The Monet

Tremendous Upside Potential Located in the Redeveopled RedBird Neighborhood

​​​​​​​Rowan Multifamily Advisors is pleased to announce the exclusive listing of The Monet Apartments in Dallas, Texas. The property consists of 256 units built in 1983 and has recently undergone more than $5,000,000 in capital improvements (primarily to the exterior and amenities). As a 1980’s property, you will find desirable characteristics such as pitched roofs, individual HVAC units, washer / dryer connections, covered parking, and controlled access gates. Major improvements include a fully renovated clubhouse, modernized pool area, new roofs, new boilers (2), new hardi-siding, and paint. The unit mix consists of one- and two-bedroom floorplans averaging 815 square feet. 

The property is directly across Westmoreland Road from the RedBird Mall Redevelopment which will include 200,000 sf for medical offices/healthcare facilities, 300,000 square feet of office space, 175,000 sf of new retail, 1+ acres of indoor/outdoor public space, new multifamily construction, and a new Marriott branded hotel for visitors. Additional new retail surrounding the development has recently opened including a Starbucks, Frost Bank, and they are in plans to bring in a new grocery store. This new development has made considerable progress already and will generate thousands of new healthcare, office, and retail jobs for the area. The Monet stands to benefit from it’s proximity to the development and will be attractive to new employees looking to relocate to the area. 


Opportunity to Cash Flow Upon Purchase

Rowan Multifamily Advisors is pleased to exclusively present the Northwood Apartments in Fort Worth, TX. Northwood sits on 5.30 acres and consists of 100, one, two and three-bedroom units with an average square footage of 970 square feet per unit. The property is made up of six residential buildings, and one leasing office/laundry facility. The property is located 5 miles North of Downtown Fort Worth allowing residents easy access to the city and surrounding suburbs.

This offering will provide a new investor with a strong cash flowing asset and room for upside in an historically strong submarket.

Northwood has a long history of very high and stable occupancy. The property manager has lived on-site for the last 15 years. Rental increases have been significant in the last 18 months with lease-turns at over 20%. The new rent schedule is in place and several leases have been made at current market rents with plenty of upside remaining as the loss to lease goes down every month. The heaving lifting on this property has been done with all the recent Capital improvements; leaving plenty of room for the new owner to enjoy the upside from the turnover of current rents to market rents.

Avaya Garland

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.