Buy&Hold (Multifamily): 100 Units, Athens, TX 75751 + $6,700,000

Promise Land Realty
Jun 1
3 min read

Updated: Jun 2

Multifamily Investment Opportunity

Price

$6,700,000

Lake Ridge Apartments – Athens, TX

Off-Market 100-Unit Studio Asset | Strong In-Place Cash Flow + Value-Add Potential

Asking Price: $6,700,000 ($67,000/unit)

Cap Rate (2024 Actual): 6.81%

Occupancy: 95% (as of January 2025)

Executive Summary

Lake Ridge Apartments presents a rare opportunity to acquire a stabilized, cash-flowing 100-unit studio complex in the growing East Texas market of Athens, TX, just 72 miles southeast of Dallas. All units are approximately 300 SF and feature private kitchens and bathrooms. With 94%+ historical occupancy, professional third-party management, and operational upside, this asset offers both reliable income and long-term value creation at a sub-$67K/unit basis.

Property Overview

Unit Mix: 100 Studio Apartments
Year Built: 1962
Building Size: ±30,000 SF Leasable
Lot Size: ±3.67 Acres
Amenities: Shared laundry, keyed mailboxes, ample on-site parking
Utilities: Paid by owner
HVAC: Individual A/C window units
Pet Policy: Currently no pets allowed (additional income potential)

Investment Highlights

2024 Actual NOI: $443,000
Cap Rate: 6.81% at $6.7M
Pro Forma NOI: $509,000
Pro Forma Cap Rate: 8.14%
Consistently High Occupancy: 94%+
Efficient Operations: Identical unit layouts allow streamlined renovations
Prime Location: Near Walmart, local schools, and Hwy 175

Seller Financing Available (Optional)

Purchase Price: $6,850,000
Loan-to-Value: Up to 70% Seller Financing
Terms: Interest-only payments at 4–5%
Balloon: 5 years or less

Value-Add Upside

Interior Renovations: Cosmetic upgrades can command premium rents
Pet Income: Reinstating pet acceptance can generate recurring revenue
Laundry Optimization: Potential for increased ancillary income

Submit all offers and inquiries to:investments@promiselandrealtyllc.com

Property Map

TEAM PROMISELAND DISCLAIMER

This is an exclusive off-market offering represented by Team Promiseland. No party is authorized to market, advertise, or distribute information about this property without express written permission or verified affiliate status with TEAM PROMISELAND. Unauthorized use or sharing of this listing, deal terms, or marketing materials will result in a $500 fine per incident.

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.

OFFICIAL PROMISELAND LENDING PARTNER

100% Financing for Rehab Projects –

Powered by Residential Capital Partners

ResCap is a direct private lender offering zero-money-down loan options for 1-4 unit residential investment flips & rentals across the U.S.

🔹 100% Financing – Covers purchase + rehab

🔹 Fast Closings – ~10 days

🔹 Credit Requirements – 620+ FICO (Rehab), 660+ FICO (DSCR)

🔹 Loan Size – $75K–$1.25M

🔹 Rates – 10.9%–11.9% | 2–3% origination | 1st lien

🔹 Serviced In-House | Virtual Inspections | No Owner-Occ or Rural Props

Nationwide Coverage (Excludes: AK, AZ, NV, PA)

Proof of Funds Available

This listing is proudly sponsored by Residential Capital Partners – trusted lending for the nation’s best flippers.

For more info email sarter@promiselandrealtyllc.com or text (864) 762-2509

Purchase Pass

Permission to Market Promiseland Deals
Personalized Support from the Promiseland team
1,000+ Vetted Cash Buyers to move your deals faster

Start playing to win. Join TEAM PLR PLAYMAKER today.

Join Playmaker

Exclusive Connections to Funding Sources
JV Equity Partnership Opportunities
Direct Access to REO Asset Managers
Apply now and scale with TEAM PROMISELAND.

Access Elite