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Multifamily

Villas de Sonoma

3000 Las Vegas Trail, Fort Worth, TX 76116

Listing Price: Request For Offer

Number of Units
263
Gross SF
274,213

Investment Overview

Villas de Sonoma is a 263-unit community located in Fort Worth, Texas along Las Vegas Trail. This convenient location is just to the immediate south of Interstate 30, just 10 minutes west of downtown. Within a commute of just a few minutes, a resident can get to Lockheed Martin, Joint Reserve Naval Air Station, Ridgmar Mall, Elementary, Middle or High School, and numerous other shopping and employment centers. This rental submarket also represents the closest pocket of workforce housing to the massive new Walsh Ranch development, which is currently in progress just 10 minutes due west of the property. Walsh Ranch is the largest high-end master planned community in Texas, with 50,000 residents and countless commercial and office developments following on. This submarket is an ideal place to live for the numerous construction, retail and support employees that will be required at that development for decades to come. D/ FW is also the nation’s fastest growing, most dynamic rental market. The subject property was built in two phases in 1968 and consists of 36 two-story buildings which are comprised of brick veneer, hardie plank and wood siding exteriors with either pitched composition or mansard roofs (depending on which phase) on concrete slab foundations. Mechanicals consist of either individual HVAC units or a two-pipe chiller system (also depending on which phase) and 5 boiler systems. Both chillers have been replaced in the past 5 years, and the boilers vary in age. Amenities include a large swimming pool, an expansive clubroom, 4 laundry facilities, access gates and a children’s play area. A new owner could consider adding new community and interior amenities to improve the appeal to renters as well. Villas de Sonoma presents a new owner with the rare opportunity to acquire a large, 263-unit community in one of the nation’s hottest rental and investment markets at a very attractive basis and create enormous additional cash flow and asset value without having to undertake a major capital program or “heavy lift”. While curb appeal, unit configuration, amenities and resident profile at Villas de Sonoma are not much different from several neighboring properties, in-place rents currently sit at least $150 per month lower than those competing properties. By reverting this property to an “all bills paid” rent structure, which is consistent with virtually all the neighboring properties and rent comps, a new owner should be able to achieve the “going rate” for all bills paid properties of about $1.00 per sqft. By achieving this rental price point ($.98 effective) and market average economic occupancy, NOI can be increased by over 60% within a short time frame. This will give the owner the ability to obtain a substantial supplemental loan and enjoy strong cash flow for years to come. The property is available cash-to the existing FNMA loan.

Investment Highlights

  • 263-Unit Community Located in Dynamic D/FW Market Offered at an Attractive Basis with Significant NOI Upside and Value Creation Potential
  • Great Mix of Large Floorplans Averaging Over 1,000 sqft with 83%+ 2BR/3BR Floorplans
  • Outstanding Rental Upside ($150+) Without a "Heavy Lift" or Major Capital Outlay
  • Located in the Nation's Fastest Growing Rental Market with Major Economic Drivers and Employers Located Nearby
  • Available at a Very Attractive Basis Subject to the Existing Loan
  • Ability to Reposition to an NOI 60%+ Higher Than Current Within a Short Time Frame and Subsequently Place Significant FNMA Supplemental
  • Well Maintained Asset with Great Visibility Along Major Thoroughfare
  • Most Neighboring Properties Have Undergone Major Recent Repositioning and Renovation-Positive Momentum for Rental Submarket

Exclusively Listed By

Multifamily

Villas de Sonoma

Listing Price: Request For Offer

Number of Units
263
Gross SF
274,213

Investment Highlights

  • 263-Unit Community Located in Dynamic D/FW Market Offered at an Attractive Basis with Significant NOI Upside and Value Creation Potential
  • Great Mix of Large Floorplans Averaging Over 1,000 sqft with 83%+ 2BR/3BR Floorplans
  • Outstanding Rental Upside ($150+) Without a "Heavy Lift" or Major Capital Outlay
  • Located in the Nation's Fastest Growing Rental Market with Major Economic Drivers and Employers Located Nearby
  • Available at a Very Attractive Basis Subject to the Existing Loan
  • Ability to Reposition to an NOI 60%+ Higher Than Current Within a Short Time Frame and Subsequently Place Significant FNMA Supplemental
  • Well Maintained Asset with Great Visibility Along Major Thoroughfare
  • Most Neighboring Properties Have Undergone Major Recent Repositioning and Renovation-Positive Momentum for Rental Submarket

Investment Overview

Villas de Sonoma is a 263-unit community located in Fort Worth, Texas along Las Vegas Trail. This convenient location is just to the immediate south of Interstate 30, just 10 minutes west of downtown. Within a commute of just a few minutes, a resident can get to Lockheed Martin, Joint Reserve Naval Air Station, Ridgmar Mall, Elementary, Middle or High School, and numerous other shopping and employment centers. This rental submarket also represents the closest pocket of workforce housing to the massive new Walsh Ranch development, which is currently in progress just 10 minutes due west of the property. Walsh Ranch is the largest high-end master planned community in Texas, with 50,000 residents and countless commercial and office developments following on. This submarket is an ideal place to live for the numerous construction, retail and support employees that will be required at that development for decades to come. D/ FW is also the nation’s fastest growing, most dynamic rental market. The subject property was built in two phases in 1968 and consists of 36 two-story buildings which are comprised of brick veneer, hardie plank and wood siding exteriors with either pitched composition or mansard roofs (depending on which phase) on concrete slab foundations. Mechanicals consist of either individual HVAC units or a two-pipe chiller system (also depending on which phase) and 5 boiler systems. Both chillers have been replaced in the past 5 years, and the boilers vary in age. Amenities include a large swimming pool, an expansive clubroom, 4 laundry facilities, access gates and a children’s play area. A new owner could consider adding new community and interior amenities to improve the appeal to renters as well. Villas de Sonoma presents a new owner with the rare opportunity to acquire a large, 263-unit community in one of the nation’s hottest rental and investment markets at a very attractive basis and create enormous additional cash flow and asset value without having to undertake a major capital program or “heavy lift”. While curb appeal, unit configuration, amenities and resident profile at Villas de Sonoma are not much different from several neighboring properties, in-place rents currently sit at least $150 per month lower than those competing properties. By reverting this property to an “all bills paid” rent structure, which is consistent with virtually all the neighboring properties and rent comps, a new owner should be able to achieve the “going rate” for all bills paid properties of about $1.00 per sqft. By achieving this rental price point ($.98 effective) and market average economic occupancy, NOI can be increased by over 60% within a short time frame. This will give the owner the ability to obtain a substantial supplemental loan and enjoy strong cash flow for years to come. The property is available cash-to the existing FNMA loan.

Exclusively Listed By

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