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.

From The Real Deal:

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.

Quality Townhome Asset with Low Initial Investment

Rowan Multifamily Advisors is pleased to announce the exclusive listing of the Wyngate Townhomes, a 45-unit townhome community located in Garland, Texas. This quality, 1983 construction asset is located in Garland, Texas, an inner-ring suburb of Dallas. The immediate location is near the intersection of Wynn Joyce Rd. and Broadway Blvd., next door to a Walmart Neighborhood Market, single-family homes, and close to the Duck Creek Greenbelt featuring running trails and playgrounds.

The Wyngate Townhomes offer a unique single-family like living situation for residents in an area

The Wyngate Townhomes offer a unique single-family like living situation for residents in an area where the median household income is $66,000+. Every unit has an attached one-car garage, private fenced patio, full-size washer and dryer, and spacious floorplan averaging 1,121 square feet. The property also has a clubhouse, swimming pool, individual HVAC units, and individual hot water heaters.

Opportunity to Own in Fort Worth’s Newest Entertainment District

Rowan Multifamily Advisors is pleased to announce the exclusive listing of Crest River District, a 60-unit multifamily property located in Fort Worth, Texas. This quality, 1980 construction asset is situated in Fort Worth’s River District, which is a unique locally-cultivated community offering the best of outdoor pursuits, unique restaurants, luxury living options and boutique office space. Crest River District is the only multifamily property in the district that is older than 2017 which makes it one of the only affordable alternative to new construction multifamily or single family rentals.

Current ownership has infused almost $500,000 into the property

The property has gone through extensive capital improvements over the past two years to both the exterior and unit interiors. Current ownership has infused almost $500,000 into the property including exterior paint, landscaping, leasing office and laundry room renovation, parking lot repairs and interior upgrades. A new investor will be able to continue the premium finish out the current owner has proven on 13% of the units and benefit from an improving location that is seeing new projects from numerous national development groups.