Brownstone

The Brownstone Apartment Homes were constructed in 1963 and feature 107 units. There are a total of 9 garden style apartment buildings with brick veneer and pitched mansard roofs. The property has 7 floor plans ranging from 413 to 1050 square feet, with an average unit size of 739 Square Feet. Terrell, Texas is located 35 miles east of Dallas on Interstate 20. The Brownstone Apartments are located on the west side of Highway 34, just one mile north of Interstate 20. The property is surrounded by a stable middle class neighborhood with excellent drive by traffic and curb appeal. Several new commercial developments are planned within close proximity to the property, along Highway 34. The intersection of Highway 34 and Interstate 20 is well developed with new retail and restaurants. Notable employers include the Tanger Outlet Mall, Home Depot, a Walmart Distribution Center, Autozone Parts & Supplies Warehouse and Terrell State Hospital. The property has undergone a full renovation, in excess of one million dollars, which included extensive interior upgrades, as well as exterior landscaping, lighting, added security and private parking. The property has a good mix of units ranging from Efficiency’s to 4 bedroom. The quality of the renovation and dramatic changes to the property’s tenant profile has helped gain the support of civic leaders in the local community, most of whom were in support of razing the property, prior to its new/current ownership. The property is now stable, with 96% occupancy and offers exceptional cash flow with new debt at a 75% Loan to Value. There are approximately 25 tenants that receive housing assistance from the Terrell Housing Authority and the property receives this income on the 3rd of each month.