Multifamily
Tower Village
1700 E Northgate Dr, Irving, TX 75062
Listing Price: Request For Offer
Investment Overview
Tower Village is a 264 unit, individually metered community located in Irving, Texas near the intersection of Highway-183, Loop 12 and Highway-114, providing a convenient location for a wide range of area workers and an easy commute to virtually anywhere in the D/FW metroplex. Additionally, the site sits across from University of Dallas, a Catholic Private University with 3,000+ students and lies within one mile of the potential Texas Stadium redevelopment site owned by the Adelson Family, who also own the Dallas Mavericks. Nearby new-build homes are selling for $875K-$1.1MM and between the steady and resilient nature of Irving and potential for large-scale development, this location is poised for continued growth. Irving added 5,000 jobs in 2025 and has virtually no new supply in the pipeline. Irving is also home to 12 Fortune 500 companies, including McKesson, Caterpillar, Kimberly-Clark and more.
The subject property sits on 18+ acres, was built in 1970, and consists of 34 buildings which are comprised of stucco and wood siding exteriors with pitched composition roofs (18 of 34 replaced) on concrete slab foundations. Every unit has individual electric meters, individual HVACs, and individual water heaters. The amenities package is very strong and includes an onsite pond with an overlooking swimming pool and deck, fitness center, large clubhouse, gated entry, dog park, sand volleyball court and ample open areas throughout the property. Tower Village boasts a large average floorplan size of 920 SF with 83% 2- and 3-bedroom floorplans.
Tower Village offers a new owner a tremendous opportunity to acquire a large, appealing property in a great location with $77K+ three-mile median household income at a great basis and achieve 10%+ yields from day-one with massive demonstrable additional value potential. Current ownership has operated and managed from out-of-state for 9 years. New ownership can enjoy strong initial yields and with exterior and minor interior improvements will allow an increase of rents to match nearby competitors. There are multiple avenues to decrease expenses, namely utilities, insurance, payroll and contract services, which when paired with income potential, can conservatively increase NOI by over 25% and offer yield-on-equity metrics above 15%. Excellent debt options are available with 80% Loan-to-Value for agency or 75%+ Loan-to-Cost bridge options for any business plan. The potential to increase NOI, safety net of high leverage long term, fixed rate debt, and spectacular location profile offer an array of successful cash flow and exit strategies.
Tower Village
Investment Highlights
- Well-Located 264-Unit Asset in Irving Next to U of Dallas Available at a Great Basis with Cash Flow Day-One and Excellent Value Add Storyline
- 9 Year Out of State Ownership offers Opportunity to Substantially Increase Value – Major Delta Between A, B & C Class Neighboring Rents Paired with Massive Expense Savings Should Increase NOI by 25%+
- Available Free & Clear of Existing Debt – 80% LTV Agency and 75% LTC Bridge Options Available – Pro Forma Yield on Equity is Above 15%
- Well-Built Pitched Roof Property with Individual HVACs, Water Heaters, and Updated Electric Meters & Excellent Amenity Package that includes Onsite Pond with Overlooking Pool, Gym, Volleyball, Dog Park, Playground, and More
- Low Density Property Sits on 18+Acres and Boasts a Strong Unit Mix with 83% of Floorplans Being 2 and 3 Bedroom with Overall Average Unit Size of 920 SF; Potential Long-Term Covered Land Play
- Location Profile Enjoys a $77K 3-Mile Median HH Income and Connectivity to all of DFW via Nearby Hwy-183, I-35, I-635, Loop 12, Both DFW & Love Airports and DART Rail; New Build Homes in Adjacent Planned Community are Selling Between $875K & $1.1MM
- Resilient Irving Market Continues to See Job Growth (5,000+ in 2025) with No New Supply Proposed in Next 2 Years; Recently Purchased & Re-Zoned Texas Stadium Site (1 Mile from Tower Village) has Potential to Juice Submarket Economics and Land Values
Listing Price: Request For Offer
Investment Highlights
- Well-Located 264-Unit Asset in Irving Next to U of Dallas Available at a Great Basis with Cash Flow Day-One and Excellent Value Add Storyline
- 9 Year Out of State Ownership offers Opportunity to Substantially Increase Value – Major Delta Between A, B & C Class Neighboring Rents Paired with Massive Expense Savings Should Increase NOI by 25%+
- Available Free & Clear of Existing Debt – 80% LTV Agency and 75% LTC Bridge Options Available – Pro Forma Yield on Equity is Above 15%
- Well-Built Pitched Roof Property with Individual HVACs, Water Heaters, and Updated Electric Meters & Excellent Amenity Package that includes Onsite Pond with Overlooking Pool, Gym, Volleyball, Dog Park, Playground, and More
- Low Density Property Sits on 18+Acres and Boasts a Strong Unit Mix with 83% of Floorplans Being 2 and 3 Bedroom with Overall Average Unit Size of 920 SF; Potential Long-Term Covered Land Play
- Location Profile Enjoys a $77K 3-Mile Median HH Income and Connectivity to all of DFW via Nearby Hwy-183, I-35, I-635, Loop 12, Both DFW & Love Airports and DART Rail; New Build Homes in Adjacent Planned Community are Selling Between $875K & $1.1MM
- Resilient Irving Market Continues to See Job Growth (5,000+ in 2025) with No New Supply Proposed in Next 2 Years; Recently Purchased & Re-Zoned Texas Stadium Site (1 Mile from Tower Village) has Potential to Juice Submarket Economics and Land Values
Investment Overview
Tower Village is a 264 unit, individually metered community located in Irving, Texas near the intersection of Highway-183, Loop 12 and Highway-114, providing a convenient location for a wide range of area workers and an easy commute to virtually anywhere in the D/FW metroplex. Additionally, the site sits across from University of Dallas, a Catholic Private University with 3,000+ students and lies within one mile of the potential Texas Stadium redevelopment site owned by the Adelson Family, who also own the Dallas Mavericks. Nearby new-build homes are selling for $875K-$1.1MM and between the steady and resilient nature of Irving and potential for large-scale development, this location is poised for continued growth. Irving added 5,000 jobs in 2025 and has virtually no new supply in the pipeline. Irving is also home to 12 Fortune 500 companies, including McKesson, Caterpillar, Kimberly-Clark and more. The subject property sits on 18+ acres, was built in 1970, and consists of 34 buildings which are comprised of stucco and wood siding exteriors with pitched composition roofs (18 of 34 replaced) on concrete slab foundations. Every unit has individual electric meters, individual HVACs, and individual water heaters. The amenities package is very strong and includes an onsite pond with an overlooking swimming pool and deck, fitness center, large clubhouse, gated entry, dog park, sand volleyball court and ample open areas throughout the property. Tower Village boasts a large average floorplan size of 920 SF with 83% 2- and 3-bedroom floorplans. Tower Village offers a new owner a tremendous opportunity to acquire a large, appealing property in a great location with $77K+ three-mile median household income at a great basis and achieve 10%+ yields from day-one with massive demonstrable additional value potential. Current ownership has operated and managed from out-of-state for 9 years. New ownership can enjoy strong initial yields and with exterior and minor interior improvements will allow an increase of rents to match nearby competitors. There are multiple avenues to decrease expenses, namely utilities, insurance, payroll and contract services, which when paired with income potential, can conservatively increase NOI by over 25% and offer yield-on-equity metrics above 15%. Excellent debt options are available with 80% Loan-to-Value for agency or 75%+ Loan-to-Cost bridge options for any business plan. The potential to increase NOI, safety net of high leverage long term, fixed rate debt, and spectacular location profile offer an array of successful cash flow and exit strategies.
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