Address: 1140 Country Road 315, Rainbow, Texas, US
Created date: September 5, 2023
Date last updated: September 5, 2023
- Riverside is a stable asset that maintains full occupancy. Make-ready expenses are extremely low due to low turnover, and the property has been fully occupied since ownership bought the asset
- The asset is well maintained with durable CapEx items such as new metal roofs with a 50-year useful life, gravel parking which requires little to no maintenance, and units have new cement flooring. There is no deferred maintenance on the asset
- Competing properties are achieving much higher rents than Riverside. Current ownership has self-managed and has taken a tenant-friendly approach by not moving rents to market
- The property is located on the banks of the Brazos River, with a multitude of local attractions available with easy access, such as Squaw Golf Course and Dinosaur Valley State Park.
- Offered free and clear with a multitude of lending options
Riverside Cottages is a newly renovated, 15-unit community located in Rainbow, TX in Somerville County. Built in 1996-2008, the property sits on 3.82 acres and consists of 12 one and two-story buildings with updated hardie board siding and pitched metal roofs. The property offers spacious one and two-bedroom floor plans featuring cement flooring, fully equipped kitchens, jack-and-jill bathrooms*, two-tone paint, ample cabinet space, modern light fixtures, and vaulted ceilings. Amenities vary by unit, but include washers and dryers in unit, covered parking, and front porches.