$4MM Renovation
Rowan Multifamily Advisors is pleased to exclusively present the Maverick on Seymour Apartments. Maverick on Seymour sits on 8.84 acres in the heart of Wichita Falls, TX, just North of Highway 287, which provides easy access to all of Wichita Falls and the surrounding areas. The property was constructed in 1974 and consists of 116, one- and two-bedroom units averaging 940 square feet per unit. The current owner has injected over $4MM in capital into the property and taken care of all deferred maintenance on the property including replacing roofs, siding, windows, etc.
This provides a new investor the ability to purchase a clean asset and focus on upgrading unit interiors and aggressive operations.
The current owner has upgraded 16 units to a premium finish out level which consists of granite countertops in the kitchens and bathrooms and new cabinet fronts on the kitchen. This premium finish out is achieving $175 rental premium per unit, per month. A new investor has the opportunity to complete this program across the remaining units adding $17,500 in additional monthly income.