Rowan Multifamily Advisors is pleased to exclusively offer The Atlas Apartments located in Dallas, TX. Constructed in 1962, the property consists of 59 units, with an average size of 929 square feet per unit. The subject property includes individual HVAC units to provide air conditioning and heat to all units and new boilers that supply domestic hot water. The property has had significant capital infusions to the interiors, exteriors, and common areas by the current owner, allowing a new investor to focus on unit interior upgrades and aggressive operations.
INVESTMENT HIGHLIGHTS
•Strong Value-Add Potential – Only 10% of Unit Interiors Upgraded •Infill Location just 3.5 Miles from Downtown Dallas •Located Right Across the Street from Stevens Park Elementary School •New Multifamily, Single Family, and Retail Development within 0.1 Miles •New Financing Available
LOCATION HIGHLIGHTS
•2.3 Miles from Trinity Groves •0.5 Miles from Stevens Park Golf Course •2.0 Miles from Bishop Arts District •2.2 Miles from Methodist Dallas Medical Center •3.4 Miles from Downtown Dallas •3.7 Miles from Victory Park
Rowan Multifamily Advisors is pleased to exclusively offer The Aurora Apartments located in Dallas, Texas. The Aurora was constructed in 1969 and consists of 112 units, with an average unit size of 815 square feet per unit. All units have individual HVAC to provide air conditioning and heat as well as new boilers that supply domestic hot water. The Aurora has also had significant capital infusions to the exterior 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 announce the exclusive listing of the Loraine Place Apartments in Haltom City, Texas. Haltom City is a suburban city with a population over of more than 45,000 residents located about 6 miles northeast of Downtown Fort Worth. Loraine Place is tucked into a residential neighborhood near the intersection of Haltom Rd. and NE 28th St., and residents benefit from a short 10-minute commute to the heart of Downtown Fort Worth, Sundance Square, and a 20 minute commute to DFW International Airport.
Loraine Place is a boutique 20-unit community constructed in 1970, featuring one- and two-bedroom floorplans averaging 603 square feet. The current owner has infused more than $300,000 into the property recently including addressing deferred maintenance, upgrading the exterior with new paint and landscaping, and renovating 11 units to premium finish out featuring stainless steel appliances and granite countertops. With the exterior largely addressed, a new owner can budget to finish upgrading the remaining 9 “classic” units to further boost income. There is also an opportunity for a new owner to begin charging additional fees for covered parking (10 spaces) that are currently free to residents, potentially up to $50/month.
Rowan Multifamily Advisors, known as RMA, brokered the transaction. The price wasn’t disclosed. The complex was appraised for tax purposes this year at $13.5 million, according to the Dallas Central Appraisal District.
Trion is a value-add buyer, and the firm has plans to renovate the interiors of Riverbend. The firm holds properties in California, Oregon, Colorado, Georgia, North Carolina and Florida.
RMA had been in talks with Trion for a couple of years, said Rowan Burch, one of the firm’s lead brokers.
“They saw a lack of competitive bidding on some value-add deals in Texas, so they thought it would be a good time to buy their first deal,” Burch said. “The size and metrics checked out, and they wanted to be aggressive.”
Lancaster is less than 20 miles from downtown Dallas and has a strong medical presence, and multifamily hasn’t been overbuilt there.
The Deal: Shadow Ridge is a 172 unit, 1980s Construction asset, located in west arlington just off of Pioneer Parkway.
The Challanege: While under contract, 2023 taxable value came out to 25% above the Purchase Price, affecting the buyer/lender underwriting substatially. RMA worked with the buyer and seller to allow more time to close, allowing the taxable value to be settled. The Results: RMA secured an off market buyer in a challenging market and the buyer perforemd with no retrades. This was RMA’s third disposition for the seller, Madera Residential, in the past six months. This was RMA’s second time closing with the buyer, Brazos Residential.