texas Townhomes contains 35 single-story units built in 1976.
The average unit size is an attractive 843 square feet.
In-unit amenities include hardwood style floors, black kitchen appliances, walk-in closets, and full size washer/dryer connections.
All Cash Opportunity
The Portfolio is being offered on an All-Cash basis, allowing a new investor to place a new loan at closing.
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