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 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).