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.
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.
Rowan Multifamily Advisors is pleased to announce the exclusive listing of the Southgate Manor Apartments in Fort Worth, TX. This 158-unit community was constructed in 1963 and consists of studio, one, two and three-bedroom units with an average size of 739 square feet per unit. Southgate Manor is located on East Seminary Drive just East of Interstate 35 West, providing easy access to downtown Fort Worth. The current owner has infused a significant amount of capital into the property during their ownership period which includes a completely remodeled leasing office, clubroom, two outdoor grilling areas with pergolas, upgrading unit interiors, etc.
Rowan Multifamily Advisors is pleased to exclusively present Spanish Springs Apartments. Spanish Springs is situated on a 10.00 acre site in the town of Balch Springs. Consisting of 48 units, totaling 50,032 square feet, were originally built in 1972 and have just experienced a major renovation to the tune of approximately $2,000,000. The exterior renovations included new roofs, stucco repair, new windows, fence installation and LED exterior lighting. Each unit interior was also renovated with new ceiling fans, new bathtubs, Cabinet fronts, paint, crown molding, vinyl or ceramic flooring, new carpets, washer/dryer hookups, new backsplash and appliances.
There is zero deferred maintenance as every stone has been turned during the approximate $40,000 / unit renovation. A new investor has the opportunity to own a clean, rejuvenated, asset with plenty of room to raise rents in the 100% occupied property.
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.
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.
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.
Rowan Multifamily Advisors is pleased to exclusively offer The Atlas and The Aurora, a three-property portfolio totaling 175 units in Dallas, TX. The Atlas was constructed in 1962 and consists of 59 units, with an average size of 929 square feet per unit. The Aurora and the neighboring four-plex were constructed in 1969/1983 and consists of 116 units, with an average unit size of 815 square feet per unit. All properties have individual HVAC units to provide air conditioning and heat to the units and new boilers that supply domestic hot water. All properties have had significant capital infusions to the exteriors and common areas by the current owner allowing a new investor to focus on unit interior upgrades and aggressive operations.
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.
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.