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---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/03/2000
04:30 PM --------------------------- "George Richards" <cbpres@austin.rr.com< on 10/03/2000 06:35:56 AM Please respond to <cbpres@austin.rr.com< To: "Phillip Allen" <pallen@enron.com< cc: "Larry Lewter" <retwell@mail.sanmarcos.net< Subject: Westgate Westgate Enclosed are demographics on the Westgate site from Investor's Alliance. Investor's Alliance says that these demographics are similar to the package on San Marcos that you received earlier. If there are any other questions or information requirements, let me know. Then, let me know your interest level in the Westgate project? San Marcos The property across the street from the Sagewood units in San Marcos is for sale and approved for 134 units. The land is selling for $2.50 per square foot as it is one of only two remaining approved multifamily parcels in West San Marcos, which now has a moratorium on development. Several new studies we have looked at show that the rents for our duplexes and for these new units are going to be significantly higher, roughly $1.25 per square foot if leased for the entire unit on a 12-month lease and $1.30-$1.40 psf if leased on a 12-month term, but by individual room. This property will have the best location for student housing of all new projects, just as the duplexes do now. If this project is of serious interest to you, please let me know as there is a very, very short window of opportunity. The equity requirement is not yet known, but it would be likely to be $300,000 to secure the land. I will know more on this question later today. Sincerely, George W. Richards President, Creekside Builders, LLC - winmail.dat
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