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.
New $2,000,000 Renovation
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.