70 UNIT MULTIFAMILY PROPERTY1623 AQUARENA SPRINGS DRIVE | SAN MARCOS, TEXAS 78666

DANIEL ELAM512.343.2700 x4

daniel@muskincommercial.com

ELLEN MUSKIN512.343.2700 x3

ellenm@muskincommercial.com

SHOWN BY

APPOINTMENT ONLY

WITH LISTING AGENTS

VIEWPROPERTY WEBSITE:

Aquarena Springs Dr.

Aquarena Springs Dr.

Aquarena Springs Dr.

Aquarena Springs Dr.

Aquarena Springs Dr.

Aquarena Springs Dr.

Downtown San Marcos (The Square) | 1.7 ± Miles

Bobcat Stadium (TSU) | 0.5 ± Miles

Texas State University | 1.8 ± Miles

LookingSOUTHWEST

AERIAL VIEW THE COLONY II

Texas supermarket chain H-E-B Grocery Stores also has a large regional distribution center in San Marcos. The 639,648 ± SF facility opened in 200 and employs about 750 ± people.

A key Amazon Fulfillment Center for the Central Texas region is located on E. McCarty Ln. in San Marcos. The 855,000 ± SF facility opened in 2016 and employs about of 2,200 ± people.

According to Austin Investor Interests Second Quarter Trend Report: Average Rents in the San Marcos Submarket are:

1-Bed = $954 | 2-Beds = $1,076

The Colony II of San MarcosWell located in north central San Marcos, The Colony II is surrounded by commercial, retail, and other popular multifamily communities.

The Colony II is a 70-unit apartment complex located in San Marcos, TX, a suburban community roughly 18 ± miles south of Austin, and 33 ± miles north of San Antonio.

Ideally located, The Colony II offers residents easy access to all parts of the city and is less than 2 ± miles to Texas State University (current enrollment: 38,000 students) and just minutes to The Square (downtown), and the San Marcos River (a very popular urban water recreation center).

Colony II Apartments is poised to benefit from “light” value-add improvements. The property enjoys strong occu-pancy in its current condition, so a new owner might increase NOI by adding privacy fences on first-floor units, upgraded hardware and lighting, new appliance packages, and designer paint colors to increase rental rates.

Price: $5,975,000 ($85,357/unit)

Cap Rates: 5.72% Pro Forma | 5.15% Current*

Terms: All Cash / Third-Party Financed

# of Units: 70 Total

# of Buildings: Two Garden-Style (Two Stories)

Year Built: 1983

Total NRSF: 45,500 ± (Rent Roll)

Land Area: 2.495 ± ACRES (Survey)

Zoning: MF-24 (HCAD)

Exterior: Stone Veneer and Siding

Roofs: Pitched (Replaced 2018)

HVAC: Individual in Each Unit

Water Heater: Individual in Each Unit (Electric)

Laundry Room: One On-Site (6W & 6D)

Amenities: One Swimming Pool

Parking: 131 ± Surface Spaces

Tenancy: (per MGMT)

SALIENT FACTS

Students32%

YoungProfessionals

68%

INVESTMENT OVERVIEW THE COLONY II

Æ Excellent Location along Aquarena Springs Drive, one block west of Major Highway I-35 (exit 206)

Æ Mid-1980’s Construction and Attractive Architectural Design

Æ Pitched Roofs replaced in 2018

Æ Parking Lot Overlay in 2019

Æ Good Mix of One and Two-Bedroom Two-Bath Units

Æ Two-Story Garden Style Walkups

Æ Less Than 2 ± Miles to Texas State University (Texas’s 5th Largest University)

Æ Just Minutes to the Popular San Marcos River

Æ 6 ± Miles to San Marcos Premimum Outlets and Tanger Factory Outlet (Largest in the U.S.)

INVESTMENT HIGHLIGHTS

The Colony II is poised to benefit from “light” value-add improvements.

The property enjoys strong occupancy in its current condition, so a new owner might increase NOI by adding privacy fences on first-floor units, upgraded hardware and lighting, new appliance packages, and designer paint colors to increase rental rates.

Property Character

The property is a good mix of one-bedroom one-bath and two-bedrooms two-baths units, with indi-vidual HVAC and water heaters in each unit. Unit interiors feature wood-look plank flooring, ceiling fans in living rooms, updated black kitchen appliances*, small kitchen desk areas and outdoor closets housing the water heaters. Unit interiors also have well-designed floorplans, two-tone paint colors, vertical and mini-blinds, and laminate kitchen countertops.

The tenants enjoy common area amenities including a centralized swimming pool, BBQ grills, picnic tables, and on-site laundry facility with six (6) commercial washers and six (6) commer-cial dryers. All second-floor units have balconies and all units enjoy high-speed internet and cable provided by the property. While the property does not currently include an on-site management office, there is a perfect location that could easily be converted.

INVESTMENT OVERVIEW THE COLONY II

NOTES: Actual “Other” Income includes $15,132 from PPP • Pro Forma removes Cable & Internet Expenses of $34,048; Contract expires 2022 • Real Estate taxes based on 85% of Listing Price

EXPENSES Per UnitT-12 Expenses from

August 2020Administrative $71 $5,000 $4,931 $4,931Advertising & Promotion (Locators) $286 $20,000 $25,055 $25,055Payroll $1,300 $91,000 $92,876 $92,876Repairs & Maintenance $450 $31,500 $37,782 $37,782Management Fee 4.00% $428 $29,935 $28,299 $28,299Utilities $1,000 $70,000 $103,586 $103,586Contracted Services $214 $15,000 $17,876 $17,876Real Estate Taxes 2.3515% $1,706 $119,427 $97,073 $97,073Insurance (actuals include Renter Legal Liability) $350 $24,500 $30,750 $30,750Total Expenses $406,362 $438,229 $438,258

Per Unit: $5,805 $6,260 $6,261Per SF: $9.34 $10.07 $10.07

Net Operating Income $342,016 $307,436 $269,383

INCOME Pro Forma

Current Rent Roll(@ 97.1% Occupancy)

AnnualizedTrailing - 12 from

August 2020Scheduled Market Rent $731,760 $731,760

Less: Loss to Lease 2.00% ($14,635) ($34,898)Less: Vacancy 5.00% ($36,588) ($64,439)Less: Concessions 0.50% ($3,659) ($1,025)

Net Rental Income $676,878 $669,396 $631,398

Plus: Fee Income $15,000 $13,243 $13,243Plus: Laundry Income $4,000 $3,932 $3,932Plus: RUBS Income $42,500 $41,330 $41,330Plus: Other Income $10,000 $17,763 $17,763

Total Operating Income (EGI) $748,378 $745,664 $707,642

UNIT MIX

Units TypeUnit SF±

Total SF±

Market Rent

Monthly Mkt. Rent

Annual Mkt. Rent

Rent/SF±

20 A1 - 1 Bed / 1 Bath 450 9,000 $789 $15,780 $189,360 $1.7520 A1 - 1 Bed / 1 Bath (2nd) 450 9,000 $799 $15,980 $191,760 $1.7815 B1 - 2 Bed / 2 Bath 850 12,750 $969 $14,535 $174,420 $1.1415 B1 - 2 Bed / 2 Bath (2nd) 850 12,750 $979 $14,685 $176,220 $1.1570 621 43,500 $871 $60,980 $731,760 $1.40

FINANCIAL ANALYSIS THE COLONY II

COMMUNITY FEATURES � Potential Leasing Office (could be remodeled to use)

� Pitched Composition Roofs (replaced in 2018)

� Outdoor Balconies (2nd Floors) and Small Patios

� Picnic Tables | Barbecue Grills

� Large Central Swimming Pool

� Conveniently close to Texas State University

� One Block West of Major Interstate IH-35 (Exit #206)

* Select Units

INTERIOR FEATURES � Wood-Look Vinyl Flooring

� Large Kitchens with Built-in Desks *

� Microwave Ovens

� Garbage Disposals

� Vertical and Mini-blinds

� Decorative Wall Trim

� Ceiling Fans in Living Rooms

� Vaulted Ceilings (2nd Floor Units)

� Large Walk-in Closets

� Fast Wireless Internet (Paid by Property)

PROPERTY DETAILS THE COLONY II

1 Bed / 1 Bath450 ± SF

2 Bed / 2 Bath850 ± SF

FLOOR PLANS THE COLONY II

Photos Credit: Andy Headtwole | San Marcos Photos

“The Square”Downtown San Marcos

San Marcos, TX

"THERE HAS BEEN AN 'EXPLOSION' IN ECONOMIC ACTIVITY IN SAN MARCOS."

— AUSTIN BUSINESS JOURNAL (2020)

“GREATER SAN MARCOS, TEXAS IS BUILDING THE FUTURE OF MANUFACTURING”

— INDUSTRY TODAY (2017)

“ONE OF AMERICA’S BEST SMALL CITIES TO MOVE TO BEFORE THEY GET TOO POPULAR”

— THRILLIST (2018)

“ONE OF THE BEST PLACES TO RETIRE” — FORBES (2018)

INVESTMENT LOCATION THE COLONY II

Photos Credit: Andy Headtwole | San Marcos Photos

The Colony II is conveniently located less than 2 miles away from the Texas State University (located on the University shuttle route).

Texas State University San Marcos is the state’s fifth largest public university. The University is experiencing a period of rapid growth and now boasts over 38,000 students.

Since opening in 1903, the Texas State University has grown from a two-year teacher training institution into a challenging university with 99 undergraduate, 99 masters and 14 doctoral programs.

First Class Education Opportunities

Notable Amenities and Attractions

Known as the gateway to the Texas Hill Country, San Marcos Premium Outlets and Tanger Factory Outlet Center are conveniently located within a short drive from Austin, San Antonio and New Braunfels and is ideally situated at Exit 200 off of IH-35 in San Marcos.

With more than 240 stores, sitting on over 200 ± acres and at upward of 1,000,000 square feet combined, the San Marcos Outlets are the largest outlet centers in the U.S. and are a top tourist destination and major local employer (3,100 ± employees).

Some of the premium retail stores include: Armani, Burberry, Coach, Elizabeth Arden, Gucci, Johnston & Murphy, Marc Jacobs, Michael Kors, Prada, Steve Madden, and Versace.

SAN MARCOS OUTLET MALLS

The San Marcos River is an urban water-way running through the City of San Marcos, providing a relaxing atmosphere, gorgeous scenery, and popular water activities like swimming, snorkeling, and tubing (floating) the river. The San Marcos river is fed by the natural San Marcos Springs, which maintain a constant 72-degree water temperature.

Floating the river is a popular water activity attracting people from all around Central Texas. There are many tube rental services that offer drop-in points in the central part of the city with all day river shuttle rides returning people back to their point of entry.

A few of the notable parks along the San Marcos River include: Sewell Park, Bicentennial Park, Rio Vista Park, and William & Eleanor Park.

SAN MARCOS PARKS & RIVER

San Marcos, TX

INVESTMENT LOCATION THE COLONY II

Major EmployersGreater San Marcos Area

Public & Private Sector Employees

Texas State University 3,730

Hays CISD 3,430

Amazon Fulfillment 2,200

Premium Outlets 1,600

Tanger Outlets 1,540

San Marcos CISD 1,400

Dripping Springs ISD 930

Hays County 885

H-E-B Distribution Center 750

Lockhart ISD 730

CHRISTUS Santa Rosa Hospital 675

Ascension Seton - Hays Hospital 610

CFAN 600

One Support 450

Thermon, Inc. 345

Epic Piping 305

San Marcos Outlets

n Premium Outlets n Tanger Outlets n Springtown Center n Sammar Plaza n The Square n Stonecreek Crossing n Red Oak Village Mall n Walmart Supercenter

RETAIL / SHOPPING

n Interstate Highway 35 n Interstate 10 n Texas State Highway 130 n U.S. Route 80 n Aquarena Springs Drive n University Drive n E. Hopkins Street n LBJ Drive

EASY ACCESS

n Bobcat Stadium n Bobcat Ballpark n Strahan Arena n Gary Softball Complex n EVO Entertainment Springtown n EVO Cinemas Starplex 12 n Wonderwold Cave & Adv. Park n Glade Outdoor Theatre

SPORTS & ENT.

n The Marc n Railyard Bar & Grill n Taproom n Black Rabbit Saloon n Shade Rooftop Patio Bar n Harper's n Veranda Rooftop Bar & Patio n AquaBrew n Zelicks Icehouse n Kiva n Daq Beach Bar n Showdown

NIGHTLIFE

n H-E-B Grocery Store n Walmart Supercenter n Loli's Cafe n Mamacita's n Wow-Wee's Cafe n Spud Ranch n Sakura Sushi & Steak & Hot Pot n Shipley Do-Nuts n Saltgrass Steak House n Chuy's Tex Mex n Five Guys n Root Cellar Cafe

FOOD / RESTAURANTS

n San Marcos River n SM Lions Club Tube Rental n Spring Lake n Spring Lake Preserve n Sewell Park n Bicentennial Park n Rio Vista Park n William & Eleanor Crook Park n Stokes Park n Blanco Shoals n Purgatory Creek Natural Area n San Marcos Skate Park

OUTDOORS

San Marcos, TX

INVESTMENT LOCATION THE COLONY II

35

35

35

35

35

87

87

10

10

10

183

290

290

281

281

281

71

130

130

130

130

San Antonio

Austin

Cedar Park

San Marcos

Georgetown

Pflugerville

New Braunfels

Round Rock

Kyle

SeguinSchertz

Lakeway

Leander

Live Oak

Lockhart

Kerrville

Leon ValleyUniversal City

Buda

Hye

Bebe

Doss

Hunt

Kirby

Lytle

Manor Elgin

Nixon

Hondo

Smiley

Blanco

Luling

Boerne

Harper

Ingram

Medina

Utopia

Helotes

Bastrop

Redwood

Harwood

Welfare

Tarpley

Natalia

Bandera

Comfort

Sabinal

Somerset

Kendalia

Wyldwood

Westhoff

Gonzales

Red Rock

Bulverde

Wimberley

Del Valle

Seawillow

Woodcreek

Stockdale

Stonewall

Kingsland

St Hedwig Leesville

Lakehills

Lago Vista

Willow City

Castroville

Marble Falls

Canada Verde

Johnson City

Morris Ranch

Center Point

Mustang Ridge

Horseshoe Bay

Alamo Heights

Mountain Home

Kentwood Manor

Timberwood Park

Fair Oaks Ranch

Columbia Heights

10 Miles

Disclaimer: Information shown on this map is compiled from numerous sources and may not be complete or accurate. Muskin Commercial, LLC provides this map without any warranty of any kind whatsoever, either express or implied.

Muskin Commercial, LLC has prepared this brochure to provide summary information to prospective purchasers and makes no warranty or representation about the content. While this information has been obtained from sources believed to be reliable; Muskin Commercial, LLC has not conducted any investigation regarding these matters and prospective purchasers should independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are examples only and do not necessarily represent the current or future performance of the property. This brochure does not constitute an offer of sale, but is merely an invitation to bid.

4601 Spicewood Springs RoadBuilding 4, Suite 101Austin, TX 78759 WWW.MUSKINCOMMERCIAL.COM

DANIEL ELAM512.343.2700 x4

daniel@muskincommercial.com

ELLEN MUSKIN512.343.2700 x3

ellenm@muskincommercial.com

For information on Multifamily Properties in Austin, Texas —please contact:

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