Significant $3.1MM Renovation
Rowan Multifamily Advisors is pleased to announce the exclusive listing of the Barrett Creek Apartments in North Richland Hills, TX. This 256-unit community was constructed in 1983 and consists of one- and two-bedroom units with an average size of 894 square feet per unit. Barrett Creek is located on Glenview Drive southeast of the convergence of Highway 183 and Interstate 820 providing resident’s quick access to Fort Worth, DFW International Airport and the rest of DFW. The current owner has infused $3,100,000 of capital into the property during their ownership period which includes a completely remodeled leasing office/ clubhouse, upgrading unit interiors and taking care of deferred maintenance items.
There is still significant value add for a new buyer through completing remaining 148 units (58%) unit upgrades, adding additional fenced yards (currently achieving $75/ month premiums), and charging tenants for covered parking spaces (256 Covered Spaces).