Lakeway Apartments

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2934 W Pioneer Dr, Irving, TX 75061

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AUSTIN OFFICE

2500 Bee Cave Road Buiding 3, Suite 550Austin, TX 78746

Adam Sumrall

Director 512.960.2674 adam.sumrall@berkadia.com

Justin Cole

Managing Director 512.226.8711 justin.cole@berkadia.com

Justin Chambers

Director 512.969.6838 justin.chambers@berkadia.com

Kelly Witherspoon

Senior Managing Director 512.226.8706 kelly.witherspoon@berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada. © 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.

6301 MEADOWVISTA DRIVE | CORPUS CHRISTI, TX 78414

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Rent to Own

Renting is often more affordable than owning a home in Irving. The cost of purchasing a home in this area can be quite high, with substantial down payments and mortgage payments. On the other hand, renting typically requires a smaller upfront investment, usually limited to a security deposit and first month of rent. Moreover, renting allows individuals to allocate their funds towards other financial goals or investments, providing more flexibility and potentially higher returns. Overall, renting can be a more affordable option for those looking to live in Irving without the financial commitment of homeownership.

Former Texas Stadium Site Development

The City of Irving is plans to redevelopment the 400-acre site at the northeast corner of State Highway 183 and Loop 12. Currently utilized as industrial space, the site was once improved with Texas Stadium, the former home of the Dallas Cowboys. The City intends to develop the site into eight sections for development, and those developments will include “corporate headquarters, an international business district, retail, and services, with a mix of residential buildings in a walkable urban environment, accessible to the region and the globe,” according to the City of Irving’s website. Further, the development will be supported by the reconstruction of the ”Diamond Interchange.” Upon completion of the project, Loop 12, Spur 482, and State Highway 114 and 183 interchanges will be expanded, and a nearby Dallas Area Rapid Transit Light Rail Transit Station (DART) will be utilized in creating a mixed-use transit-oriented development. According to the Texas Department of Transportation, the project is already 81% complete.

Abundant Lifestyle Amenities

Within a fifteen-minute radius of the property are Irving Mall, Heritage Crossing District, Irving Arts Center and Toyota Music Factory, among many other retail centers and restaurant offerings. The subject property is located adjacent to the Wyche Park, which is owned and maintained by the City of Irving. The public park includes 6 picnic tables, a basketball court, sandlot soccer fields, a tennis court, two small pavilions and illuminated half-mile paved trail. Located less than two miles to the northwest, Irving Mall is an enclosed regional shopping mall built in 1971, with over 90 retailers and specialty shops. The mall totals 1.1 million square feet, and is anchored by Dillard’s, Macy’s, Burlington Coat Factory and Shoppers World. The City of Irving has initiated a downtown revitalization project to redesign a 1-mile section of Irving Boulevard that runs through the city’s historic Heritage Crossing District located approximately 2.5 miles to the southeast. Plans include reducing three vehicle lanes to two lanes along Irving Boulevard from Sowers Road to Strickland Plaza. The remaining right of way would be used for parallel parking, wider sidewalks, a bike lane and streetscape amenities. The Irving Arts Center is an approximate 10-minute drive to the northeast of the subject, which totals approximately 10 acres. The performing and visual arts spaces is comprised of over 91,500 square feet and includes a 3,800 square foot Main Gallery, which hots over 20 exhibits each year. Toyota Music Factory is located approximately four miles northeast of Park Manor that totals 20 restaurants and entertainment venues. The development includes Alamo Drafthouse Cinema and the flexible Pavilion at Toyota Music Factory, which is a unique open-air pavilion accommodating up to 8,000 people.

Major Employment Centers

The subject is well-located between several major employment centers within a fifteen-minute drive from the property. Park Manor is a short 7-minute commute to Baylor Scott & White Medical Center, which provides a wide range of health care services. Further, the property is a 10-15 minute commute to the Dallas Medical District, the highest concentration of Medical employment in DFW. Two new hospitals are currently underway in this district totaling an additional $3 Billion in development. Opening in 1974, Dallas/Fort Worth International Airport is an approximate 10-minute drive northwest from Park Manor. This major employment center covers 26.9 square miles (17,183 acres) and serves as a major economic generator and producing over $37 billion in economic impact each year, including 634,000 direct and indirect jobs. Hub for Southwest Airlines, Dallas Love Field is located within eight miles northeast of the property and is the 31st-busiest airport in the United Staes serving 15.7 million passenger in 2022. Love Field operates more than 600 flights per day, and contributes over 12,500 direct and indirect jobs to the surrounding community. Las Colinas includes 125,000 corporate jobs and is North Texas’ largest office park. Wells Fargo recently broke ground on a regional campus in Las Colinas. Upon its completion scheduled in 2025, the campus will feature an 850,000 square feet, house approximately 3,000 employees and create 650 new jobs.

Value Add and Revenue Enhancement Opportunities

Park Manor reflects a well-maintained value add opportunity, with a proven track record of stable operations and above-average occupancy performance. Ownership can capitalize on the current above-average condition by continuing the renovation program and upgrade the current 63 “classic” units. Additionally, next-level interior unit renovations are possible for 40 units that have already been updated units (including solid-surface counters, stainless steel appliances, adding washer dryers, etc.) to further reposition the property.

Interior unit upgrades currently include: Gray luxury vinyl plank flooring New black appliances Subway tile backsplash Brushed nickel door and cabinet hardware Updated plumbing and lighting fixtures Framed bathroom mirror Resurfaced combination shower/tub with new ceramic tile surrounds New bathroom vanity

Further, ownership can also take advantage of revenue enhancements, such as implementing utility and/or bulk internet reimbursement programs2, as well as adding carports and charging tenants for covered parking. The property includes only 576 square-foot units, resulting in overall low per-unit turn (and/or renovation) costs, and the property features easy-to-maintain, through-wall air conditioning systems.

THE OFFERING

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QUICK STATS

$1.12

Average Market Rent/SF:

$837

Average Market Rent:

17,916 SF

Net Rentable Area:

747 SF

Average Unit Size:

PHOTO GALLERY

Lakeway Apartments (the “Property”) is a 24-unit, garden-style apartment community located in the thriving city of Temple, Texas. Built in 1962, Lakeway is situated with frontage along W. Adams Avenue and sits just 2.2 miles south of the Baylor Scott and White Health Hospital District and 3.2 miles from the Baylor Scott & White McLane Children's Medical Center – Temple, two of Temple’s largest employers. Additionally, residents of Lakeway Apartments benefit from the proximity to Downtown Temple and Main Street, offering a diverse selection of bars and restaurants within a 1.5-mile radius. Notable options include Treno Pizzeria and Taproom, Bird Creek Brewing, and Cheeves Brothers Steakhouse. Furthermore, Meta Platforms is under construction on their 900,000 SF, $800M state-of-the-art data center in Temple which will bring 100 high-paying, specialized technology jobs to the immediate area. The region's impressive economic growth has led to a surge in demand for housing near major companies and hospitals. As businesses and individuals continue to invest and relocate to Temple, the outlook for apartment fundamentals remains strong. Lakeway Apartments offers investors a chance to acquire a well-maintained property and benefit from Temple's significant growth.

24-units / 1962 Built / 2.00 Acres

All-Cash

Sale Terms:

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INVESTMENT HIGHLIGHTS

TEMPLE IS PRIMED FOR SUCCESS AS “TEXAS TRIANGLE” CONTINUES TO THRIVE The “Texas Triangle”, which refers to the shape that is naturally created when connecting Dallas, Houston-Austin, and San Antonio, comprises nearly 18 million people. The region has been responsible for 80% of the state’s population growth since 2000 and is referred to by demographers as “an increasingly important global megalopolis” featuring a job-growth rate three times that of New York City and five times that of Los Angeles. Temple is a principal city in the Killeen-Temple-Fort Hood Metropolitan Statistical Area, which has an estimated population of 448,000. Direct access to I-35 positions Temple within 180 miles of 80% of Texas’ population (or 17.6 million people) and allows for quick access to four of the largest markets in the nation: Austin (50 minutes south), Dallas-Fort Worth (128 miles north), San Antonio (145 miles southwest) and Houston (170 miles southeast). With San Antonio and Austin to the south, Dallas/Fort Worth to the north, Temple is easily accessible via road, rail and air. The Temple-Killeen area continues to ride a wave of momentum bolstered by continued job growth and low unemployment. As of 2020, the Temple-Killeen Metro Labor Force totaled 135,650 jobs, and the City of Temple’s workforce is expected to grow to 60,130 by 2028.

INVESTMENT HIGHLIGHTS

QUICK ACCESS TO THE EXPANDING “TMED” DISTRICT Apple Creek is situated just 1.5 miles south of the Temple Medical & Education District or “TMED” as it is known locally. TMED is the City of Temple’s community-wide initiative to jointly promote the education and medical activities of Temple College, the Temple campus of the Central Texas Veterans Health Care System, the main campus of Baylor Scott & White Health Hospital, the Temple ISD Travis Science Academy, and the City of Temple Parks and Recreation Center. Temple’s thriving medical district employs more than 40 percent of Temple’s workforce and continues to grow as evidenced by the new Everest Rehabilitation Hospital – Temple which opened its doors to the public in August 2019. The $23 million, 36-bed inpatient rehabilitation facility has created 120 new jobs with an average annual salary of $52,000. The hospital is the first anchor to TMED South, which is part of TMED’s planned expansion that is expected to contribute more than $521 million to Temple’s local economy over time. Temple College is a fully accredited, full-service community college serving the educational needs of the entire Central Texas area. Approximately 6,100 students are currently enrolled in college credit classes and an additional 3,100 enrolled in non-credit, community education, and workforce training classes. Temple College also employs 230 staff members and offers a variety of continuing education programs intended for workforce and corporate training.

INVESTMENT HIGHLIGHTS

CLOSE PROXIMITY TO MAJOR EMPLOYMENT DRIVERS NEW DEVELOPMENTS POISED TO MAKE SPALSH IN TEMPLE Central Texas is experiencing a wave of significant developments near The Property, set to enhance the region's economic landscape. Meta Platforms is advancing with the construction of its $800 million data facility, redesigned to incorporate Artificial Intelligence capabilities. This expansive center will cover 900,000 square feet across 393 acres, positioning Meta as a key player in technological innovation. Temple is becoming a focal point for industrial growth with the new SeAH Manufacturing Facility. This $110 million investment is expected to be fully operational by September 2025 and will create 100 jobs in steel manufacturing, producing high-performance metal products for sectors such as aerospace, power generation, automotive, and oil and gas. The CenTX 35 Logistics Center, completed in 2024, offers premium industrial space across two buildings, with the third already sold. This highlights the demand for Class A space in the area, reinforcing Temple's appeal as a prominent growth hub within the Texas Triangle. CHEP USA is establishing a facility within the Temple Industrial Park, representing a $12.5 million investment that will create 45 full-time jobs. Temple EDC is pleased to partner with CHEP, emphasizing the project's role in promoting environmental stewardship and economic growth. In nearby Taylor, Samsung is making a substantial impact with its $17 billion factory, located just 40 miles south of Temple. This investment, the largest private investment in Texas history, is expected to create over 2,000 high-tech jobs. Samsung is also considering further expansion with a potential $167 billion investment to establish a major semiconductor complex, potentially increasing job additions to 8,200 positions.

INVESTMENT HIGHLIGHTS

PRIME TEMPLE LOCATION WITH FRONTAGE ALONG W. ADAMS AVE AND PREMIER ACCESS TO I-35 Lakeway Apartments boasts a prime location that provides swift access to the entire Temple area via the Dodgen Loop. It's strategically situated just minutes away from many of Temple's renowned employers, including Baylor Scott & White Hospital, McLane Children's Hospital, Temple College, and the VA Hospital. Residents of Lakeway Apartments also enjoy the convenience of being close to Downtown Temple and Main Street, where they can explore a variety of bars and restaurants within a 1.5-mile radius, such as Treno Pizzeria and Taproom, Bird Creek Brewing, and Cheeves Brothers Steakhouse. The nearby Temple Mall serves as a retail hub, featuring popular stores like HEB, Wal-Mart, Sam’s Club, Academy Sports + Outdoors, and Lowe’s Home Improvement. Additionally, Lakeway offers direct access to Interstate 35 via W. Adams Ave, facilitating quick travel to Belton in just 10 minutes, Harker Heights/Killeen in 20 minutes, and Waco in 30 minutes. The well-known suburbs of the Austin MSA, Georgetown and Round Rock, are also conveniently located less than 45 minutes away.

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