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:

8930 GALEWOOD DR. | AUSTIN, TX 78758

RECENT UPGR A DES THROUGHOUT48-UNIT MULTIFAMILY PROPERTY

NORTH CENTR A L AUSTIN LOCATION

The North Central submarket is experiencing exponential growth and Village Flats is well positioned to benefit on all fronts.

Austin’s first Major League Team “Austin FC” will play at the future 20,500-seat, privately-funded soccer stadium at McKalla Place. (1 ± mile from Village Flats)

Apple recently broke ground on their NEW $1 Billion ,133- acre Austin campus with room for 15,000 additional employees. (6 ± miles from Village Flats)

Major companies like Dell, IBM, Microsoft, Facebook, Samsung, Amazon, and St. David’s North Austin Medical Center are about a 10 minute commute.

Village Flats ApartmentsA 48-unit multifamily community property situated in Austin’s North Central submarket just north of Highway 183 and west of IH-35.

Built in 1984, Village Flats is a 7-building garden-style apartment complex constructed of brick and wood siding with composition shingle roofs and ample surface parking (54 ± spaces). This multifamily property sits on approximately 1.736 ± acres of land, according to the Travis County Appraisal District (TCAD), and includes a management office (currently used as storage), an on-site laundry room with 4 washers and 4 dryers, and a concrete recreation area that includes 2 picnic tables and 2 park-style barbecue grills. The property is comprised of well-designed 1-bedroom / 1-bath floor plans, all of which have private patios or balconies with exterior storage closets.

Price: $4,175,000

# of Units: 48 Total

# of Buildings: 7 Total

YOC: 1980

Total NRSF: 20,380 ± (TCAD)

Land Area: 1.1736 ± ACRES (TCAD)

Zoning: GR-NP

Exterior: Brick and Siding

Roofs: Composition Shingle

HVAC: Individual in Each

Water Heater: Individual Electric

Laundry Room: One On-Site (4W & 4D)

Common Area: Large Central Courtyard

Parking: 54 ± Surface Spaces

SALIENT FACTS

INVESTMENT OVERVIEW VILLAGE FLATS

Æ 6 ± Miles to Apple’s NEW $1 Billion-dollar, 133-Acre Campus (initially creating 5,000 jobs and expected to grow to 15,000)

Æ 1 ± Mile to Austin’s Future 20,500-seat, $242 Million-dollar, Major League Soccer Stadium

Æ Recent Upgrades Throughout Property

Æ Convenient Access to Major Thruways: IH-35, US Highway 183, and Loop 1 (MoPac)

Æ Close-in North Central Austin; Located on CapMetro Bus Route

Æ Value-Add Opportunity in Solid Workforce Housing Location

INVESTMENT HIGHLIGHTS Property Character

Village Flats is individually metered for electric and tenants are responsible for paying their own electric bills. Each unit has an individual water heater (electric). Water, trash and common area electricity are currently paid by the Owner and billed back to the residents

Interior finish-out includes electric stoves, frost-free refriger-ators, dishwashers, garbage disposals, subway tiles in kitch-ens, vertical blinds, vaulted ceilings, kitchen bar areas along windows, ceiling fans, and large slat faux-wood blinds.*

Other amenities include stained wood privacy fencing, small private patios and balconies, green spaces for social events, barbecues, and grilling area. The property-style includes attractive wood-look vinyl flooring and modern architectural design, creating a very contemporary feel.

*In Select Units

WATCHVIRTUAL TOUR

VIDEO:

INVESTMENT OVERVIEW VILLAGE FLATS

COMMUNITY FEATURES

n Metal Fencing with Gate Access Points

n On-Site Laundry Room (4W / 4D)

n Management Office

n Central Barbecue and Picnic Areas

n Large Grassy Central Courtyard

n Close Proximity to Three Major Highways

n Located on Austin CapMetro Bus Route

n Convenient to CBD and Major Employers

INTERIOR FEATURES

n Attractive Architectural Design

n Large Private Balconies and Patios – All Units

n Updated Kitchens | Tile Backsplashes*

n Updated Appliances: Dishwashers; Refrigerators*

n Full-Sized Stoves / Ranges (electric)

n New Wood-Look Vinyl Flooring

n Vaulted Ceilings (upper floors)

n Patio Storage Closets *in select units

PROPERTY DETAILS VILLAGE FLATS

Galewood Dr.

Galewood Dr.

Galewood Dr.

Galewood Dr.

Galewood Dr.

Galewood Dr.

Domain Tenants

Major Employers

Austin FCStadium

(future)Campus Expansion

$1B

Austin’s Tech and Startup Corridor is less than 5 miles north of Village Flats, which is home to many of Austin’s largest tech employers including Dell, Apple, Samsung, IBM, Microsoft, Indeed, Facebook, and Hewlett-Packard. Apple, Inc., recently broke ground on their NEW $1 Billion Northewest campus expansion located on 133 acres. This future campus will create 5,000 new jobs with the goal of expanding to 15,000 employees, making Apple the largest private employer Austin.

Less than 2 miles from Village Flats, construction on the Austin FC Stadium is cur-rently underway. Sitting on 24-acres, this privately financed, $242-million stadium, will be home to the “Austin FC”, the 27th Major League Soccer team, and Austin’s first major league sports team. The 20,500-seat stadium is expected to open in April 2021. The St. David’s Performance Center, the Austin FC’s new training facility, is currently under construction and will be 8.5 ± miles from Village Flats.

INVESTMENT LOCATION VILLAGE FLATS

+

The University of Texas main campus is about 5.4 ± miles to the south of Village Flats. With current enrollment of 51,800 ± students, U.T. is consis-tently ranked one of the best public universities in the country, with top ranked programs in Business, Engineering, Law, and Medicine.

The U.T. Pickle Research Campus, a satellite research facility, is only 1.5 ± miles northwest of Village Flats.

Austin Community College (ACC) Northridge, home to creative design technologies, radio-television-film, and technical communications programs, is about 2.4 ± miles north of Village Flats.

Highland (formerly Highland Mall)—Austin’s new Education-hub—consists of housing, diverse retail shops, offices, residential space, and a new high-tech campus for the the Austin Community College (ACC). Only 2.6 ± miles southeast of Village Flats.

An “upscale” lifestyle center with high-density business, retail, and residential is within 1.9 ± miles of Village Flats. Retailers include Austin’s first Neiman-Marcus, Macy’s, Apple Store, Tesla, Aloft Hotel, Design Within Reach, Anthropologie, Coach, Tiffany & Co. and H&M. Office tenants now include: Facebook, Fidelity Investments, Amazon, and Vrbo/HomeAway.

Amazon recently announced a four-and-a-half-story, 3.8 ± million SF fulfillment center in Pflugerville, TX — just 8.5 ± miles northeast of Village Flats. Expected to be completed in July 2021, this facility will consist of approximately 780,000 SF of warehouse space, 43,000 SF of office space, 3 million SF of robotics space, and 1,000 new full-time jobs.

The new state-of-the-art training facility for the "Austin FC" will consist of four full-size soccer fields, spectator stands, a kitchen serving meals to staff and players, and cutting-edge tech-nology provided by St. David’s Healthcare, the team’s first founding partner. The 23-acre site in the Parmer Pond district will have a $45 million price tag, be privately funded, and located only 8.5 ± miles from Village Flats. link

Fulfillment Center St. David's Performance CenterLifestyle Center

INVESTMENT LOCATION VILLAGE FLATS

AUSTIN INVESTOR INTERESTS 1st Quarter 2020 Trend Report

AUSTIN MSA

NORTH SUBMARKET

Average One Bedroom Rents

$1,194

Average Occupancy

96.7%

Rent Growth for 1980s Properties for past 24 months

11.07%

n The Domain n The Domain NORTHSIDE n Dillard’s n Macy’s n Neiman Marcus n Nordstrom n Target n The Arboretum n The Shops at Arbor Walk n Gateway Shopping Center n Arboretum Crossing n Northgate Shopping Center n Crossroads Shopping Center n Lonestar Center n Home Depot n Academy Sports & Outdoors n Hobby Lobby

n Darrell K. Royal Memorial Stadium n Harry Ransom Center n Bass Concert Hall n LBJ Presidential Library n Bob Bullock History Museum n Frank Erwin Center n Blanton Museum n Alamo Drafthouse Cinema n Pinballz Arcade n Emerald Tavern Games & Cafe n Dave & Buster’s n K1 Speed n IPic Movie Theature n Regal Gateway & IMAX n Planet Fitness n Capitol City Comedy Club n Playland Skate Center

n Whole Foods Market n HEB Grocery n Hong Kong Super Market n El Rancho Supermarket n Ramen Tatsu-ya n Tuzantla Taqueria n Austin Beerworks n Adelbert’s Brewery n Garden Spot Cafe n Celis Brewery n Oskar Blue Brewery n Lupe Tortilla n Mighty Fine n Olive Garden n Tuzantla Taqueria n Pluckers Wing Bar n Chili’s Grill & Bar

n Interstate Highway 35 n Highway 183 n Highway 290 n Loop 1 (MoPac Expwy) n Metric Boulevard n Burnet Road n Rundberg Lane n North Lamar Boulevard

n Woolridge School Park n Quail Creek Neighborhood Park n Walnut Creek Metropolitan Park n Cook School Park n Mount Bonnell n Zilker Metropolitan Park n Bright Leaf Preserve n Emma Long Metropolitan Park

n 1.9 ± mi. to Domain n 2.4 ± mi. to The Aboretum n 2.4 ± mi. to ACC - Northridge n 3.0 ± St. David’s Medical Center n 5.4 ± mi. to U.T. (Main Campus) n 6.5 ± mi to Austin CBD n 10.0 ± mi. to Austin-Bergstrom

International Airport (ABIA)

Location Amenities

ENTERTAINMENT

OUTDOORS

FOOD & DRINK

EASY ACCESS

RETAIL / SHOPPING

DISTANCES

INVESTMENT LOCATION VILLAGE FLATS

EXPENSES Per UnitAdmin. & Advertising $75 $3,600 $2,400Payroll $700 $33,600 —Repairs & Maintenance $400 $19,200 $15,928Management Fee 6.00% $596 $28,602 $43,189Utilities $1,146 $55,000 $53,835Contracted Services $208 $10,000 $11,490Real Estate Taxes 85% of ask price 2.196521% $1,624 $77,949 $69,940Insurance $375 $18,000 $18,439Total Expenses $245,951 $215,221

Per Unit: $5,124 $4,484Per SF: $12.06 $10.55

Net Operating Income $230,750 $214,122

INCOMEStabilized

UnderwritingTrailing-12 from

May 2020Scheduled Market Rent $460,224 —

Less: Loss to Lease 5.00% ($23,011) —Less: Vacancy 4.00% ($18,409) —Less: Concessions 1.00% ($4,602) —

Net Rental Income $414,202 $379,487

Plus: Fee Income $1,500 $103Plus: Laundry Income $15,000 $14,589Plus: RUBS Income $45,000 $35,164Plus: Other Income $1,000 —

Total Operating Income (EGI) $476,702 $429,343

UNIT MIX

Units TypeUnit SF±

Total SF±

Market Rent

Monthly Mkt. Rent

Annual Mkt. Rent

48 1 Bed / 1 Bath 425 20,400 $799 $38,352 $460,224

FINANCIAL ANALYSIS VILLAGE FLATS

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.

DESS

AU R

D

DESS

AU R

D

N LA

MAR

BLV

D

MET

RIC

BLVD

W BRAKER LN

MCN

EIL

RD

E HOWARD LN

E HOWARD LN

MCNEIL DR

IMM

ANUE

L RD

PECAN ST E

ANDERSON MILL RD

W RUNDBERG LN

CAM

ERON

RD

E BRAKER LN

DUVAL RD

W HOWARD LN

W HOWARD LNW PARMER LN

E PARMER LN

W PARMER LN

35

35

35

183

183

183

1

1

1

1

360

4545

45

130

130

130

T E C HCENTER

INNOVATIONCENTER

1 ± MILES 3 ± MILES 5 ± MILES 7 ± MILES

State of TexasUniversity of TexasH-E-B (Grocery Chain)City of AustinDell TechnologiesFederal GovernmentAustin ISDSt. David's HealthCareAscension SetonSamsung Austin SemiconductorAppleRound Rock ISDIBM Corp.U.S. Internal Revenue ServiceTravis CountyTexas State UniversityLeander ISDNXP SemiconductorsAmazonAustin Community College

62,85323,92513,75613,53113,00012,79512,22710,309

9,9478,9357,0006,3456,0005,7005,3094,8734,6984,0003,9003,553

AUSTIN’SLARGEST

EMPLOYERS

VILLAGE FLATSEMPLOYERPROXIMITY

MAP

1 Bed / 1 Bath

FLOOR PLAN VILLAGE FLATS

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:

1

AUSTIN360

71

130

290

290

183

183

35

35

35

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