Investment Overview

This newly built, 22-unit Class-A multifamily property is located in Wylie, Texas, and offers an attractive opportunity at an obtainable price below replacement value. The property is move-in ready, providing new owners with a lease-up opportunity that can begin immediately. With the area’s rapid growth, it is an ideal investment for those seeking a solid return on their investment from day one. This property is conveniently situated 0.1 miles from Texas State Highway 78, the main highway that runs through Wylie. Wylie, Texas is one of the fastest-growing areas in the DFW metroplex, with an impressive 7% population growth over the past five years. The average household income within a one-mile radius exceeds $105K, making it a highly desirable location. Additionally, the area boasts top notch schools, further contributing to its appeal to potential renters. These factors combined present a strong case for the property’s leasing potential. The units themselves are tastefully designed, with large and functional two-bedroom floor plans averaging over 1,000 square feet. Each unit features washer and dryer connections, individual HVAC systems, and water heaters with all the modern technology. Canopy offers a new buyer a high-quality new build in a strong neighborhood with an appealing distress story. The lease up should be quick and projects for an above market internal cap rate around 6.5%, 100 bps higher than market caps (~5.5%) for occupied new product. Additionally, by finishing the 2 units the developer used for patio space, a takeout refinance or sale will be for 24 units and easily improve the value further. The property faces minimal competition, with nearby competitors offering older and inferior products, ensuring that projected rental rates can be easily achieved by new owners. As a bank-owned property with accretive bridge or seller financing available, this presents a rare investment opportunity.