Investment Overview

Agave Azul at Boulder is a 66-unit property in Dallas, TX that has undergone substantial renovations over the past 5 years and has individual HVACs and pitched roofs. The property has good visibility, located directly off Kiest Blvd, and due to its’ proximity to Loop 12, I-35 and I-20, has quick access to ample retail and employment centers. The nearby I-20 industrial corridor, “International Inland Port of Dallas” is one of the strongest employment centers in DFW. It is home to 70mm square feet of industrial space and employs over 50,000 people. This submarket currently has a median household income of $51,000 but the widening of I-35 and opening of the Southern Dallas Gateway Project will continue to bring jobs and improve renter demand trends from both the north and south of Agave Azul. Agave Azul consists of 6 buildings comprised of brick veneer exteriors with pitched composition shingle roofs on concrete slab foundations. The property has new individual HVACs on 52 units, the remaining 14 have window units. As previously mentioned, the asset has undergone a largescale renovation of $1,775,069, which is $26,894/unit. The renovation included the aforementioned HVACs, massive exterior overhaul and a largescale unit rehab that yields strong premiums. These renovations, coupled with strong asset management, have improved the renter profile of the property. Agave Azul is well situated for families as it enjoys large units averaging 950 SF with 80% of units being two- or three-bedroom floorplans and is walking distance to middle and high schools. A new owner has the opportunity to purchase a deal in a growing area of Dallas with an appealing 7% cap rate from day-one of ownership and solid cash flow throughout the lifetime of the deal. There are multiple avenues to realize the rental upside at Agave Azul. An additional 36 units are left to be upgraded, which with ~$150 in premiums would add over $60,000 of revenue per year. Additionally, the Case Study shows realistic mark to market upside and lease trade outs are averaging around $60, demonstrating quality organic growth on top of the renovation. Agave Azul is being offered free & clear of existing debt, allowing for an agency loan execution and real cash flow day-one.