Address: 2727 West Jefferson Boulevard, Dallas, Texas, US
Created date: October 24, 2023
Date last updated: October 24, 2023
- Prime location in near Winnetka Heights, 1mi west of Bishop Arts retail and about 3.5 miles southwest of Downtown Dallas.
- The property is located in the Davis Garden Tax Increment Financing (TIF). TIF funds are used to change the real estate market within this neighborhood by attracting business and residential development. Over the last several years, there has been major investment made into the neighborhood and the latest buzz includes the Canyon Mixed-Use Project totaling 186 acres with retail, office, parks, and for rent and sale housing.
- The property is situated between the highly trafficked Jefferson Blvd and Davis St with walkable grocery and retail nearby. Given its location, amenities and condition, the property boasts 10-year average occupancy of 96.5%.
- The Median Sales Price in the neighborhood is $602,500 (Redfin). Monthly mortgage, taxes and insurance after a 20% down payment on a home would equal $4,599 per month. Considering rents at $1,179, it is much more affordable to rent vs. own in the neighborhood.
- Strong demographic profile; median household income within 1 mile radius is $56,118, comparing favorably to the Dallas metro median income of $54,069.
- The previous ownership held Cantera Crossing for over 20 years with a HUD loan, so the condition is above average with new shingle roofs in 2019, vinyl windows, individual HVACs, individual hot water heaters, plumbing, wiring, and much more.
- The pro forma stabilized rents of $1,179/unit compared to the submarket averages of $1,649/unit indicates the potential for revenue growth.
- Favorable Fannie Mae, fixed rate loan assumption with a blended interest rate of 4.27%. New ownership still has the ability to obtain a supplemental loan.
Cantera Crossing Apartments is a renovated 230-unit multifamily community located near the Bishop Arts District in the historic Oak Cliff neighborhood of Dallas, TX. Built in 1965, gut renovated in 2003 with all new MEPs, windows, etc. and situated on 6.61 acres, the property is comprised of 6, two-story brick buildings with pitched composition shingle roofs. A variety of spacious one-, and two-bedroom floor plans are offered. Interior amenities include kitchens equipped with a refrigerator and electric range with oven, tile flooring in the kitchens, and vinyl plank flooring in the living areas and bedrooms. The common areas feature a playground, a clubhouse, a business center, and laundry facilities. The grounds are attractively maintained and contain open green spaces accented by mature shade trees and shrubs.