2904 Swisher Street

Property Description

RARE VALUE-ADD OPPORTUNITY, WALKING DISTANCE FROM UNIVERSITY OF TEXAS The Eastwood is a 62-unit student property located along Red River Street, just a few blocks north of the Tier 1 University of Texas. The property consists of two buildings – built in 1970 and 1999 –with three stories above one story of ground level parking. Offered with attractive assumable Fannie Mae Loan with fixed interest rate of 3.5%. With 92% of units consisting of two-bedroom floor plans, the Eastwood offers uniquely large floor unit sizes averaging 959 square feet and includes 127 ground-floor covered parking spaces offering significant parking income revenue. Current ownership has completed interior renovations in 24 units including new flooring and updated kitchens and bathrooms, which is commanding $200 rental premiums. Additionally, washer and dryer connections have been added in 39 units and are generating $50-$60 rental premiums. BOOMING STUDENT MARKET AMIDST EXCEPTIONAL LEASE-UP YEAR Student housing in the University of Texas market is experiencing an exceptional lease-up year for the 2024/2025 school year with pre-leasing as of March 2023 above 93% and YoY rent growth of 10%+. OFFERED WITH ATTRACTIVE ASSUMABLE LOAN The Eastwood is offered with opportunity to assume an existing Fannie Mae loan with current balance of $10,060,000 and a fixed interest rate of 3.495%. The loan is interest only through September of 2025 and matures in 2031