Multifamily
The Waverly
2501 Webb Chapel Ext, Dallas, TX 75220
Listing Price: Request For Offer
Investment Overview
Waverly Apartments is a 208-unit community in Dallas, Texas, located more specifically in the Love Field/Bachman Lake, one of the most adaptive submarkets. The property sits on a major thoroughfare (Webb Chapel Extension) between two major intersections (Northwest Highway & Denton Drive) and enjoys great drive by traffic, with over 18,000 cars daily and is within walking distance to DART Bachman Station. I-35, Loop-12, and other major roads offer prime proximity to Love Field, Downtown Dallas, and some of the largest and resilient employment corridors DFW has to offer. Waverly has dependable day one yields with only 25% down on a 93% occupied property in a mature DFW market.
The subject property was built in 1980, has washer/dryer connections, individual HVACs and electric meters for every unit, consisting of 22 buildings comprised of brick and wood siding exteriors on wood framing and concrete slab foundations. The amenity package is very competitive, including a pool, turfed lounge area, hot tub, manicured BBQ stations, modern clubhouse, smart locks, and property wide WIFI.
The Waverly offers rare returns for this blend of vintage and location, with over 10% cash/cash returns and strong day-one performance, being 93% occupied. These types of yields have not been seen on 1980s product in mature, high demand, DFW neighborhoods for over a decade. The property has been meaningfully improved, with over $1.75MM of capital expenditures since 2023. With 66% of units upgraded with granite countertops, this is a plug and play opportunity. Improved asset management, select capital repairs, more targeted marketing and lowering certain controllable extensions offer a 10%+ NOI lift in the short term, quickly improving upon the already stout 6.5% day-one, tax-adjusted, cap rate. This asset is being offered free & clear of existing debt and is eligible for up to 75% LTV agency, non-recourse, options.
The Waverly
Investment Highlights
- 208 Unit, 1980 Vintage, Community Located Near Love Field Airport with Rare, Outsized Yields of 10.41% C/C and Tax-Adjusted Cap Rate of 6.5% Day-One
- Quality Asset – W/D Connections in All Units; Current Ownership has Invested over $1.75MM ($8,500/unit) Since 2023; Including 66% of Units with Granite Countertop Platinum Upgrades
- Value Add Opportunity – While Stable at 93% Occupancy, NOI can be Increased by 10% in Short Term via Improving Upgrade Premiums, Implementing W/D Rentals (Connections in All Units) and Cutting Select
- Traffic Count is Over 18,000 Cars/Day – Waverly Accommodates Diverse Floorplan Mix, ~50% 2 Bdr Floorplans and Appealing Exterior Amenity Package
- Located in Heart of DFW on Major Thoroughfare and Walking Distance to DART Bachman Station with Easy Access to Notable Employment & Retail Corridors with $80K AMI
- Opportunity to Improve Upon Current Self-Management Structure to Capture Rents to Match Nearby Competitors Seeing Significant Premiums
- Outside 10%+ Cash on-Cash Returns for Quality 1980s Vintage in Mature DFW Neighborhood – Eligible for 75% LTV Agency Debt
Listing Price: Request For Offer
Investment Highlights
- 208 Unit, 1980 Vintage, Community Located Near Love Field Airport with Rare, Outsized Yields of 10.41% C/C and Tax-Adjusted Cap Rate of 6.5% Day-One
- Quality Asset – W/D Connections in All Units; Current Ownership has Invested over $1.75MM ($8,500/unit) Since 2023; Including 66% of Units with Granite Countertop Platinum Upgrades
- Value Add Opportunity – While Stable at 93% Occupancy, NOI can be Increased by 10% in Short Term via Improving Upgrade Premiums, Implementing W/D Rentals (Connections in All Units) and Cutting Select
- Traffic Count is Over 18,000 Cars/Day – Waverly Accommodates Diverse Floorplan Mix, ~50% 2 Bdr Floorplans and Appealing Exterior Amenity Package
- Located in Heart of DFW on Major Thoroughfare and Walking Distance to DART Bachman Station with Easy Access to Notable Employment & Retail Corridors with $80K AMI
- Opportunity to Improve Upon Current Self-Management Structure to Capture Rents to Match Nearby Competitors Seeing Significant Premiums
- Outside 10%+ Cash on-Cash Returns for Quality 1980s Vintage in Mature DFW Neighborhood – Eligible for 75% LTV Agency Debt
Investment Overview
Waverly Apartments is a 208-unit community in Dallas, Texas, located more specifically in the Love Field/Bachman Lake, one of the most adaptive submarkets. The property sits on a major thoroughfare (Webb Chapel Extension) between two major intersections (Northwest Highway & Denton Drive) and enjoys great drive by traffic, with over 18,000 cars daily and is within walking distance to DART Bachman Station. I-35, Loop-12, and other major roads offer prime proximity to Love Field, Downtown Dallas, and some of the largest and resilient employment corridors DFW has to offer. Waverly has dependable day one yields with only 25% down on a 93% occupied property in a mature DFW market. The subject property was built in 1980, has washer/dryer connections, individual HVACs and electric meters for every unit, consisting of 22 buildings comprised of brick and wood siding exteriors on wood framing and concrete slab foundations. The amenity package is very competitive, including a pool, turfed lounge area, hot tub, manicured BBQ stations, modern clubhouse, smart locks, and property wide WIFI. The Waverly offers rare returns for this blend of vintage and location, with over 10% cash/cash returns and strong day-one performance, being 93% occupied. These types of yields have not been seen on 1980s product in mature, high demand, DFW neighborhoods for over a decade. The property has been meaningfully improved, with over $1.75MM of capital expenditures since 2023. With 66% of units upgraded with granite countertops, this is a plug and play opportunity. Improved asset management, select capital repairs, more targeted marketing and lowering certain controllable extensions offer a 10%+ NOI lift in the short term, quickly improving upon the already stout 6.5% day-one, tax-adjusted, cap rate. This asset is being offered free & clear of existing debt and is eligible for up to 75% LTV agency, non-recourse, options.
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