Renovation Provides Significant Upside
Rowan Multifamily Advisors is pleased to exclusively present The Hills Apartments. The Hills sits on 3.05 acres in North Irving, off of North Story Road, which is centrally located between all the major employment drivers in the area – Los Colinas, DFW International Airport and University of Dallas. The property was constructed in 1968 and consists of 60, one-, two- and Three-bedroom units averaging 843 square feet per unit. The current owner has injected over $950,000 in capital into the property.
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 been aggressive on recent unit turns and is achieving significantly higher rents on new leases that represent 25% increase above the average in place lease and about $265 rental increases.