603 Southwest Parkway

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Address: 603 Southwest Pkwy, College Station, TX 77840, USA

Texas + Apartment Buildings

Created date: August 23, 2024

Date last updated: August 27, 2024

Exceptionally Well-Maintained Asset with Recent Improvements
Over $2.2M in capital improvements made since 2021
Highlights include a new fitness center, leasing office renovation, full exterior repaint, new bus stop, HVAC replacements, LED site lighting, signage, and landscaping overhaul
Proven Interior Value-Add Concept with Significant Upside Remaining
Most units at the Property are in classic condition presenting investors with a significant value-add opportunity
A small number of units have received either a “light” or “platinum” upgrade package which which have targeted rent premiums of up to $120 and $250 respectively
139 units - all classic and "light" upgrades - still present significant value-add upside potential to investors.
Unique Asset with Desirable Features
Unique site layout that could not be replicated with current construction costs
All units at the Property are spacious 2-bed / 2-baths which is desirable to the market demographic
Adding to the Property’s appeal, all units have washer & dryer connections. Only 117 units currently have washer & dryer appliances which generate a $50 per month charge – new ownership can install washers & dryers in the remaining 27 units
All bedrooms are in corner units with windows on two walls allowing abundant natural light
Extremely low density with each building housing only 4 units
All buildings situated around unique courtyards offering a customized amenity set for each building
Excellent Leasing Momentum
Average effective rents on the last 15 leases are $1,074 versus an average of $987 over the entire rent roll
Average 2-bedroom rents at comparable properties are $151 higher than Grove at Southwood’s average in-place rent, indicating ample room to push rents further.
Strong Multifamily Market Fundamentals
Over the past year, effective rents in Bryan-College Station have grown 3.7%
Average occupancy in the market is currently 91.4%

Property Description

Exceptionally Well-Maintained Asset with Recent Improvements Proven Interior Value-Add Concept with Significant Upside Remaining Unique Asset with Desirable Features Excellent Leasing Momentum Strong Multifamily Market Fundamentals

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
No. of Units:	144
Year Built:	1981
Lot Size:	9.00 Sq ft
Opportunity Zone:	No
Property Website	Click Here