Sussex Manor

Orange, TX

Property Overview

Summary

OFFER PRICE Market
TOTAL # OF UNITS 125
YEAR BUILT 1971
AVERAGE RENT $921
AVERAGE SF 753
LOT SIZE (ACRES) 4.74

Investment Summary

Sussex Manor is a renovated 125-unit multifamily community located on MacArthur Drive, at the intersection of Strickland Dr (Bus 90) and Hwy 87, the two main commercial corridors in Orange, TX. It benefits from immediate proximity to Orange Baptist Hospital, Home Depot, Walmart, various grocers, restaurants, and retail outlets. Additionally, it is within 1 mile of all zoned schools, 1.5 miles from City Hall, and 3 miles from the Chevron Phillips Golden Triangle Polymers site. The garden-style property, built in 1971, consists of two-story apartment buildings constructed of masonry/brick with brick/wood siding and pitched roofs. Sussex Manor offers a variety of one-, two-, and three-bedroom residences featuring fully equipped kitchens, tile flooring, and balconies. Common area amenities include a resort-style swimming pool, a clubhouse, and a laundry room. The grounds span 4.74 acres and feature lush, mature landscaping.

Investment Highlights

▶ Sussex Manor is situated on MacArthur Drive, at the intersection of Strickland Dr (Bus 90) and Hwy 87, the two main commercial corridors in Orange, TX.

▶ Current owners spent over $2MM on Capital Improvements including: New roofs, new gutters, full exterior paint, window screens throughout, replaced walkways and stairways, new signage, concrete repairs, completely renovated 2 out of 3 laundry rooms, studs out renovation of 15 down units.

▶ Opportunity to add a gym or club room to the leasing office.

▶ Opportunity to bring laundry service in house as the current contracts are near expiration.

▶ Chevron Phillips is constructing an $8.5BB plant (Golden Triangle Polymers). Per the Orange Chamber of Commerce, an additional 4,500 construction workers will arrive by the end of 2024. 500 workers will remain for permanent, well paying jobs. This represents a 17% population increase in the Orange/Bridge City area.

▶ Opportunity to do water conservation. Property currently has 1.6 gallon toilets and no low flow restrictors or aerators in the plumbing fixtures.

▶ Current owner has upgraded the interiors of 31 of the 125 units and is achieving a $140 rental premiums on these units.