Investment Overview

The Bristols is a quaint, 93-unit community located in Hurst, Texas, which conveniently sits within 15 minutes of Downtown Fort Worth and DFW Airport. This location also offers quick access to Highways 121 & 183, Northeast Mall and Bell Helicopter, all excellent employment drivers for the submarket. The Bristols offers large floorplans, averaging over 900 square feet per unit and is next door to Harrison Lane Elementary School, part of the renowned HEB-ISD, making this an excellent community for families. The one-mile median income is $55,000+ and average household income within three miles is $89,000+, positioning The Bristols to take advantage of a quality tenant base and strong growth prospects. The subject property was built in 1963 and consists of 11 buildings which are comprised of brick veneer exterior with pitched composition roofs and wood framing on concrete slab foundations. The units are master metered for electricity and have copper wiring, and the HVAC system is run by two chillers that are less than ten years old. Residents enjoy large units with brick hearths in the kitchens, excellent storage space, onsite laundry (property owned), and three interior courtyard areas with green-space and picnic tables. The Bristols offers a rare opportunity for a new investor to acquire a quality asset in a strong location at a significant discount to the current owner’s basis and to the current loan amount. By stabilizing this property to operate at submarket averages in occupancy and rents, a new owner can significantly increase the value of this asset and enjoy cash flow well above a typical multifamily investment in D/FW and achieve a substantial gain upon sale or refinance into permanent debt. Substantial upside can also be achieved by reducing the water expense, which is likely the result of underground leaks that can be repaired to provide an additional major boost to NOI and value. This property is available free and clear of existing debt.