Page 4 - Flats on 12 OM - draft

Flats on 12

Executive Summary

Newmark Knight Frank is pleased to represent the seller in the disposition of Flats on 12 (the “Property”), a 352-unit multifamily property located in
College Station, TX. The Property is an outstanding investment opportunity for the following reasons:

Best-in-class asset for class B multifamily in the market
• Originally built in 1975, the Property has been exceptionally well-maintained and offers finishes and amenities that rival many class A properties
Extensive renovations completed by current and previous owners
• Over $3.6 million has been spent on capital improvements to the Property in recent years
Attractive basis and in-place yield
• The Property is being offered at price well below replacement cost and below comparable sales in the market, resulting in a high going-in yield given
the Property’s performance
Value-add potential
• Opportunity to increase Property income by upgrading interiors in 32 classic units, discontinuing the inclusion of cable in the rent, and adding more
washer & dryer connections

352 1975 ±239,100 11.19

units year built net rentable SF acres

679 SF $662 $0.98 88%

average unit size average market average market occupancy
rent/unit rent/SF

4 Investment Highlights