1) Located in Beaumont Texas, which is 90 miles south of Houston, TX. and approximately 30 miles west of Lake Charles Louisiana in Jefferson County. The area is one of Beaumont's Major Growth Areas just outside of the downtown district. The property is within walking distance of I-10, grocery marts, convenience stores, banks and eateries. The Regency is approximately 2.5 miles west of downtown Beaumont and is just minutes from some of Beaumont's largest Employers ExxonMobil Chem. Plant, ExxonMobil Blade, St. Elizabeth Hospital and S.E. Baptist Hospital. Also located within a short commute, 12.5 miles south, is the city of Port Arthur and approximately 20 miles west is the city of Orange, all of which make up the Golden Triangle.The property is being offers on an "All Cash" basis (buyer to acquire a new loan) or on the Assumption of the current, below market, rate loan.
2) The owner recently completed a full paint of the exterior of the property. In addition gutters were recently installed as well as safety screen on stairwells and balconies. The property is in good condition and shows well, the current manger has a systematic maintenance plan in place for each building. Most units have been upgraded with faux wood flooring and new carpet in recent years. The upstairs units have carpet for sound control and the downstairs units have faux wood flooring. The owner states that all roofs were replaced circa 2015 with 30 year shingles. All units have individual hot water heaters. There is one Laundry room on the property.
3) It is the broker's opinion, that with continued interior upgrades and upgrading the existing amenities, the property could see upside in the rents. Properties that have recently been upgraded seem to have much higher rents than those that have not had recent rehabs.
4) The property is being offered on an "All Cash" basis or on the assumption of the below market interest rate loan. See the financial section for in place loan details.