Value-Add Opportunity for New Investor
Rowan Multifamily Advisors is pleased to exclusively present the Avaya Garland Apartments. The subject property is comprised of 32 buildings, totaling 216 units, all situated on a 12.09 acre-site which represents a low density of 17.87 units per acre. Exterior amenities include a playground, swimming pool, dog park, covered parking and a laundry center. The improvements, originally built in 1968, have recently experienced an extensive exterior renovation. Some recent capital items completed include new roofs, resealed parking lot, complete exterior paint, new signage, refreshed landscaping, synthetic grass enclosed soccer field, dog park, pergola in pool area and additional carports. The veneer is a combination of mostly brick, hardi board and stucco walls. The roofs are flat/mansard with a relatively new TPO surface. The parking lot offers 400 spaces (some covered) with a recently resealed asphalt driveway. The HVAC is provided by way of individual, roof mounted units and electricity is individually metered for electricity. Domestic hot water is supplied via two boiler systems.
The current owner has recently completed approximately 40 interior units consisting of new flooring, backsplash, paint, resurfaced countertops, light fixtures, plumbing, all black appliances and open kitchen floor plans.
This premium finish out level commanding a ~$300/unit increase, leaving a new owner the ability to continue with this business plan across the remaining units.