RMA is pleased to announce the exclusive listing of Victoria Place, a 59-unit, turn-key property in Victoria, TX. The asset sits in a high visibility location just off highway 87.
The property is being offered at a low basis, providing an attractive entry point for a buyer looking to deploy capital and drive value. The asset is fully vacant with an incomplete renovation, creating a clean slate for an incoming owner to step in and execute immediately — no tenants to work around, no phased approach required.
At this price point, total project cost should land well below replacement cost and comparable stabilized trades in the submarket. The property is positioned for a straightforward execution: acquire, renovate, and stabilize.
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.
The exterior renovations included new roofs, stucco repair, new windows, fence installation and LED exterior lighting.
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.