Riverside Cottages

Address: 1140 Country Road 315, Rainbow, Texas, US

Texas + Apartments

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

Property Description

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.

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Ryan Quaid

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Jeff Burgfechtel

Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
No. of Units:	15
Year Built:	1996
Lot Size:	11,800.00 Acres
Opportunity Zone:	No
Property Website	Click Here