Multifamily Investment Opportunity
Price
$18,500,000
South Crest Apartments - Premier Off-Market Investment Opportunity
Location: Strategically situated 5 miles south of Downtown Dallas, between I-35 and Hwy 67. This prime location is enhanced by the nearby Christ for the Nations Institute, providing a tranquil yet vibrant community environment.
Property Financials: https://drive.google.com/drive/folders/1KLQl6Yk4gvwntaYQh4nBRB8MUL9eXeDL?usp=share_link
Property Details:
Type: Low Rise Apartments
Construction:
Foundation: Concrete Slab
Framing: Wood
Exterior: Brick/Wood Siding
Roofs: Pitched Shingles
Number of Buildings: 12 (11 residential buildings + 1 leasing office/laundry facility)
Year Built: 1972
Total Units: 150
Unit Mix: One to four-bedroom units
Average Unit Size: 927 square feet
Acreage: 7.62 +/- acres
Density: 19.69 units per acre
Occupancy Rate: 99% as of 10/18/22
Management and Amenities:
Management Company: Sunridge Management
Leasing Office: On-Site
Laundry Facilities: Available
W/D Connections: Not available
Additional Amenities: Playground, basketball court, new gas grills and picnic area
Financial Overview:
Current Rent per SF: $1.37
Average Leased Rent: $1,269
Net Rentable Area: 139,000 square feet
Assessed Value (2023): $10,125,000
Assessor's Parcel Numbers: 00000473972000000
Utilities:
HVAC: Individual units
Electricity: Centrally metered
Hot Water: Central/Gas
Utilities Paid by Property: Electricity, water and sewer, trash, pest control
Investment Highlights:
Rental Upside: Potential through interior value-add program and utility bill back system.
Financing: Attractive new financing terms available with potential for 70%+ leverage.
Capital Expenditures: Recent upgrades include a new roof, parking lot resurfacing, and conversion to individual HVAC systems.
Application and Pet Policy:
Application Fee: $85 per adult
Holding Fee: $300
Risk Fee: $300-1000
Pets: Allowed (with a $300 deposit and $15 monthly fee)
Offering Details:
Asking Price: TBD
Projected Purchase Price: $18,500,000
Submission Requirements for Offers:
Contact: All offers should be directed to investments@promiselandrealtyllc.com
Documents Required: Letter of Intent, Resume and/or List of Real Estate Owned, Transaction References, Lending References, Proof of Funds, Source of Equity
Investor Note: This asset offers significant potential for growth and revenue enhancement in a stable and historically strong submarket. We encourage potential buyers to thoroughly review all provided documents to appreciate the full potential and strategic location of South Crest Apartments.
Unit Mix
Aerial View
"AMERICA'S #1 SOURCE FOR OFF MARKET PROPERTIES"
PROMISE LAND REALTY, LLC
Work: 864-762-2509
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top
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