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Multifamily

Tucasa Townhomes

1635 Tucasa Dr, Irving, TX 75061

Listing Price: Request For Offer

Number of Units
128
Gross SF
116,616

Investment Overview

Tucasa Townhomes is a 128-unit, individually metered community located in the heart of the Dallas/Fort Worth Metroplex in Irving, Texas near the junction of Highways 114 and 183 just 10 miles northwest of downtown Dallas. This attractive location offers residents a short commute to area schools, retail, and employment, and is situated only about 10 miles from D/FW International Airport. This central location boasts median household incomes of $47,000 within a one-mile radius with average occupancy in the submarket exceeding 98 percent. With a shortage of affordable housing options in the area and ample employment, this submarket should experience upward pressure in rental rates for years to come. The subject property was built in 1964 and consists of 39 buildings which are comprised of mansard and brick veneer exteriors with TPO roofs (replaced in 2021) and wood frames on concrete slab foundations. The property offers a large sparkling swimming pool and fully renovated unit townhome-style interiors with full-sized washer/dryer connections that are superior to floorplans at competing properties. Additionally, the property underwent a massive $4 million plus renovation over the past several years that replaced most major systems including roofs and windows. All unit interiors boast a new finish out, having been rebuilt from the studs over the past 5-6 years. The property consists of 69 percent two bed/two bath floorplans with an average square footage of 911 square feet. Tucasa Townhomes offers a new owner the rare opportunity to acquire a well located and fully renovated asset in the heart of the Dallas-Fort Worth metroplex and enjoy attractive yields from day-one of ownership with the opportunity to significantly increase net operating income in the near term with minimal additional capital investment. The asset has been under existing ownership and management for 30 plus years, and with virtually no vacancy and demonstrably higher effective rents at neighboring properties (see case studies on pages 12-14) offers compelling rental upside. New ownership can also reduce insurance expense, which is too high under existing ownership and utility expense by implementing a water conservation program and shifting utility burden back to residents in the 30 plus units currently operated as “all bills paid”. The property is also available free and clear of existing debt, which allows for attractive positive leverage with predictable agency financing.

Investment Highlights

  • Positive Leverage with Solid Cash Flow from Day-One of Ownership with a 5.3 Percent Tax-Adjusted Cap Rate and 6 Percent Cash-on-Cash Return Going-In
  • Outstanding Value-Add Opportunity Centrally Located in D/FW with 30-Plus Years Under Current Ownership
  • Very Well Maintained-More Than $4MM in Recent CapEx Including All-New Roofs (2021), Fully Renovated Unit Interiors (to Studs), Windows, Cabinets, Flooring, Appliances and Washer/Dryer Connections
  • Great Location in the Heart of D/FW Near the Junction of Highways 114 and 183 Just Minutes from D/FW International Airport and Downtown Dallas-$47k Median HH Income within One-Mile Radius
  • Substantial Upside Through Rental Increases and Expense Reduction
  • Management Play-Significant Rental Upside can be Achieved Without Significant Additional Capital Investment
  • Attractive Mix of Large Townhome-Style Floorplans with 69 Percent 2BR/2 Bath Units Averaging 911 sqft Overall
  • Available Free and Clear of Existing Debt-Great Candidate for Solid, Predictable Agency Financing

Exclusively Listed By

Financing By

Multifamily

Tucasa Townhomes

Listing Price: Request For Offer

Number of Units
128
Gross SF
116,616

Investment Highlights

  • Positive Leverage with Solid Cash Flow from Day-One of Ownership with a 5.3 Percent Tax-Adjusted Cap Rate and 6 Percent Cash-on-Cash Return Going-In
  • Outstanding Value-Add Opportunity Centrally Located in D/FW with 30-Plus Years Under Current Ownership
  • Very Well Maintained-More Than $4MM in Recent CapEx Including All-New Roofs (2021), Fully Renovated Unit Interiors (to Studs), Windows, Cabinets, Flooring, Appliances and Washer/Dryer Connections
  • Great Location in the Heart of D/FW Near the Junction of Highways 114 and 183 Just Minutes from D/FW International Airport and Downtown Dallas-$47k Median HH Income within One-Mile Radius
  • Substantial Upside Through Rental Increases and Expense Reduction
  • Management Play-Significant Rental Upside can be Achieved Without Significant Additional Capital Investment
  • Attractive Mix of Large Townhome-Style Floorplans with 69 Percent 2BR/2 Bath Units Averaging 911 sqft Overall
  • Available Free and Clear of Existing Debt-Great Candidate for Solid, Predictable Agency Financing

Investment Overview

Tucasa Townhomes is a 128-unit, individually metered community located in the heart of the Dallas/Fort Worth Metroplex in Irving, Texas near the junction of Highways 114 and 183 just 10 miles northwest of downtown Dallas. This attractive location offers residents a short commute to area schools, retail, and employment, and is situated only about 10 miles from D/FW International Airport. This central location boasts median household incomes of $47,000 within a one-mile radius with average occupancy in the submarket exceeding 98 percent. With a shortage of affordable housing options in the area and ample employment, this submarket should experience upward pressure in rental rates for years to come. The subject property was built in 1964 and consists of 39 buildings which are comprised of mansard and brick veneer exteriors with TPO roofs (replaced in 2021) and wood frames on concrete slab foundations. The property offers a large sparkling swimming pool and fully renovated unit townhome-style interiors with full-sized washer/dryer connections that are superior to floorplans at competing properties. Additionally, the property underwent a massive $4 million plus renovation over the past several years that replaced most major systems including roofs and windows. All unit interiors boast a new finish out, having been rebuilt from the studs over the past 5-6 years. The property consists of 69 percent two bed/two bath floorplans with an average square footage of 911 square feet. Tucasa Townhomes offers a new owner the rare opportunity to acquire a well located and fully renovated asset in the heart of the Dallas-Fort Worth metroplex and enjoy attractive yields from day-one of ownership with the opportunity to significantly increase net operating income in the near term with minimal additional capital investment. The asset has been under existing ownership and management for 30 plus years, and with virtually no vacancy and demonstrably higher effective rents at neighboring properties (see case studies on pages 12-14) offers compelling rental upside. New ownership can also reduce insurance expense, which is too high under existing ownership and utility expense by implementing a water conservation program and shifting utility burden back to residents in the 30 plus units currently operated as “all bills paid”. The property is also available free and clear of existing debt, which allows for attractive positive leverage with predictable agency financing.

Exclusively Listed By

Financing By

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