CEDAR CREEK CONDOS...CEDAR CREEK CONDOS 3754-3768 Tanglewilde St Houston, TX 77063 1981 34 100.0%...

OFFERING MEMORANDUM

CEDAR CREEK CONDOS 3754-3768 Tanglewilde | Houston, TX 7706334 of 104 Units (32.69%) | Built 1981Asking Price: $1,650,000 ($48,529/ Unit)

8

TABLE OF CONTENTS

3 EXECUTIVE SUMMARYExlusive ListingInvestment HighlightsInvestment SummaryGreystone Debt SummaryGreystone Contacts

6 PROPERTY ANALYSISProperty SummaryConstructionAmenitiesProperty DescriptionSchoolsUtilities Aerial View

10 FINANCIAL ANALYSISValuationUnit Mix and Rent SummaryIncome and ExpensesFloor Plans

13 COMPARABLE PROPERTIESRent Comparables Summary Rent Comparables MapRent Comparables Detail

18 LOCATION OVERVIEWLocation OverviewCity of Houston

GREYSTONE NATIONAL APARTMENT ADVISORS makes no warranty or representation about the content of this Offering Memo-

randum. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future

performance of the Property. This Offering Memorandum does not constitute an appraisal of the Subject Property and has not been

prepared in accordance with the Uniform Standards of Professional Appraisal Practice.

EXECUTIVE SUMMARY

EXCLUSIVE LISTING

Greystone National Apartment Advisors has been exclusively retained to represent the Seller of Cedar Creek Condos and its disposition. All inquiries about the Property should be made to Abraham Garza ([email protected]), Jordon Emmott ([email protected]) or Shayan Hasnain ([email protected]) directly.

TOURS

All prospective purchasers should email Lindsay Steszewski at [email protected] to schedule a tour. DO NOT contact the Property Management directly.

OFFER REQUIREMENTS

All Offers should be presented in the form of a non-binding Letter of Intent, and must include at a minimum:

1. Pricing2. Earnest Money Deposit (Refundable/Non-Refundable)3. Due Diligence Period4. Closing Period5. Financing Contingency (if any)6. Qualifications (Other properties owned, letters of recommendation, verification of

funds, etc.).

SITE VISITS

All site visits and requests for additional information are to be made through Greystone National Apartment Advisors by emailing Lindsay Steszewski at [email protected].

POTENTIAL GREYSTONE DEBT

Purchase Price: $1,650,000

Loan to Value: 70%

Estimated Loan Amount: $1,155,000

Rate and Term:

5.25% for first 5 years, then rate resets at WSI Prime+1% for an additional 5 years, with a floor of 5.25% and a ceiling rate of 6.50%

Amortization: 30 Years

Lender Fee: 1% of Loan balance

Pre Payment Fee:3/2/1 (3% year one, 2% year two, 1% year three. No fee if paid off after 3 years

Release Provisions: Can be structured

INVESTMENT HIGHLIGHTS

Greystone National Apartment Advisors is pleased to offer Cedar Creek Condos, a 34-unit fractured condominium opportunity in the Woodlake/ Westheimer submarket of Houston, Texas. This offering is for 34 of the 104 units (32.69%).

■ Strong “B” location in the Galleria area, just south of Richmond Avenue.

■ Rents are significantly below market averages, with rents $0.20/SF less than its’ Comparables.

■ Property is 100% occupied.

■ Property did not flood during Hurricane Harvey.

■ Available “All Cash”

INVESTMENT SUMMARY

Property Address:3754-3768 Tanglewilde St. Houston, TX 77063

Price $1,650,000

Price/ Unit $48,529

Units: 34

Occupancy (June 2019): 100.0%

Year Built: 1981

NRSF: 22,378 SF

Avg Unit Size: 658 SF

Avg Market Rent/ Unit: $671

Avg Market Rent/ SF: $1.02

GREYSTONE CONTACTS

Gill Dolan | Managing DirectorGreystone | www.greyco.com5909 West Loop, Suite 650, Houston, TX [email protected] | phone: 512.789.8870

Blake Willeford | Managing DirectorGreystone | www.greyco.com5909 West Loop, Suite 650, Houston, TX [email protected] | phone: 281.770.3042

CEDAR CREEK CONDOS 5

PROPERTY ANALYSIS

PROPERTY SUMMARY

Address:3754-3768 Tanglewilde St.

Houston, TX 77063

Number of Units: 34

Total Rentable SF: 22,378

Year Built: 1981

Stories: 2

Avg Unit SF: 658

Market Rent/Unit: $671

Market Rent/SF: $1.02

CONSTRUCTION

Style: Garden-Style

Foundation: Concrete Slab

Framing: Wood

Exterior: HardiePlank/ Stone

Roof: Pitched

Paving: Asphalt/ Concrete

HVAC: Individual

Hot Water: Individual

CEDAR CREEKCONDOS

Westpark Dr

Westheimer Rd

Richmond Ave S G

essner Dr

TANGLEWILDE PARK

HARWIN OUTLET MALL


SCHOOLS

School District: Houston I.S.D.

Elementary: Emerson

Middle: Revere

Senior High: Wisdom

UTILITIES

Electric:Resident Paid/

Common Area Paid by HOA

Water & Sewer:Resident Paid/

Common Area Paid by HOA

Gas: Paid By Resident

8 CEDAR CREEK CONDOS

AERIAL VIEWTanglew

ilde St


FINANCIAL ANALYSIS

Source: All unit measurements are approximate and should be checked and verified independently. Market Rents are as of 5/22/2019.

LEGEND

UNIT MIX AND RENT SCHEDULEUNIT TYPE # OF UNITS AVG SF MARKET RENT/UNIT MARKET RENT/SF % OF UNITS

Studio 11 561 $550 $0.98 32.4%

1 Bedroom/ 1 Bath 22 694 $718 $1.04 64.7%

2 Bedroom/ 1 Bath 1 949 $950 $1.00 2.9%

TOTALS 34 658 $671 $1.02 100.0%

37.78%62.22%

STUDIO 32.35%

1 BEDROOM 64.71%

2 BEDROOMS 2.94%


TAX INFORMATION

APPRAISAL DISTRICT HARRIS COUNTY

Account # VARIOUS

Land N/A

Improvements $1,094,166

Total $1,094,166

TAX RATE 2.530443%

PRO FORMA NOTES1. Gross Potential Rent is per the current rent

schedule. Projected Increase in Market Rents

consists of raising Studio rents to $650, 1BR

rents to $800 and 2BR rents to $1,000.

2. Other Income and Utiliity Reimbursements are

$46/unit and $206/ unit, respectively, per the

May 2019 Financials.

3. Management Fee is 5.00% of Effective Gross

Income.

4. Property Taxes shown are the 2019 Tax

Assessment at the 2019 Tax Rate of 2.530443%.

Disclaimer: The Pro Forma is delivered only as an accommodation and neither Seller, Greystone National Apartment Advisors nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such proforma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the Pro Forma.

INCOME & EXPENSESACTUALS* PRO FORMA

INCOME ANNUAL MONTHLY ANNUAL MONTHLY

Gross Potential Rent $273,660 $22,805 $273,660 $22,805

Projected Increase in Market Rents - - 35,340 12.91% 2,945

Loss/Gain to Lease - - - -

TOTAL RENTAL INCOME $273,660 $101,063 $309,000 $25,750

Vacancy Loss (11,227) (936) (6,180) 2.00% (515)

Concessions - - (3,090) 1.00% (257)

Bad Debt - - (1,854) 0.60% (154)

TOTAL RENTAL INCOME $262,433 $22,324 $297,876 $24,823

Other Income 1,580 132 1,580 132

Utility Reimbursements 6,992 583 6,992 583

TOTAL OTHER INCOME $8,572 $714 $8,572 $714

EFFECTIVE GROSS INCOME $271,005 $22,584 $306,448 $25,537

OPERATING EXPENSES PER UNIT PER UNIT

Payroll & Benefits 10,620 312 10,620 312

General & Administrative (incl. HOA) 85,386 2,511 85,386 2,511

Repairs & Maintenance*** 30,207 888 17,000 500

Contract Services PAID BY HOA PAID BY HOA PAID BY HOA PAID BY HOA

Advertising & Promotion 2,234 66 2,234 66

CONTROLLABLE EXPENSES $128,446 $3,778 $115,239 $3,389

Utilities** PAID BY HOA PAID BY HOA PAID BY HOA PAID BY HOA

Insurance** 3,014 89 3,014 89

Management Fee 13,273 390 15,322 5.00% 451

Property Taxes 26,967 793 26,967 793

TOTAL OPERATING EXPENSES ($171,700) ($5,137) ($160,543) ($4,722)

NET OPERATING INCOME/MONTH $99,305 $8,275 $145,905 $12,159

(Economic occupancy: 95.90%)

*acTuaLS SHoWn aRE may 2019 T6 incomE anD T12 EXpEnSES**uTiLiTiES anD uniT inSuRancE aRE coVERED By THE Hoa (incL. in G&a). SHoWn iS common aREa EXpEnSE.***pLEaSE SEE cEDaR cREEK may 2019 T12 FinanciaLS FoR R&m iTEmS REcaTEGoRiZED aS capiTaL EXpEnDiTuRES.


COMPARABLE PROPERTIES

RENT COMPARABLES SUMMARY

PROPERTY ADDRESS YEAR BUILT# OF

UNITSOCCUPANCY

AVG SF/ UNIT

MARKET RENT/ UNIT

MARKET RENT/

SF

9CEDAR CREEK CONDOS3754-3768 Tanglewilde StHouston, TX 77063

1981 34 100.0% 658 SF $671 $1.02

1. ARBORS ON WESTHEIMER2700 RolidoHouston, TX 77063

1972 360 97.0% 699 SF $849 $1.21

2. CENTRAL PARK3230 S Gessner RdHouston, TX 77063

1977 424 93.0% 678 SF $855 $1.26

3. GRANITE CLUB8990 Richmond AveHouston ,TX 77063

1976 228 95.0% 663 SF $853 $1.29

4. WOODLAKE TOWNHOMES2600 Westerland DrHouston ,TX 77063

1976 315 84.0% 771 SF $864 $1.12

COMPS TOTALS/AVERAGES 1975 332 92.3% 703 SF $855 $1.22

1

4

3

2

Source: Apartment Data Services (June 2019)


RENT COMPARABLES MAP

CEDAR CREEKCONDOS

GRANITE CLUB

3

WOODLAKE TOWNHOMES 1

CENTRAL PARK

2

4

ARBORS ON WESTHEIMER


RENT COMPARABLES DETAIL

1

Year Built: 1972Occupancy: 97.0%

2

Year Built: 1977 Occupancy: 93.0%

ARBORS ON WESTHEIMER 2700 Rolido Dr Houston, TX 77063

UNIT TYPE NO. OF UNITS

% OF UNITS

UNIT SF

MARKET RENT

MARKET RENT/SF

Efficiency 64 15.09% 520 $715 $1.38

1 Bedroom 280 66.04% 650 $830 $1.28

2 Bedrooms 80 18.87% 900 $1,040 $1.16

TOTAL/ AVG 424 100.0% 678 $852 $1.26


% OF UNITS

UNIT SF

MARKET RENT

MARKET RENT/SF

Efficiency 144 40.00% 520 $708 $1.36

1 Bedroom 144 40.00% 728 $840 $1.15

2 Bedrooms 72 20.00% 1,000 $1,150 $1.15

TOTAL/ AVG 360 100.0% 699 $849 $1.21

CENTRAL PARK3230 S Gessner RdHouston, TX 77063

Source: Apartment Data Services June 2019)


CENTRAL PARK3230 S Gessner RdHouston, TX 77063

RENT COMPARABLES DETAIL (CONT’D)

3

Year Built: 1976Occupancy: 95.0%

4

Year Built: 1976 Occupancy: 90.0%

GRANITE CLUB 8990 Richmond Ave Houston ,TX 77063


% OF UNITS

UNIT SF

MARKET RENT

MARKET RENT/SF

1 Bedroom 260 82.54% 693 $804 $1.16

2 Bedrooms 52 16.51% 1,133 $1,135 $1.00

3 Bedrooms 3 0.95% 1,235 $1,335 $1.08

TOTAL/ AVG 315 100.0% 771 $864 $1.12


% OF UNITS

UNIT SF

MARKET RENT

MARKET RENT/SF

Efficiency 8 3.51% 484 $700 $1.45

1 Bedroom 164 71.93% 589 $784 $1.33

2 Bedrooms 56 24.56% 906 $1,087 $1.20

TOTAL/ AVG 228 100.0% 663 $855 $1.29

WOODLAKE TOWNHOMES 2600 Westerland Dr Houston, TX 77063

Source: Apartment Data Services (June 2019)



LOCATION OVERVIEW

LOCATION OVERVIEW

Cedar Creek Condos is conveniently located in the heart of the Woodlake/ Westheimer area of Houston on Tanglewide Street, just north of the convergence of Westpark Tollway and South Gessner Road. The Property’s location provides easy access to schools, dining, shopping, and major employment hubs throughout the metro area. The Texas Medical Center – the world’s largest health care complex, is 10.1 miles to the southeast, Downtown Houston is 10.6 miles northeast, and University Place, The University of Texas Professional Building, and major attractions such as the Houston Zoo, Museum of Fine Arts, Museum of Natural Science and Hermann Park and Golf Course are all within 12 miles of the Property.

DEMOGRAPHICS

■ Cedar Creek Condos benefits from a population draw of 243,136 residents within a three-mile radius of the Property, and the median age of those residents is 34.

■ The median household income is $43,582 within a three-mile radius of the Subject, and the average persons per household is 2.41.

■ The unemployment rate for greater Houston was 4.5% as of January 2019, down 30 basis points year-over-year.

■ According to the Houston Association of REALTORS (HAR), the median sale price for single-family homes in the Houston metro area was $232,900 as of February 2019, up 2.9% year-over-year. Prices reached the highest levels ever for a February, and the average sale price rose 1.9% to $286,156.

SHOPPING AND DINING

Daily Conveniences – Quickly accessible conveniences within two miles of Cedar Creek Condos include Walmart Supercenter, Randall’s grocery store, AMC Studio 30, Dollar Tree, Tuesday Morning, Walgreen’s Pharmacy, Bank of Texas, and Sunny’s Food Store. Numerous services are also a short distance away such as fitness centers, hair and nail salons, medical clinics, coffee shops, gas stations, convenience stores, and automotive supply stores and repair shops.

Eateries – Some of the many local dining establishments surrounding the Property include Pappas Bar-B-Q, Benihana, Kasra Persian Grill, Mi Pueblito, Blue Nile, Flying Idilis, La Cazuela Restaurante Colombiana, Popeyes Louisiana Kitchen, McDonald’s, El Tiempo Cantina, Jack in the Box, Nick’s Place, Rudi Lechner’s German and Chuy’s.

Westheimer Crossing – Located less than three miles from the Subject, Westheimer Crossing is occupied by DSW Designer Shoe Warehouse, Academy Sports + Outdoors, Michaels, REI, and Petco. Skechers Factory Outlet is on the other side of South Voss Road. Several service business and eateries are also on-site.

Many shopping venues are located within or alongside the high-density Loop and are easily accessible to residents of Cedar Creek Condos. Some of these include:

The Galleria – Situated less than 5 miles from the Property, The Galleria is the seventh-largest mall in the United States and is known worldwide for its vast array of shops. The Galleria hosts Cartier, David Yurman, Kay Jewelers, Pandora, Swarovski Crystal, and Tiffany & Co., to name a few. Designer labels at The Galleria include Chanel, Burberry, Armani, Gucci, Louis Vuitton, St. John, and Versace. Department stores such as Neiman Marcus, Nordstrom, Macy’s, and Saks Fifth Avenue all have stores here as well. Other national brands include Crate & Barrel, Williams-Sonoma, Restoration Hardware, IKEA, Pottery Barn, and much more.

Harwin Outlet Mall – Situated less than 2 miles from the Property is The Harwin Outlet Mall, where you can find both wholesale and retail merchandise, from fashion jewelry to luggage sets. Enjoy the convenience of indoor shopping with stores that include JS Collection 1, Amabashi Collections and Pashmina World.


ENTERTAINMENT

Memorial Park – This scenic and vast local city park features miles of pedestrian, equestrian, and biking trails, a sports complex, fitness center, golf course, playground, picnic areas, and a water feature. The Houston Arboretum & Nature Center is within the park’s boundaries.

Museums and The Arts - Houston is home to many cultural institutions and exhibits, which attract more than 7 million visitors a year to the Museum District. Houston has an active visual and performing arts scene in the Theater District and offers year-round resident companies in all major performing arts. Some area museums offered include: Museum of Fine Arts, Pearl Finscher Museum of Fine Arts, Rienzi, Museum of Fine Arts, Houston, Children’s Museums of Houston, The Health Museum, Art Car Museum, Holocaust Museum Houston, Humble Museum, The Woodlands Children’s Museum, and Contemporary Arts Museum Houston.

Antique Shopping – Antique stores and art galleries abound in the Museum District along Bissonnet Street, the Upper Kirby area along Ferndale Street, the Montrose area along Hazard Street, and in the Heights along both Yale Street and Heights Boulevard. The Thompson Antique Center of Texas on Hempstead Road is home to 190 dealer spaces within 108,000 square feet.

Downtown Aquarium – The Downtown Aquarium is the product of redeveloping two downtown Houston landmarks – Fire Station No. 1 and the Central Waterworks Building. This six-acre entertainment and dining complex is comprised of a 500,000-gallon aquatic wonderland, full-service restaurant, an upscale bar, a fully equipped ballroom, aquatic and geographic exhibits, shopping and a variety of amusements.

James Turrell’s Twilight Epiphany Skyspace – Located adjacent to the Shepherd School of Music on the Rice University campus, the James Turrell Twilight Epiphany Skyspace structure is equipped with an LED light sequence that projects onto the ceiling and through an aperture in the 72-foot square knife-edge roof just before sunrise and at sunset.

HEALTH CARE

Texas Medical Center (TMC) – Encompassing 2.1 square miles, TMC medical district is home to 21 hospitals as well as 54 medicine-related institutions, eight specialty institutions, eight academic and research institutions, four medical schools, seven nursing schools, three public health organizations, two pharmacy schools, and a dental school. The Center receives an average of 3,300 patient visits a day and over 8.0 million annual patient visits. The center houses Texas Children’s Hospital – the largest children’s hospital in the United States, as well as MD Anderson Cancer Center.

Downtown Aquarium

EDUCATION

Rice University – Situated near the Houston Museum District and adjacent to the Texas Medical Center, Rice University is a private research institution that offers eight schools of academic study in areas including engineering, natural and social sciences, and business.

University of Houston (UH) – Located near the heart of Houston, this public, tier one research university offers over 300 degrees and programs as well as an award-winning faculty. UH is the flagship institution of the University of Houston System. Founded in 1927, UH is the third-largest university in Texas with nearly 44,000 students.

AIRPORTS

George Bush Intercontinental Airport (IAH) – As Houston’s largest airport, IAH is located thirty five miles north east of the Property and currently ranks fifth among U.S. airports in passenger volume. IAH offers daily scheduled non-stop domestic and international services with all major carriers.

William P. Hobby Airport (HOU) – Located approximately seven miles south of downtown, HOU was recently awarded four-star status by industry professional Styrax, making Houston the third city in the world and only city in the nation with two airports that have the four-star rating. HOU is served by four airlines that fly to over 55 national and world-wide destinations including the Caribbean, Central America, and Mexico. Carriers include Southwest Airlines, Delta, American Airlines, and JetBlue.

.

University of Houston

Rice University


HOUSTON, TX

Houston is the most populous city in Texas and the fourth-most populous city in the United States, with an estimated population of over 2.3 million people within a land area of 600 square miles. It is the largest city in the southern United States and the seat of Harris County. Located in Southeast Texas near the Gulf of Mexico, it is the principal city of the Greater Houston metro area, or the Houston–The Woodlands–Sugar Land Metropolitan Statistical Area (MSA). The MSA is the fifth-most populous metro area in the U.S., encompassing nine counties along the Gulf Coast of Texas. Houston has historically been among the fastest-growing metropolitan areas in the United States. In 2017, the Houston metro ranked as the second-fastest growing metro area in the U.S., behind Dallas. From 2010 – 2018, the Houston metro population increased 19.1%, or 2.4% annually on average, from 5,920,416 residents to an estimated 7,052,251 people.

Houston is considered to be a global city, and its economy is one of the largest in the world. If Houston were a nation, it would be the 24th-largest economy in the world and is currently the seventh-largest economy in the U.S. in terms of GDP. Houston’s economy has a broad base in energy, business, technology, international trade, manufacturing, aeronautics, transportation, education, medicine, and research. Houston is known as the Energy Capital of the World, owing to its preeminent cluster of energy-related companies that are headquartered in the city. Nicknamed the “Space City”, Houston is also home to the NASA Lyndon B. Johnson Space Center as well as the nation’s largest U.S. export port – Port Houston. The port is a vital economic component for the region and nation, supporting nearly 1.2 million jobs in Texas and 2.7 million jobs nationwide, with an economic impact of $265 billion statewide and more than $617 billion nationally. In addition, there are 20 Fortune 500 companies that call Houston home, helping to support the more than 3 million jobs locally.

CITY OF HOUSTON LARGEST EMPLOYERS

EMPLOYER EMPLOYEES

Walmart 37,000

Memorial Hermann Health System 24,108

H-E-B 23,732

Univ. of Texas MD Anderson Cancer Center 21,086

McDonald's Corp 20,918

Houston Methodist 20,000

Kroger 16,000

United Airlines 14,941

Schlumberger 12,069

Shell Oil Co. 11,507

Sources: Greystone Research, US Census Bureau, US Bureau of Labor, Wikipedia, CoStar

Analytics, Yardi, Apartment Data Services, Google Maps, City of Houston, Houston Association

of Realtors, Houston Chamber of Commerce, Houston Economic Partnership, George Bush

Intercontinental Airport, William P. Hobby Airport



CONFIDENTIALITY & CONDITIONS

All materials and information received or derived from Greystone Real Estate Advisors its directors, officers, agents, advisors, affiliates and /or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the Property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the Property, projected financial performance of the Property for any party’s intended use or any and all other matters.

Neither Greystone Real Estate Advisors its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Greystone Real Estate Advisors will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by

the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Greystone Real Estate Advisors makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Greystone Real Estate Advisors does not service as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and /or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the Property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the Property and whether the Property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies.

All properties and services are marketed by Greystone Real Estate Advisors in compliance with all applicable fair housing and equal opportunity laws.

CONTACTS

ABRAHAM GARZAExecutive Managing Partner 713.595.9582 [email protected]

SHAYAN HASNAIN Executive Managing Partner 713.595.9580 [email protected]

JAMIE HARRINGTON Director 713.595.9581 [email protected]

STERLING CURRY Director 713.595.9585 [email protected]

CHARLES EMMOTT Associate (Dallas Office) 713.595.9583 [email protected]

JORDON EMMOTT Executive Managing Partner 713.595.9584 [email protected]

RYAN ARMSTRONGDirector 713.595.9586 [email protected]

RYAN MENDEZDirector [email protected]

PETER KESH Associate (Dallas Office) 713.269.4380 [email protected]

CADE [email protected]

GREYSTONE NAA 5689 W Loop S, Suite 650Bellaire, TX 77401 www.greycoadvisors.comwww.naa-usa.com

11-2

-201

5

TYPE

S O

F RE

AL E

STAT

E LI

CEN

SE H

OLD

ERS:

A BR

OKE

R is

resp

onsi

ble

for a

ll br

oker

age

activ

ities

, inc

ludi

ng a

cts p

erfo

rmed

by

sale

s age

nts s

pons

ored

by

the

brok

er.

A

SALE

S AG

ENT

mus

t be

spon

sore

d by

a b

roke

r and

wor

ks w

ith c

lient

s on

beha

lf of

the

brok

er.

A BR

OKE

R’S

MIN

IMU

M D

UTI

ES R

EQU

IRED

BY

LAW

(A c

lient

is th

e pe

rson

or p

arty

that

the

brok

er re

pres

ents

):

Put t

he in

tere

sts o

f the

clie

nt a

bove

all

othe

rs, i

nclu

ding

the

brok

er’s

ow

n in

tere

sts;

In

form

the

clie

nt o

f any

mat

eria

l inf

orm

ation

abo

ut th

e pr

oper

ty o

r tra

nsac

tion

rece

ived

by

the

brok

er;

An

swer

the

clie

nt’s

que

stion

s and

pre

sent

any

offe

r to

or c

ount

er-o

ffer f

rom

the

clie

nt; a

nd

Trea

t all

parti

es to

a re

al e

stat

e tr

ansa

ction

hon

estly

and

fairl

y.

A LI

CEN

SE H

OLD

ER C

AN R

EPRE

SEN

T A

PART

Y IN

A R

EAL

ESTA

TE T

RAN

SACT

ION

:

AS A

GEN

T FO

R O

WN

ER (

SELL

ER/L

ANDL

ORD

): T

he b

roke

r be

com

es t

he p

rope

rty

owne

r's a

gent

thr

ough

an

agre

emen

t w

ith t

he

owne

r, us

ually

in a

writt

en li

sting

to

sell

or p

rope

rty

man

agem

ent

agre

emen

t. An

ow

ner's

age

nt m

ust

perf

orm

the

bro

ker’s

min

imum

du

ties

abov

e an

d m

ust i

nfor

m th

e ow

ner

of a

ny m

ater

ial i

nfor

mati

on a

bout

the

prop

erty

or

tran

sacti

on k

now

n by

the

agen

t, in

clud

ing

info

rmati

on d

isclo

sed

to th

e ag

ent o

r sub

agen

t by

the

buye

r or b

uyer

’s a

gent

.

AS A

GEN

T FO

R BU

YER/

TEN

ANT:

The

bro

ker b

ecom

es th

e bu

yer/

tena

nt's

agen

t by

agre

eing

to re

pres

ent t

he b

uyer

, usu

ally

thro

ugh

a w

ritten

repr

esen

tatio

n ag

reem

ent.

A bu

yer's

age

nt m

ust p

erfo

rm th

e br

oker

’s m

inim

um d

uties

abo

ve a

nd m

ust i

nfor

m th

e bu

yer o

f any

m

ater

ial i

nfor

mati

on a

bout

the

prop

erty

or t

rans

actio

n kn

own

by th

e ag

ent,

incl

udin

g in

form

ation

disc

lose

d to

the

agen

t by

the

selle

r or

selle

r’s a

gent

.

AS A

GEN

T FO

R BO

TH -

IN

TERM

EDIA

RY:

To

act

as a

n in

term

edia

ry b

etw

een

the

parti

es t

he b

roke

r m

ust

first

obt

ain

the

writt

en

agre

emen

t of

eac

h pa

rty

to t

he t

rans

actio

n. T

he w

ritten

agr

eem

ent

mus

t st

ate

who

will

pay

the

bro

ker

and,

in c

onsp

icuo

us b

old

or

unde

rline

d pr

int,

set f

orth

the

brok

er's

oblig

ation

s as a

n in

term

edia

ry. A

bro

ker w

ho a

cts a

s an

inte

rmed

iary

:

M

ust t

reat

all

parti

es to

the

tran

sacti

on im

parti

ally

and

fairl

y;

May

, with

the

par

ties'

writt

en c

onse

nt, a

ppoi

nt a

diff

eren

t lic

ense

hol

der

asso

ciat

ed w

ith t

he b

roke

r to

eac

h pa

rty

(ow

ner

and

buye

r) to

com

mun

icat

e w

ith, p

rovi

de o

pini

ons a

nd a

dvic

e to

, and

car

ry o

ut th

e in

stru

ction

s of e

ach

part

y to

the

tran

sacti

on.

M

ust n

ot, u

nles

s spe

cific

ally

aut

horiz

ed in

writi

ng to

do

so b

y th

e pa

rty,

disc

lose

: ᴑ

that

the

owne

r will

acc

ept a

pric

e le

ss th

an th

e w

ritten

ask

ing

pric

e;ᴑ

that

the

buye

r/te

nant

will

pay

a p

rice

grea

ter t

han

the

pric

e su

bmitt

ed in

a w

ritten

offe

r; a

ndᴑ

any

confi

denti

al i

nfor

mati

on o

r an

y ot

her

info

rmati

on t

hat

a pa

rty

spec

ifica

lly i

nstr

ucts

the

bro

ker

in w

riting

not

to

disc

lose

, unl

ess r

equi

red

to d

o so

by

law

.

AS S

UBA

GEN

T: A

lice

nse

hold

er a

cts

as a

sub

agen

t whe

n ai

ding

a b

uyer

in a

tran

sacti

on w

ithou

t an

agre

emen

t to

repr

esen

t the

bu

yer.

A su

bage

nt c

an a

ssist

the

buye

r but

doe

s not

repr

esen

t the

buy

er a

nd m

ust p

lace

the

inte

rest

s of t

he o

wne

r firs

t.

TO A

VOID

DIS

PUTE

S, A

LL A

GRE

EMEN

TS B

ETW

EEN

YO

U A

ND

A BR

OKE

R SH

OU

LD B

E IN

WRI

TIN

G AN

D CL

EARL

Y ES

TABL

ISH:

The

brok

er’s

duti

es a

nd re

spon

sibili

ties t

o yo

u, a

nd y

our o

blig

ation

s und

er th

e re

pres

enta

tion

agre

emen

t.

Who

will

pay

the

brok

er fo

r ser

vice

s pro

vide

d to

you

, whe

n pa

ymen

t will

be

mad

e an

d ho

w th

e pa

ymen

t will

be

calc

ulat

ed.

LICE

NSE

HO

LDER

CO

NTA

CT IN

FORM

ATIO

N: T

his n

otice

is b

eing

pro

vide

d fo

r inf

orm

ation

pur

pose

s. It

doe

s not

cre

ate

an o

blig

ation

for

you

to u

se th

e br

oker

’s se

rvic

es. P

leas

e ac

know

ledg

e re

ceip

t of t

his n

otice

bel

ow a

nd re

tain

a c

opy

for y

our r

ecor

ds.

Info

rmat

ion

Abou

t Bro

kera

ge S

ervi

ces

Texa

s law

requ

ires a

ll re

al e

stat

e lic

ense

hol

ders

to g

ive

the

follo

win

g in

form

ation

abo

ut

brok

erag

e se

rvice

s to

pros

pecti

ve b

uyer

s, te

nant

s, se

llers

and

land

lord

s.

.

Desig

nate

d Br

oker

of F

irm

Lice

nse

No.

Em

ail

Phon

e

Lice

nsed

Sup

ervi

sor o

f Sal

es A

gent

/As

soci

ate

Li

cens

e N

o.

Emai

l Ph

one

Lice

nsed

Bro

ker /

Brok

er F

irm N

ame

or

Prim

ary

Assu

med

Bus

ines

s Nam

e

Lice

nse

No.

Em

ail

Phon

e

Regu

late

d by

the

Texa

s Rea

l Est

ate

Com

miss

ion

Inf

orm

ation

ava

ilabl

e at

ww

w.tr

ec.te

xas.g

ov

I

ABS

1-0

Dat

e Bu

yer/T

enan

t/Sel

ler/L

andl

ord

Initi

als

Sale

s Age

nt/A

ssoc

iate

’s N

ame

Lice

nse

No.

Em

ail

Phon

e

Nat

iona

l Apa

rtmen

t Adv

isor

s LL

C90

0387

1je

@na

a-us

a.co

m71

3.58

7.96

06

Jord

on E

mm

ott

5932

14je

@na

a-us

a.co

m71

3.58

7.96

06

Jord

on E

mm

ott

5932

14je

@na

a-us

a.co

m71

3.58

7.96

06

CEDAR CREEK CONDOS3754-3768 Tanglewilde | Houston, TX 7706334 of 104 Units (32.69%) | Built 1981Asking Price: $1,650,000 ($48,529/ Unit)

OFFERING MEMORANDUM

GREYSTONE NAA 5689 W Loop S, Suite 650Houston, TX 77401 www.greycoadvisors.comwww.naa-usa.com

Copyright ©2019 Greystone Real Estate Advisors. All rights Reserved. This information was obtained from sources deemed reliable. Greystone Real Estate Advisors makes no guarantee, warranty or representation regarding this information. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the Property. It is your responsibility to conduct an independent investigation of the Property to confirm its accuracy and completeness to your satisfaction. The presence of molds may adversely affect the Property and pose serious health risks. If you have questions or concerns regarding this issue, conduct further inspections by a qualified professional. References to the term “Greystone,” “we,” “us,” and “our” refer to Greystone & Co., Inc. and/or its affiliated companies, as applicable. Loan products are offered through Greystone Funding Corporation, Greystone Servicing Corporation, Inc. and/or Greystone affiliated companies. For more information please visit our website www.greyco.com or contact [email protected]

CEDAR CREEK CONDOS...CEDAR CREEK CONDOS 3754-3768 Tanglewilde St Houston, TX 77063 1981 34 100.0%...

Documents

Transcript of CEDAR CREEK CONDOS...CEDAR CREEK CONDOS 3754-3768 Tanglewilde St Houston, TX 77063 1981 34 100.0%...