Investment Overview

Forest Hills is a 216 unit, individually metered community, conveniently located in Dallas, TX with great frontage along Forest Lane, just blocks from Interstate 635. This bustling location offers access to great educational and employment opportunities, including Richardson ISD, Forest Lane Academy next door, Richland College just blocks away, and a huge industrial park and numerous retail options within walking distance as well. As Dallas remains one of the nation's fastest growing markets, this particular submarket is poised for major growth in the years ahead. The subject property was built in 1984 and consists of six, three story podium-style buildings which are comprised of brick and hardie plank exteriors with pitched composition roofs and wood frames on concrete slab foundations. The property features individual HVAC's and stackable washer/dryer equipment in all units. The unique construction style facilitates ample underground parking space, which is underutilized by existing ownership. The community also features a large central courtyard, playgrounds, and a large swimming pool for residents to enjoy. There is also a rare opportunity to add revenue generating units on preexisting foundation left behind from previous fire. The foundation is in great shape and ready to build on. New building would offer visibility from Forest Lane frontage and offer a unique opportunity to relocate the leasing office to a more accessible location. Forest Hills offers a new owner a generational buying opportunity to acquire a well-positioned and located asset that has historically performed very well, at a per unit basis that hasn't been seen in the Dallas area for many years. By making both capital and operational improvements, the asset can be restored to its typical position as one that outperforms area comps. Occupancy and rent stabilization, expense management, water conservation, washer/dryer equipment and other income streams are all on the table, thereby allowing for enormous value creation. The property will be delivered with no down units, allowing for a "blank canvas" for the new owner to bring the asset to its full potential.