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Multifamily

Copper Creek II

6000 Oakland Hills Dr, Fort Worth, TX 76112

Listing Price: Request For Offer

Number of Units
236
Gross SF
187,576

Investment Overview

Copper Creek II is a 236 unit, individually metered community located in Fort Worth, TX along interstate 30 just ten minutes from downtown Fort Worth or Arlington, providing a convenient location for a wide range of area employees and an easy commute to virtually anywhere in the D/FW metroplex. Situated at the intersection of I-30 and Loop 820, residents can also reach Northeast Mall, D/FW Airport, AT&T Stadium and many other area employers and attractions within minutes. Fort Worth is one of the nation’s fastest growing rental markets with a large and well-diversified employment base. With strong population growth and a limited stock of workforce housing available for rent, fundamentals should remain strong in Fort Worth for years to come. The subject property was built in 1979 and consists of 32 two-story buildings which are comprised of brick veneer and siding exteriors with pitched composition roofs on concrete slab foundations. Roof replacements, new siding, new common area amenities and improvements to parking lots, landscaping and fencing and gates were part of a $4MM+ capital improvements campaign that took place in 2020. Community amenities include a stadium-inspired soccer field, playgrounds, renovated laundry facilities, and picnic areas. Although some interior improvements and upgrades have been completed, some properties in the immediate area are seeing significant rent premium over Copper Creek II for a more refined finish out and management approach. See case studies in OM for details. Copper Creek II offers a new investor an outstanding opportunity to acquire a large, well located class B community in the heart of the nation’s most dynamic multifamily market at an attractive basis and achieve above average returns through improved property management and interior finish out. While the physical renovation of the property was significant and well-executed, property management was based out of state and not especially well executed, so a new owner can realize much of the benefit of the capital program that has been completed simply by managing the asset more effectively. Copper Creek II is available free and clear of existing debt, so historically attractive debt options are on the table. By implementing a new management strategy, a new owner should create significant value and achieve great results for years to come.

Investment Highlights

  • Outstanding Common Area Amenities Package with Stadium Soccer Field, Playgrounds, Remodeled Laundry Facilities and Picnic Areas
  • Large, Conveniently Located 236 Unit Community Built in 1979 with Tremendous Rental Upside
  • More Than $4MM in Recent Capital Improvements Allows New Ownership to Focus on Management Operations and Achieving Higher Rents
  • Great Organic Rent Growth on Property with a 7.7% Year-Over-Year Average Rent Increase Over Past 12 Months
  • Available Free and Clear of Existing Debt-Historically Attractive Financing Options Available
  • Pitched Roofs, Individual HVAC's and Washer Dryer Connections in all Units; One Block Away From Quality Charter School
  • Attractive Mix of Floorplans Averaging 800 Square Feet Appeals to a Wide Range of Area Renters
  • Situated Just 10 Minutes From Downtown Fort Worth, Downtown Arlington, Northeast Mall and Numerous Employment Centers

Exclusively Listed By

Multifamily

Copper Creek II

Listing Price: Request For Offer

Number of Units
236
Gross SF
187,576

Investment Highlights

  • Outstanding Common Area Amenities Package with Stadium Soccer Field, Playgrounds, Remodeled Laundry Facilities and Picnic Areas
  • Large, Conveniently Located 236 Unit Community Built in 1979 with Tremendous Rental Upside
  • More Than $4MM in Recent Capital Improvements Allows New Ownership to Focus on Management Operations and Achieving Higher Rents
  • Great Organic Rent Growth on Property with a 7.7% Year-Over-Year Average Rent Increase Over Past 12 Months
  • Available Free and Clear of Existing Debt-Historically Attractive Financing Options Available
  • Pitched Roofs, Individual HVAC's and Washer Dryer Connections in all Units; One Block Away From Quality Charter School
  • Attractive Mix of Floorplans Averaging 800 Square Feet Appeals to a Wide Range of Area Renters
  • Situated Just 10 Minutes From Downtown Fort Worth, Downtown Arlington, Northeast Mall and Numerous Employment Centers

Investment Overview

Copper Creek II is a 236 unit, individually metered community located in Fort Worth, TX along interstate 30 just ten minutes from downtown Fort Worth or Arlington, providing a convenient location for a wide range of area employees and an easy commute to virtually anywhere in the D/FW metroplex. Situated at the intersection of I-30 and Loop 820, residents can also reach Northeast Mall, D/FW Airport, AT&T Stadium and many other area employers and attractions within minutes. Fort Worth is one of the nation’s fastest growing rental markets with a large and well-diversified employment base. With strong population growth and a limited stock of workforce housing available for rent, fundamentals should remain strong in Fort Worth for years to come. The subject property was built in 1979 and consists of 32 two-story buildings which are comprised of brick veneer and siding exteriors with pitched composition roofs on concrete slab foundations. Roof replacements, new siding, new common area amenities and improvements to parking lots, landscaping and fencing and gates were part of a $4MM+ capital improvements campaign that took place in 2020. Community amenities include a stadium-inspired soccer field, playgrounds, renovated laundry facilities, and picnic areas. Although some interior improvements and upgrades have been completed, some properties in the immediate area are seeing significant rent premium over Copper Creek II for a more refined finish out and management approach. See case studies in OM for details. Copper Creek II offers a new investor an outstanding opportunity to acquire a large, well located class B community in the heart of the nation’s most dynamic multifamily market at an attractive basis and achieve above average returns through improved property management and interior finish out. While the physical renovation of the property was significant and well-executed, property management was based out of state and not especially well executed, so a new owner can realize much of the benefit of the capital program that has been completed simply by managing the asset more effectively. Copper Creek II is available free and clear of existing debt, so historically attractive debt options are on the table. By implementing a new management strategy, a new owner should create significant value and achieve great results for years to come.

Exclusively Listed By

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