Investment Overview

Dry Dock & Lock presents a rare value-add opportunity in the fast-growing Waxahachie/Red Oak corridor. Built in 2023, the facility offers 98,700 rentable square feet across 182 units on a ±15-acre site, with additional land available for future expansion (approximately five acres). After falling into foreclosure in May 2025 due to mismanagement, the property is now offered well below its replacement cost, giving investors a favorable entry point with multiple levers for value creation. The facility is equipped with modern features including wide concrete drive aisles, perimeter fencing, keypad gate access, 24/7 video surveillance, and fully enclosed boat and RV storage. With in-place rents averaging just $0.56 per rentable-square foot versus competing facilities at $0.82 per rentable-square foot, and current occupancy well below the market, significant upside exists through professional management, rent growth, and lease-up. The property is located on Ovilla Road, which carries roughly 8,000 vehicles per day and is scheduled for expansion into a multi-lane corridor connecting US 287 to Interstate-45. With a “Ready to Let” date scheduled for December 2025, construction should begin by 2028. Within a five-mile radius, the population has grown more than 15 percent since 2020 and is projected to rise another 11 percent by 2029, with annual median household incomes exceeding $114,500. Combined with major new residential developments such as Broadmoor Estates and the proposed Highlands at Bates Drive, a mixed-use community in development, these drivers ensure accelerated lease-up and durable long-term demand.