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 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.
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.
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 announce the exclusive listing of the Barrett Creek Apartments in North Richland Hills, TX. This 256-unit community was constructed in 1983 and consists of one- and two-bedroom units with an average size of 894 square feet per unit. Barrett Creek is located on Glenview Drive southeast of the convergence of Highway 183 and Interstate 820 providing resident’s quick access to Fort Worth, DFW International Airport and the rest of DFW. The current owner has infused $3,100,000 of capital into the property during their ownership period which includes a completely remodeled leasing office/ clubhouse, upgrading unit interiors and taking care of deferred maintenance items.
There is still significant value add for a new buyer through completing remaining 148 units (58%) unit upgrades, adding additional fenced yards (currently achieving $75/ month premiums), and charging tenants for covered parking spaces (256 Covered Spaces).