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Multifamily

Milagro

3064 Las Vegas Trail, Fort Worth, TX 76116

Listing Price: $5,800,000

Cap Rate
5.45%
Number of Units
68
Price/Unit
$85,294
Price/Gross SF
$84.89
Gross SF
68,326

Investment Overview

Milagro is a 68 unit community conveniently located in Fort Worth, Texas along Las Vegas Trail, just 10 minutes from Downtown. Within minutes of the property, a resident can get to Lockheed Martin, Joint Reserve Naval Air Station, Ridgmar Mall, Elementary, Middle or High School and numerous other shopping, dining and employments centers. Additionally, this submarket is the closest workforce housing, 10 minutes on I-30, to the largest high-end master planned community in Texas, called Walsh Ranch. Walsh Ranch will have 50,000+ residents and countless commercial and office developments. Fort Worth is one of the nation’s most dynamic rental markets and with solid employment drivers and multiple exciting new developments, the West Fort Worth market is poised for strong and steady growth in the short and long term. The subject property was built in 1968 and consists of 11 buildings which are comprised of wood siding and brick exteriors with pitched roofs and concrete slab foundations. The roofs, chiller system and boiler have all been replaced in the past 5 years, along with parking lot renovations, exterior improvements and upgrades to all units. Residents enjoy large floorplans, on-site laundry, playground and easy access to major thoroughfares and public transit. A new owner will enjoy strong cash flow from day one and can realistically push cash on cash returns to the mid-teens in a short time frame. The attractive Freddie Mac debt has 2.5 years of interest only period left and a very advantageous step-down prepay, offering quality financing terms while maintaining flexibility for a new buyer. Additionally, nearby properties such as Villas at Cantamar and Estrella at Broadmoor have taken advantage of the massive strides in this submarket to renovate their units and are achieving premiums that are $175+ higher than Milagro for similar floorplans. Between the strong day one returns, attractive debt, area growth and rental upside, Milagro presents a great opportunity for investors.

Investment Highlights

  • Strong Day One Cash Flow – 9% In-Place Yield with Mid-Teens Potential
  • Attractive Freddie Mac Loan Assumption – 3.82% Rate, 3 Years I/O & Step Down Prepay
  • Very Large Floorplans – Average Over 1,000-Square Feet – 65% Two- & Three-Bedroom Units
  • Closest Workforce Housing Submarket to New Walsh Ranch Development in West FW with 50,000+ Potential Residents
  • Strong Momentum in the Submarket has Created Rental Upside Based on Nearby Comps Undergoing Renovations
  • Well-Kept Property – Requires Minimal Capex. Over $550K in Improvements Over Last 5 Years
  • Easy Access to I-30, I-820 Loop, Camp Bowie Retail Corridor and Downtown Fort Worth (10 minutes)

Exclusively Listed By

Listing Price: $5,800,000

Cap Rate
5.45%
Number of Units
68
Price/Unit
$85,294
Price/Gross SF
$84.89
Gross SF
68,326

Investment Highlights

  • Strong Day One Cash Flow – 9% In-Place Yield with Mid-Teens Potential
  • Attractive Freddie Mac Loan Assumption – 3.82% Rate, 3 Years I/O & Step Down Prepay
  • Very Large Floorplans – Average Over 1,000-Square Feet – 65% Two- & Three-Bedroom Units
  • Closest Workforce Housing Submarket to New Walsh Ranch Development in West FW with 50,000+ Potential Residents
  • Strong Momentum in the Submarket has Created Rental Upside Based on Nearby Comps Undergoing Renovations
  • Well-Kept Property – Requires Minimal Capex. Over $550K in Improvements Over Last 5 Years
  • Easy Access to I-30, I-820 Loop, Camp Bowie Retail Corridor and Downtown Fort Worth (10 minutes)

Investment Overview

Milagro is a 68 unit community conveniently located in Fort Worth, Texas along Las Vegas Trail, just 10 minutes from Downtown. Within minutes of the property, a resident can get to Lockheed Martin, Joint Reserve Naval Air Station, Ridgmar Mall, Elementary, Middle or High School and numerous other shopping, dining and employments centers. Additionally, this submarket is the closest workforce housing, 10 minutes on I-30, to the largest high-end master planned community in Texas, called Walsh Ranch. Walsh Ranch will have 50,000+ residents and countless commercial and office developments. Fort Worth is one of the nation’s most dynamic rental markets and with solid employment drivers and multiple exciting new developments, the West Fort Worth market is poised for strong and steady growth in the short and long term. The subject property was built in 1968 and consists of 11 buildings which are comprised of wood siding and brick exteriors with pitched roofs and concrete slab foundations. The roofs, chiller system and boiler have all been replaced in the past 5 years, along with parking lot renovations, exterior improvements and upgrades to all units. Residents enjoy large floorplans, on-site laundry, playground and easy access to major thoroughfares and public transit. A new owner will enjoy strong cash flow from day one and can realistically push cash on cash returns to the mid-teens in a short time frame. The attractive Freddie Mac debt has 2.5 years of interest only period left and a very advantageous step-down prepay, offering quality financing terms while maintaining flexibility for a new buyer. Additionally, nearby properties such as Villas at Cantamar and Estrella at Broadmoor have taken advantage of the massive strides in this submarket to renovate their units and are achieving premiums that are $175+ higher than Milagro for similar floorplans. Between the strong day one returns, attractive debt, area growth and rental upside, Milagro presents a great opportunity for investors.

Exclusively Listed By

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