Investment Overview

Sky Landing is a well located and well maintained 144-unit multifamily community in Fort Worth, Texas. The property is situated on the edge of a pleasant single-family neighborhood with a one-mile median household income exceeding $65K and is located adjacent to the headquarters of Lockheed Martin and Joint Reserve Base/Naval Air Station. Those facilities employ more than 35,000 and are major economic drivers in North Texas, and downtown Fort Worth is just a short commute to the east as well. This area is poised for continued strong growth in the years ahead, with Fort Worth having recently surpassed 1,000,000 residents and has also become the 10th largest city in the US. The subject property was built in 1968 and consists of seven two story buildings that are comprised of brick veneer and siding exteriors with pitched composition roofs (2021-2022) and wood frames on pier and beam foundations. The property has been well maintained, with over $1.4MM in recent capital improvements including new roofs, most parking lot resurfaced, and updates to unit interiors. The property is master metered for electricity and is currently operated as “All Bills Paid”. Residents enjoy the spacious common areas with playgrounds, dog park, sports courts and grilling areas, and an onsite laundry facility. Sky Landing presents new ownership with a great opportunity to acquire a large, well located, and well-maintained property in one of the nation’s fastest growing rental markets and enjoy outstanding yield from day-one of ownership. By placing attractive new agency financing up to 80% LTV, yields in excess of 11% can be achieved year-one based on current property performance. In addition to great yields going-in, current property management is in-house by the private ownership, and by implementing professional management of the asset, NOI and value can be increased substantially by improving rents and other income streams, such as implementing RUBS. The property currently has no marketing budget or expense and could capture significant additional qualified traffic through a thoughtful marketing strategy. Sky Landing offers great cash flow at a great basis in a solid D/FW location.