Multifamily

Basswood Manor

1020 Fox Ave, Lewisville, TX 75067

Listing Price: Request For Offer

Number of Units
212
Gross SF
191,196

Investment Overview

Basswood Manor is a 212 unit community located in Lewisville, Texas conveniently located along Fox Avenue just west of Interstate 35. This high-traffic thoroughfare is home to many businesses and employment centers. Located across the street from Lakeland Elementary School, and near Hedrick Middle School and Lewisville High School, this property is situated in an ideal location for families. A public transit stop is also located at the front of the property. The D/FW MSA is one of the nation’s most dynamic markets, boasting the nation’s highest population and employment growth. With median household income in a one-mile radius exceeding $63,000 (average $77k+), Basswood Manor is located ideally to capitalize upon the growth dynamics prevalent in this market. The subject property was built in 1970, and consists of fourteen buildings which are comprised of brick veneer and stucco exteriors, mansard style roofs which were fully replaced in 2017 and wood frames on pier and beam foundations. Mechanicals consist of individual, roof mounted HVAC units and two boilers that were replaced in 2019. Resident amenities include playgrounds, grill areas, onsite laundry facilities and a recently updated clubroom. The property is currently run as “all bills paid” and significant utility cost savings measures are on the table, including the implementation of a water conservation program and LED lighting packages for the common areas. This offering presents a new owner with an outstanding opportunity to acquire a large complex in the nation’s fastest growing market and enjoy attractive yields from day-one of ownership with the opportunity to significantly boost NOI and valuation by implementing a unit upgrade program and reducing utility costs through conservation programs. Basswood Manor is available free and clear of existing debt, so historically attractive financing options are available as well. This property is ideally situated as one of the few affordable housing options in an affluent submarket, and offers large units averaging 900+ square feet with 80%+ 2BR/3BR floorplans. A new owner can within a short time frame create significant value and enjoy strong cash flow without a heavy lift.

Investment Highlights

  • Attractive Value-Add Opportunity with Solid Yield from Day-One Plus Significant Upside Through Unit Upgrades and Utility Conservation
  • Outstanding Organic Rent Growth
  • Great Location in Lewisville - Class C Asset in Class B Area with Good Schools
  • Appealing Mix of Large Floorplans Averaging Over 900 Square Feet - 80%+ 2BR / 3BR Units
  • Available Free and Clear of Existing Debt - Historically Attractive Financing Available
  • Ability to Increase Rents by Implementing a Unit Upgrade Program
  • Significant NOI Boost on the Table Through Water Conservation and LED Exterior Lighting, Which Have Not Been Done Yet
  • Individual HVAC Units and Roofs and Boilers Replaced Within Last Three Years

Exclusively Listed By

Listing Price: Request For Offer

Number of Units
212
Gross SF
191,196

Investment Highlights

  • Attractive Value-Add Opportunity with Solid Yield from Day-One Plus Significant Upside Through Unit Upgrades and Utility Conservation
  • Outstanding Organic Rent Growth
  • Great Location in Lewisville - Class C Asset in Class B Area with Good Schools
  • Appealing Mix of Large Floorplans Averaging Over 900 Square Feet - 80%+ 2BR / 3BR Units
  • Available Free and Clear of Existing Debt - Historically Attractive Financing Available
  • Ability to Increase Rents by Implementing a Unit Upgrade Program
  • Significant NOI Boost on the Table Through Water Conservation and LED Exterior Lighting, Which Have Not Been Done Yet
  • Individual HVAC Units and Roofs and Boilers Replaced Within Last Three Years

Investment Overview

Basswood Manor is a 212 unit community located in Lewisville, Texas conveniently located along Fox Avenue just west of Interstate 35. This high-traffic thoroughfare is home to many businesses and employment centers. Located across the street from Lakeland Elementary School, and near Hedrick Middle School and Lewisville High School, this property is situated in an ideal location for families. A public transit stop is also located at the front of the property. The D/FW MSA is one of the nation’s most dynamic markets, boasting the nation’s highest population and employment growth. With median household income in a one-mile radius exceeding $63,000 (average $77k+), Basswood Manor is located ideally to capitalize upon the growth dynamics prevalent in this market. The subject property was built in 1970, and consists of fourteen buildings which are comprised of brick veneer and stucco exteriors, mansard style roofs which were fully replaced in 2017 and wood frames on pier and beam foundations. Mechanicals consist of individual, roof mounted HVAC units and two boilers that were replaced in 2019. Resident amenities include playgrounds, grill areas, onsite laundry facilities and a recently updated clubroom. The property is currently run as “all bills paid” and significant utility cost savings measures are on the table, including the implementation of a water conservation program and LED lighting packages for the common areas. This offering presents a new owner with an outstanding opportunity to acquire a large complex in the nation’s fastest growing market and enjoy attractive yields from day-one of ownership with the opportunity to significantly boost NOI and valuation by implementing a unit upgrade program and reducing utility costs through conservation programs. Basswood Manor is available free and clear of existing debt, so historically attractive financing options are available as well. This property is ideally situated as one of the few affordable housing options in an affluent submarket, and offers large units averaging 900+ square feet with 80%+ 2BR/3BR floorplans. A new owner can within a short time frame create significant value and enjoy strong cash flow without a heavy lift.

Exclusively Listed By

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