3299 South Polk Street
- THE OPPORTUNITY
- Landmark Apartments presents an opportunity for buyers to purchase a stabilized, cash-flowing asset situated in one of the nation’s top real estate investment hubs. With three units renovated so far, new ownership can focus on further renovations and capitalizing on rent increases to align with market rates, ensuring sustained cash flow growth throughout the holding period. Recent upgrades to unit interiors boast vinyl flooring, stainless steel appliances, designer backsplashes, fully equipped kitchens, sleek gooseneck faucets, and updated lighting and hardware, showcasing a modern aesthetic. Extending these renovations to all units, new ownership can implement cost-effective upgrades while capitalizing on a $45 premium on average upon leasing at market rates post-renovation.
- THE PROPERTY
- Landmark Apartments is a 60-unit garden-style product originally constructed in 1961 and recently repainted in 2022 with a modern teal and grey color scheme. The property has ample parking with a total of 94 total parking spaces, including 36 covered spaces generating additional income of roughly $1,300 per month. Landmark Apartments includes copper wiring and water lines throughout, with a mix of cast iron and PVC sewer lines.
- THE LOCATION
- Situated in Dallas, TX, just under 4 miles south of the Bishop Arts District, Landmark Apartments offers a conveniently accessible property for tenants. Positioned with easy connectivity to major arteries like I-35, US-67, and Loop 12, the Property is an ideal choice for those commuting across the metroplex. Its location places it a mere 10-minute drive from both Downtown Dallas and the University of North Texas at Dallas. Residents also enjoy the convenience of gas stations, grocery stores, restaurants, pharmacies and recreation at Kiest Park, all within immediate vicinity.
- THE DEBT
- The property is being offered free-and-clear of existing debt. Please contact the Greysteel Debt and Structured Finance team to discuss the most efficient financing execution
Property Description
THE OPPORTUNITY Landmark Apartments presents an opportunity for buyers to purchase a stabilized, cash-flowing asset situated in one of the nation’s top real estate investment hubs. with three units renovated so far, new ownership can focus on further renovations and capitalizing on rent increases to align with market rates, ensuring sustained cash flow growth throughout the holding period. Recent upgrades to unit interiors boast vinyl flooring, stainless steel appliances, designer backsplashes, fully equipped kitchens, sleek gooseneck faucets, and updated lighting and hardware, showcasing a modern aesthetic. Extending these renovations to all units, new ownership can implement cost-effective upgrades while capitalizing on a $45 premium on average upon leasing at market rates post-renovation. THE PROPERTY Landmark Apartments is a 60-unit garden-style product originally constructed in 1961 and recently repainted in 2022 with a modern teal and grey color scheme. The property has ample parking with a total of 94 total parking spaces, including 36 covered spaces generating additional income of roughly $1,300 per month. Landmark Apartments includes copper wiring and water lines throughout, with a mix of cast iron and PVC sewer lines. THE DEBT The property is being offered free-and-clear of existing debt. Please contact Ralph Rader (rrader@greysteel .com) to discuss the most efficient financing execution.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 60 |
| Year Built: | 1961 |
| Lot Size: | 2.35 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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