2833 Community Drive
Property Description
Parkside Place: A well-located, 84-unit apartment community at 2833 Community Dr. in the Bachman Lake submarket of Dallas. Constructed in 1971, the two-story property consists of six brick buildings with one-bedroom units averaging 681 SF and two-bedroom units averaging 990 SF. Community features include individual HVAC condensers, a central courtyard, patios/balconies, grilling areas, and 120 parking spaces. Spacious Floor Plans: Parkside Place offers some of the most spacious floor plans in its class, supporting strong leasing performance and appealing to a broad tenant base. Interior finishes range from classic to renovated, providing new ownership the opportunity to selectively renovate remaining units and capture additional rental upside. Long Term Ownership: Parkside Place is a legacy, family-owned asset that has been well maintained by current ownership. The Property offers a stable operating foundation with additional upside in an infill market supported by population growth, workforce housing demand, and limited new supply. THE OPPORTUNITY Chasing Yield: Parkside Place is currently 94% occupied, and generates ~$1.3M of Effective Gross Revenue, the asset has been able to prove that it can maintain and attract tenants without relying on any submarket tailwinds, Parkside Place has been well positioned for continued success under new ownership who will gain the benefit of an attractive in-place cash yield, and future cash yield following a successful execution of a mark to market business plan. Rent Mark to Market: In-place average effective rents of $1,281/month remain below the highest effective rents achieved over the last 12 months across each floor plan, which average approximately $1,404/month. This upside is supported by proven property-level performance rather than comp-driven assumptions, providing a clear path to bridge the gap between current and demonstrated market rents. Renovated vs. Unrenovated Units: Only 10 of the Property’s 84 units have been renovated. New ownership can strategically improve interiors as units turn, creating the opportunity to capture post-renovation rent premiums and additional upside.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 84 |
| Year Built: | 1971 |
| Lot Size: | 2.53 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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