Property Description
THE OPPORTUNITY:
Turnkey Asset with Upside: With the Property fully renovated, new ownership is positioned to capture remaining upside through a mark-to-market business plan rather than a costly renovation program. Market base rents of $1,186 per unit sit $60 above the in-place average, and the Property has proven and achieved market rents of $1,095 for efficiencies, $1,170 for 510-square-foot one-bedrooms, and $1,250 for 665-square-foot one-bedrooms. These rents are supported by actual leasing performance and are not comp-driven. Executing this business plan in turn reflects ~$740,040 of Potential Market Rent.
Proven Growth: The District has proven its ability to capture additional revenue over time, with new leases signed with a $115/mo recurring charge that primarily serves as a utility reimbursement for water/sewer, gas, and trash. Per the November rent roll, this recurring charge totals $4,860/mo, annualizing to $58,320 in recurring utility reimbursements, and is expected to increase as new leases are signed. This figure does not include other income collected from pet fees, application fees, etc.
Minimal Deferred Maintenance: The District offers investors the ability to step into a fully rebuilt asset in a prime Dallas location with minimal deferred maintenance.