Basswood Manor is a 212 unit community located in Lewisville, Texas conveniently located along

Fox Avenue just west of Interstate 35. This high-traffic thoroughfare is home to many businesses
and employment centers. Located across the street from Lakeland Elementary School, and near
Hedrick Middle School and Lewisville High School, this property is situated in an ideal location for
families. A public transit stop is also located at the front of the property. The D/FW MSA is one of
the nation’s most dynamic markets, boasting the nation’s highest population and employment
growth. With median household income in a one-mile radius exceeding $63,000 (average $77k+),
Basswood Manor is located ideally to capitalize upon the growth dynamics prevalent in this market.
The subject property was built in 1970, and consists of fourteen buildings which are comprised of
brick veneer and stucco exteriors, mansard style roofs which were fully replaced in 2017 and wood
frames on pier and beam foundations. Mechanicals consist of individual, roof mounted HVAC units
and two boilers that were replaced in 2019. Resident amenities include playgrounds, grill areas,
onsite laundry facilities and a recently updated clubroom. The property is currently run as “all bills
paid” and significant utility cost savings measures are on the table, including the implementation of
a water conservation program and LED lighting packages for the common areas.

This property is ideally situated as one of the few affordable housing options in an affluent
submarket, and offers large units averaging 900+ square feet with 80%+ 2BR/3BR floorplans.
INVESTMENT Highlights
• Attractive Value-Add Opportunity with Solid Yield from Day-One Plus Significant
Upside Through Unit Upgrades and Utility Conservation
• Great Location in Lewisville - Class C Asset in Class B Area with Good Schools
• Appealing Mix of Large Floorplans Averaging Over 900 Square Feet - 80%+ 2BR /
3BR Units
• Individual HVAC Units and Roofs and Boilers Replaced Within Last Three Years
•
Purchase Price $27,750,000.00
Preferred cash on cash 8%
Total Return Without Tax Benefits 70-80%
Conservative Underwriting Assumption
Number of Units 212
Rentable Square Feet 191,196
Number of Buildings 22 Buildings
Number of Stories 2 Stories
Year Built 1970
Lot Size 15.05 Acres
Net Operating Income – Current $1,324,955
Net Operating Income - Pro Forma $1,569,768
RENT COMPARABLES // Basswood Manor
DEMOGRAPHICS // Basswood Manor