Investment Overview

Monterrey is a 105-unit community with individual HVACs and mansard roofs, located in rapidly growing Southwest Fort Worth, a submarket that boasts a median income of $66,000. The property enjoys excellent visibility with frontage on Vickery Boulevard, a major thoroughfare that offers access to a major employment hub, great retail and dining options and easy access to anywhere in the city, including downtown only 10 minutes away. Monterrey enjoys minimal rental competition, with only one property, that has average rents of $263 higher than Monterrey, located within one and a half miles. Additionally, this is an excellent community for families due to the large average unit size, advantageous mix of 81 percent two- and three-bedroom floorplans. The subject property consists of 14 buildings which are comprised of brick veneer and siding exteriors with Mansard Style TPO roofs (replaced 2015) and wood frames on concrete slab foundations. Each unit has individual HVACs, individual electric meters, and individual gas hot water heater. Residents enjoy gas stoves, a large swimming pool, playground, and onsite laundry. Monterrey presents a great opportunity to acquire a well-located property in a strong employment market with rental and operational gains at a significant discount to the current owner’s basis. By stabilizing operations to submarket norms in occupancy, collections and rents, a new owner can significantly increase the value in the short term for a sale or refinance without a large capital budget. While current ownership has been capital constrained, the case studies prove there is ample rental gains to be had for a hands-on owner once stabilized. The property is available free and clear of existing debt.