825 Norwood Drive
Property Description
THE PROPERTY 94-unit, garden-style apartment community at 825 Norwood Drive, Hurst, TX (Hurst-Euless-Bedford submarket) Built in 1963; two-story brick construction across 11 buildings Mix of one- and two-bedroom units and two- and three-bedroom townhomes Average unit size of approximately 918 SF, among the largest floor plans in the competitive set Well-positioned to meet growing demand for workforce housing Over $1 1 million of capital improvements since 2021 Interior renovations of 49 units: new hardware, lighting, vinyl flooring, two-tone paint, resurfacing, and appliances as needed• New pergolas, playground areas, and three courtyard grilling areas LED lighting upgrades, new chiller (2022), and various plumbing improvements THE OPPORTUNITY Lender-driven sale offering an operationally distressed asset at a discounted basis 35%+ below the previous acquisition price Not centered around a heavy-rehab business plan; meaningful capital has already been invested A strong operator can focus on operational improvements rather than a deep physical lift Clear path to a stabilized Year 2 NOI of $626,394 (after reserves),driven by: Occupancy recovery Burn-off of concessions Normalization of collection loss Proven rent growth upside: Highest leases executed in the last 12 months average $1,219/mo across all floor plans 7% loss-to-lease that is performance-driven rather than comp-driven, creating meaningful value once normalized
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 94 |
| Year Built: | 1963 |
| Lot Size: | 3.14 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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