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.
The exterior renovations included new roofs, stucco repair, new windows, fence installation and LED exterior lighting.
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 renovation included foundation work, balcony rebuilds, siding replacement, exterior paint, new patio fences.
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.
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).
Rowan Multifamily Advisors is pleased to exclusively present the Avaya Garland Apartments. The subject property is comprised of 32 buildings, totaling 216 units, all situated on a 12.09 acre-site which represents a low density of 17.87 units per acre. Exterior amenities include a playground, swimming pool, dog park, covered parking and a laundry center. The improvements, originally built in 1968, have recently experienced an extensive exterior renovation. Some recent capital items completed include new roofs, resealed parking lot, complete exterior paint, new signage, refreshed landscaping, synthetic grass enclosed soccer field, dog park, pergola in pool area and additional carports. The veneer is a combination of mostly brick, hardi board and stucco walls. The roofs are flat/mansard with a relatively new TPO surface. The parking lot offers 400 spaces (some covered) with a recently resealed asphalt driveway. The HVAC is provided by way of individual, roof mounted units and electricity is individually metered for electricity. Domestic hot water is supplied via two boiler systems.
The current owner has recently completed approximately 40 interior units consisting of new flooring, backsplash, paint, resurfaced countertops, light fixtures, plumbing, all black appliances and open kitchen floor plans.
This premium finish out level commanding a ~$300/unit increase, leaving a new owner the ability to continue with this business plan across the remaining units.